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.
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.
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.
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.
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.
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.
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.
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.
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.
Technical Analyst & Trader
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