Back to Blog

Forex round-up: short-term trading levels

For GBP/USD the best support today is at 1.2670/60. Long positions need stops below 1.2645. A break lower targets 1.2615/05. Below 1.2595 look for 1.2570/60.

Click to expand image

Holding the support at 1.2670/60 allows a recovery to first resistance at 1.2715/25. A move above 1.2735 targets strong resistance at 1.2760/70. Try short positions with stops above 1.2785. An unexpected break higher targets 1.2800/10, then 1.2835/45.

GBP/JPY is trading sideways. Minor resistance at 136.75/85 is holding but try short positions at 137.15/25 with stops above 137.35. A break higher is a buy signal targeting 137.80 and 137.95/99.

Click to expand image

We have minor support at 136.05/00 but a move below 135.90 risks a slide to 135.75/70, before a re-test of support at the 135.40/35 low.

If AUD/USD holds above 6970/75, as expected, we can target a selling opportunity at 7010/7020 with stops above 7035.

Click to expand image

Failure to beat strong resistance at 7010/7020 then targets 6975/70. Expect strong support at 6945/35 (for profit-taking on any remaining shorts). Try long positions here with stops below 6920. A break lower targets 6900/6895, then 6875.

NZD/USD bottomed almost exactly at first support at 6605/6595 yesterday and beat 6655/65 to target resistance at 6700/10. A break above 6720 today would be a buy signal, targeting 6737/40, 6747/50 and perhaps as far as 6760/65.

Click to expand image

The first support is at 6665/60 but a move below here targets 6645/40, perhaps as far as support at 6620/15.

USD/JPY moves higher as predicted to our selling opportunity at 108.00/10, with stops above 108.30. An unexpected break higher targets 108.46/50 and 108.65/70.

Click to expand image

Failure to beat 108.00/10 targets 107.75/70 and 107.50, with support at 107.35/30 for profit-taking on all remaining shorts.

EUR/JPY moves through 122.20/30 for a buy signal targeting 122.55/60 and strong resistance at 123.00/10. A break above 123.20, however, targets 123.65/75.

Click to expand image

Try long positions at 122.25/15 with stops below 122.00. A break lower targets 121.65/60, then 121.30/25. On further losses look for 121.00/90 before the June low of 120.77.

EUR/USD is holding strong support at 1.1360/50 perfectly as I write. Targets on the bounce are 1.1375/80, 1.1400/05 and 1.1415/20. Further gains are much less likely now but would meet strong resistance at 1.1445/55.

Click to expand image

Strong support at 1.1360/50 has held but a move below 1.1325 signals further losses to a buying opportunity at 1.1300/1.1290, with stops below 1.1275.

USD/CAD tests and holds important longer-term trendline support at 1.3125/15. Long positions need stops below 1.3100. A break lower targets support at 1.3065/60 today.

Click to expand image

If we hold important support at 1.3125/15 bulls need the pair to recover above 1.3150 for a more positive outlook, targeting 1.3175 and 1.3190/95.

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.

Share this post

Back to Blog

Spread betting and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of retail investor accounts lose money when trading these products with this provider.
You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.