Matt Simpson, CFTe, MSTA
CityIndex
MARKET SNAPSHOT:
UP NEXT:
TECHNICAL ANALYSIS:
AUDUSD:
The Aussie did grind lower in accordance with yesterday's chart but it did take its time and create a new high first. However as I have been stating many times recently, trading conditions are (and likely to remain) choppy for a while, so prevision S/R levels are seemingly a rarer treat.
This means if you are to trade at all, a combination of wider stops, conservative reward/risk ratio's and short hold times may be more beneficial.
That said, due to the fact we have created a lower high/low combination after breaking the trendline I am seeking another low. Due to the spikey nature of price action I would consider a sell-limit closer to the daily pivot to assume a deeper eventual retracement.
USDJPY:
It seems that to defy my video earlier today, USDJPY has broken key support and now looking to drive lower. The 119.20 resistance is an area to consider fading into with stop above to target the 118.50-63 support zone.
A break back above 1.119.20 then puts the original bias in today;s video back into play.
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