Brian Twomey
Brian's Investment
CHF/JPY as written targets 114.00's and from 122.00 highs, profits run +300 pips. From the 119.49 close, 500 pips exists to target for an 800 pip trade. All JPY cross pairs are heading lower to include GBP/JPY as the break is located at 151.92. CAD/JPY is on the verge at 88.36 and much upside remains to USD/CAD as the opposite pair to CAD/JPY.
JPY cross pair strategy remains short as much downside exists.
Oversold EUR/USD not only enters price problem status to inform range troubles but massive lines exist below at 1.1716 and 1.1442. Above massive hurdles exist at 1.2032 and 1.2073.
Further range problem pairs include EUR/CHF, USD/CHF, EUR/NZD, AUD/NZD and EUR/AUD. For EUR/NZD is tracking closely to GBP/CAD. Note closes for EUR/NZD at 1.7101 and GBP/CAD 1.7201, a 100 pip separation. This current relationship cannot hold. GBP/CAD trades correctly but EUR/NZD remains massive overbought along with GBP/NZD. GBP/CAD will trade higher this week while EUR/NZD lower.
GBP/NZD target from last week holds at 1.9651 and EUR/NZD 1.6941.
GBP/USD broke 1.3985 and traded 108 pips lower but importantly, the 2000 pip price spread between GBP/USD and USD/CAD is now 1300 pips and remains far to wide. USD/CAD is the better trade especially when USD/CAD's next massive line is located at 1.2865. USD/CAD contains much to wide ranges and ability to profit.
USD/JPY ranged 103 pips last week while USD/CHF roamed 273 pips and 353 for USD/CAD. USD/CAD is the preferred trade as is USD/CAD's normal. . USD/JPY for the week targets 110.63 and 110.70 then reverse short to 109.84 then 109.50.
GBP/AUD traded 253 pips last week to EUR/AUD 161. GBP/AUD will lead the way to the upcoming week.
Preferred trades this week for NZD/JPY, AUD/JPY and GBP/JPY and stand clear EUR/JPY and CAD/JPY.
Low price and oversold DXY traded 90.30 to 92.39 or 209 pips and 50 pips short of next big break at 92.89. Below exists 91.57 and 90.24. Overall brick walls remain at MA's 94.00's to 95.00's.
Trading currencies and other financial instruments carries a degree of loss and possible loss of entire investments. Please managed your own risks, stop loss, and margins requirements.
Recommended Content
Editors’ Picks
AUD/USD: The hunt for the 0.7000 hurdle
AUD/USD quickly left behind Wednesday’s strong pullback and rose markedly past the 0.6900 barrier on Thursday, boosted by news of fresh stimulus in China as well as renewed weakness in the US Dollar.
EUR/USD refocuses its attention to 1.1200 and above
Rising appetite for the risk-associated assets, the offered stance in the Greenback and Chinese stimulus all contributed to the resurgence of the upside momentum in EUR/USD, which managed to retest the 1.1190 zone on Thursday.
Gold holding at higher ground at around $2,670
Gold breaks to new high of $2,673 on Thursday. Falling interest rates globally, intensifying geopolitical conflicts and heightened Fed easing bets are the main factors.
Ethena Labs launches new UStb stablecoin backed by BlackRock's BUIDL token
Ethena Labs announced on Thursday that it has released a new stablecoin product, UStb. The new stablecoin will be fully collateralized by BlackRock's USD Institutional Digital Liquidity Fund and function similarly to a traditional stablecoin.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.