Will key support levels and resistance zones shape USD's path? [Video]
|USD/JPY trade idea
US Dollar Index stuck in a sideways consolidation from 104.70 down to strong support at 103.35/25. A low for the day exactly here again yesterday but this time with an excellent 50 pip bounce.
Resistance at 103.80/90. A break above 104.00 is a buy signal for today & allows a recovery to 104.60/70.
AUDUSD first support at 6730/20. Longs need stops below 6705.
Strong support at 6650/40. Longs need stops below 6620.
NZDUSD shorts at strong resistance at 6135/45 are working as we reverse to 6105.
Targets: 6090, 6050, 6030
Today shorts at 6135/45 need stops above 6165.
A break below 5980 should be a sell signal in the longer term bear trend.
USDCHF we can try shorts at the resistance area at 9120/40 with stop above 9160. (A bounce yesterday held just 10 pips below this level).
NZDJPY support at 8500/8480. Longs need stops below 8460.
Targets: 8530, 8560.
CADJPY support at 104.00/103.90. Longs need stops below 103.65.
Targets: 104.35, 104.70.
Strong support at 103.40/30. Longs need stops below 103.10.
Targets: 103.90, 104.30, 104.60.
AUDJPY try a long at 9320/00. Longs need stops below 9285.
Better support at 9250/30. Longs need stops below 9215.
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