AUDUSD minor resistance at 6950/70 again today (even though we made it as far as 6993 yesterday). A break above 6980 meets strong resistance at 7020/30. Shorts need stops above 7055.

fxsoriginal

I cannot see a support level where I would attempt along anywhere above the May/June low of 6850/27. A break below 6810 however signals further losses to 6760/50.

NZDUSD has key support at 6230/10. Longs need stops below 6190. A break lower is a sell signal targeting 6100/6080.

We should have strong resistance at 6390/6410. Shorts need stops above 6430.

EURUSD recovery from the May low of 1.0360/50 beat minor resistance at 1.0545/55 to hold 20 pips from last week's high at 1.0600/01. The market is drifting without direction for 4 days. A break higher however could make it as far as resistance at 1.0660/62.

Minor support at 1.0460/50 could hold the downside. Below 1.0430 however risks a retest of the double bottom low at 1.0360/50. Longs need stops below 1.0325.

USDCAD first resistance at 1.2945/65. A break higher can target 1.2995/99. Gains are likely to be limited but above 1.3010 can target 1.3030.

USDJPY break higher which holds above 135.55 triggers a buy signal targeting 136.40/60 & 136.90/99, perhaps as far as 137.40/50 this week.

As I write we have dipped 70 pips to 136.05 & have important support at 135.55/35. Longs need stops below 135.15.

EURJPY breaking higher to target 142.80/90 & hold just below the June high at 144.15/25. Holding here forms a double top for a sell signal. However bear in mind that USDJPY beat the previous high yesterday, so there does appear to be continued weakness in the yen. A sustained break above 144.30 should be a buy signal.

With no sell signal yet, the downside should be limited with strong support at 142.65/45. Longs need stops below 142.25.

 

The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.

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