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