If you managed to buy some EURJPY at 160.90 (this was the low for the day so it would have been tough to get the position on I know), the pair immediately shot higher to the 161.50 target as we remains in a sideways range.
Try this trade again today.
EURUSD recovered almost all of Tuesday's steep losses on the weak retail sales number. We hit the sell level & just held below the stop.
USDJPY collapsed 130 pips, back below the 150 area to hit my buy level of 149.55/35, with a low for the day at 149.53.
AUDUSD retests & holds the sell level at 6520/40 as again, we remain yet another in a sideways consolidation.
Gold, silver & WTI Crude technical analysis & trade ideas for Friday:
Gold XAUUSD got very close to strong resistance at 2010/2014 with a high for the day at 2008. This should be an excellent sell opportunity today with stop above 2017. A break above 2017 keeps us in a frustrating sideways channel which means we could recovery all of this week's losses & reach 2028/30.
Shorts at 2010/2014 target 2000/1998 & below 1995 look for 1990/1988 for profit taking before the weekend.
Silver XAGUSD recovered all this week's very steep losses as we remain in a sideways channel, unable to find any direction. We retested strong resistance at 2265/85 & shorts need stops above 2305. (Yesterday's high was 2305).
A break higher targets 2326/29, perhaps as far as 2340/44.
WTI Crude March future shorts at strong resistance at 7790/7840 worked perfectly as we collapsed from 7877 to my targets of 7730 & 7700/7680 then my next target of 7590/70 with a low for the day exactly here yesterday.
However prices then reversed to recover all of Wednesday's losses as WTI Crude remains in a longer term sideways channel. In fact we are still trading around the September 2022 lows having gone up a bit and down a bit, but holding a $30 range for 17 months.
We are retesting strong resistance at 7790/7840 at the upper end of the 3.5 month range. Shorts need stops above 7900.
A break above 7900 is a buy signal for today with a break above the January high of 7929 triggering further gains to 7960/80 & as far as 8000/8020. In fact a move as far as 8090/8110 is not out of the question.
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