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Forex round-up: short-term trading ideas

EUR/USD holding below very minor resistance at 1.1145/55 re-tests important support at the April/May/July low at 1.1120/10. A break below 1.1100 is a sell signal, therefore, targeting 1.1065/60 and 1.1030/20.

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Above 1.1160 we meet strong resistance at 1.1200/10. Try short positions here with stops above 1.1225. A break higher is a buy signal targeting 1.1240/45 and a selling opportunity at 1.1280/90.

GBP/USD is in freefall to our lower target of 1.2115/05. A break lower in the bear trend targets 1.2075/65, 1.2040/30 and 1.2005/00, perhaps as far as 1.1980.

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Gains are likely to be limited with first resistance at 1.2175/85, then stronger resistance at 1.2220/30.

GBP/JPY hits minor resistance at 132.10/20, with stronger resistance at 132.50/60.

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Pressure remains to the downside without a buy signal. Look for a break below 131.50 to target 131.00/130.90 and 130.40/30.

USD/CAD holding first support at 1.3150/40 re-targets 1.3180/85, before strong resistance at 1.3220/30. Try short positions with stops above 1.3245.

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A break below 1.3135 meets good support at 1.3100/1.3090. Long positions here need stops below 1.3075. A break lower is a sell signal targeting 1.3065/60 and the July low at 1.3025/15.

If you’re trading USD/JPY try shorts again at 108.85/95, with stops above 109.05. A break higher is a buy signal targeting 109.25/30, before strong resistance at 109.60/70.

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Failure to beat 108.85/95 targets 108.60/55 and minor support at 108.45/40. Further losses today meet a buying opportunity at 108.15/05 with stops below 107.95.

The first resistance for EUR/JPY is at 121.30/40, but above here try shorts at 121.60/70 with stops above 121.85. A break higher is a buy signal targeting 122.05/10 and 122.30.

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Failure to beat first resistance at 121.30/40 risks a slide to first support at 120.80/70. A break below 120.55 risks a re-test of the important 120.10/03 low.

AUD/USD continues lower to target 6885/80 and minor support at 6858/53, before the more important June low at 6835/30. Exit any remaining short positions as there is the risk of a double-bottom buy signal in oversold conditions. A sustained break below 6815, however, risks a re-test of the January low at 6755/45.

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Gains are likely to be limited with first resistance at 6890/99, then a selling opportunity at 6915/20, with stops above 6935.

NZD/USD holding below strong resistance at 6635/40 is a sell signal, targeting 6590/85 and 6570/65. On further losses look for 6555/50.

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There is strong resistance at 6630/40 if we bounce in oversold conditions. Try short positions with stops above 6655. A break higher, however, meets a selling opportunity at 6675/85, with stops above 6700.

Jason Sen

Technical Analyst & Trader

For more information and trading education visit Intertrader

The content of this article is the personal opinion of the author and not Intertrader. You should under no circumstances consider the information and comments provided as an offer or solicitation to invest. This is not investment advice. The information provided is believed to be accurate at the date the information is produced.

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