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Short-term trading ideas for forex, gold and silver

Jason Sen

This week we’ll look at some potential short-term scalping opportunities among the US dollar pairs, plus gold and silver.

AUD/USD holding below 7175 signals weakness, targeting support at 7135/30 and perhaps as far as 7115/10. Try long positions with stops below 7095.

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The first resistance is at 7175/85. For short trades here place stops above 7200. A break higher targets 7230/35, and maybe as far as 7250, before Fibonacci resistance at 7270/80.

NZD/USD held support at 6710/00 but do not be surprised to see a test of strong support at 6695/90. Long positions here need stops below 6675. A break lower targets 6650/45.

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There is minor resistance at 6745/50 followed by strong resistance at 6775/85. Try short positions here with stops above 6800.

EUR/USD holding below 1.1385/80 means the pair is likely to target 1.1350/45 before a test of the best support of the week at 1.1325/15. Long positions here need stops below 1.1300. Further losses re-test the December low at 1.1275/65 before the November low at 1.1225/15.

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We should struggle to break the first resistance at 1.1415/25 on any bounce. Nonetheless, short trades here need stops above 1.1440. A break higher will target 1.1460/65.

USD/CAD tests minor resistance at 1.3290/95 but a break above 1.3300 targets 1.3330/40. A break above 1.3360 signals further gains to strong resistance at 1.3400/10. Try short positions with stops above 1.3430.

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The first support is at 1.3270/60. Then we have 1.3230/25, with much better support at 1.3200/1.3190. Long trades here need stops below 1.3170. A break lower is a sell signal targeting 1.3120/10 then 1.3080/70 for profit-taking on shorts.

Gold is holding two-month trendline support at 1278/77 on the first test but is unlikely to hold this level if tested again today. A move below 1276 is a short-term sell signal targeting 1274 and probably as far as a buying opportunity at 1268/66. Try long positions with stops below 1263.

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The outlook is negative in the short term with strong resistance at 1280/81. A move above here, though, would meet a selling opportunity at 1286/88, with stops above 1290. The next target and resistance is at 1294/95. Bulls need a break above 1299.

Silver is holding first resistance at 1530 as it likely re-targets 1523, 1518 and perhaps as far as 1510/05.

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Gains are likely to be limited but above 1535 look for a selling opportunity at 1553/55 with stops above 1560.

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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