USD/JPY: Longs need to stop below 135.40 [Video]
|AUDUSD could not reach first resistance at 6770/80, so I must revise this to 6760/70 & a high for the day is possible in the bear trend if tested today. Shorts need stops above 6800.
We are retesting 6700/6695 as bears remain in control, as expected. A break lower can target 6670/60 & 6630/20.
NZDUSD shorts at first resistance at 6190/6200 worked perfectly as prices collapsed from 6207. If we retest this resistance today, shorts need stops above 6215. A break higher can target 6145/55.
Shorts at 6190/6200 can target 6150/40 for some profit taking. Be ready to sell a break below 6125 to target 6100/6090, probably as far as 6040/30 for profit taking on shorts.
CADJPY hit my target & Fibonacci resistance at 100.55/65. Shorts needed stops above 100.80 & this was tricky because we overran to 100.88. If you managed to hold the short, the pair collapsed to my target of 100.00/9990, reaching 9970.
I expect good support at 9970. Try longs with stop below 9940. Targets for longs are 100.40 & 100.60.
Resistance at 100.60/80!! Shorts need stops above 101.00. A break higher sees 100.70/60 act as support to target 101.25/35 & 102.00.
USDJPY longs at buying opportunity at 134.10/133.90 hit my target of 135.45/55 & 135.80/90 before reaching strong resistance at 136.65/85. What a great run for our longs!!
Shorts at 136.65/85 worked perfectly as the pair collapsed from 136.93 to hit my target of 136.00 but then bounced half way to first support at 135.50/30. First support is higher today at 135.80/60. Longs need stops below 135.40.
Shorts at resistance at 136.65/85 if we retest today, need stops above 137.10. A break higher is a buy signal for this week targeting 138.00/20.
NZDJPY remains in a tight sideways range - only useful for scalpers.
A high for the day exactly at resistance at 8450/80. A break above 8510 therefore should be a buy signal.
Shorts at 8450/80 can target 8400/8390 (only 5 pips away as I write) & 8370/60, perhaps we can fall as far as 8310/8290 eventually.
EURUSD unfortunately beat resistance is at 1.0590/1.0610 before reversing 5 pips from the next target of target 1.0650/60. Frustrating because the pair then collapsed as expected to my target of 1.0580/75. Further losses look likely to 1.0545/35. If we continue lower look for 1.0510/00, perhaps as far as strong support at 1.0470/50. Longs need stops below 1.0430.
Whilst I think EURUSD will head lower, my level for today need revision! It may be worth waiting to see if we can bounce again to1.0650/70. Shorts need stops above 1.0690.
USDCAD made a low for the day exactly at 1.3590/70 so to maintain a buy signal targeting 1.3700.
Longs at 1.3590/70 if we retest today, stop below 1.3550.
Dollar Index held 10 ticks above strong support at 104.30/20 & saw a nice bounce. If the support is retested, longs need stops below 104.00.
EURCAD I am going to wait to see if a head & shoulders forms. A break below support at 1.4230/20 this week will be the sell signal targeting 1.4150 & 1.3980.
GBPUSD bounce from strong support at 1.1960/40 has reached 1.2068 but unfortunately over ran strong resistance at 1.2090/1.2110 before reversing from 1.2143 & seeing a 100 pip drop to my target of 1.2040/20.
Strong support again at 1.1960/40. Longs need stops below 1.1910. A break below 1.1910 is a sell signal for this week targeting 1.1865/55, perhaps as far as 1.1810/00.
I am going to stubbornly stick to resistance at 1.2090/1.2110 today. Shorts need stops above 1.2140!!
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.