24/02/2014: Trading outlook for today

The pressure on the dollar is showing signs of resuming today, with the greenback suffering against all of the major pairs.

The Euro is looking to build pressure on the resistance at $1.3775 as the top of a four day consolidation band is tested.   The intraday outlook looks strong on the hourly chart and there is a band of support around $1.3740, which is where I will be looking to buy EUR/USD. I like the support of the intraday uptrend that has been in place since 6th Feb and I would look to put stops below.

GBP/USD bounced early today from around the 38.2% Fibonacci retracement at $1.6603, which is where I have been expecting the correction to come back to. I am now looking for Cable to build a base around these levels before a push back towards the $1.6822 high. If the rate pulls back once more to around the $1.6600 area I am looking to test the water with a long position.

USD/JPY continues to put pressure on the key 102.83 ceiling. Once more, in Asian trading hours, this move failed, at 102.68. However, I see 102 as a pivot level and I am looking for any correction back towards it as a chance to buy for the resumed test of 102.83.

Gold has broken out again. The move above $1332.10 has re-opened the implied base target at $1350, while the chart suggests a test of the October high at $1361 is also on. With intraday momenutm in bullish configuration this looks to be an increasingly strong chart. There is a band of support around $1325 which is where I am looking to buy (if I get the chance).

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