FX weekly — DXY and 14 currency pair levels and targets
EUR/USD's 1.0961 target as reported September when EUR bottomed at 1.0400's achieved Tuesday as EUR/USD traded 1.0964. The trade +500 pips. GBP/USD target at 1.2661 reported September at GBP 1.2000's bottom traded to 1.2615 for +600 pips. Total +1100 pips.
The EUR/USD and GBP/USD trade duration was 7 weeks and bottoms provided forward guidance and trade alerts to many currency pairs and many markets.
While EUR/USD and GBP/USD bottomed, AUD/USD and NZD/USD bottomed at the 4 week interval. EUR/USD and GBP/USD began immediately to trend higher.
GBP/CAD and EUR/CAD bottomed 8 weeks ago and began an 8 week and 900 pip trend higher.
While GBP/CAD and EUR/CAD simultaneously bottomed at 8 weeks, AUD/CAD bottomed at 6 weeks and NZD/CAD at 5 weeks. GBP/CAD and EUR/CAD failed to wait for AUD/CAD and NZD/CAD as both traded 400 pips higher 2 weeks later.
JPY cross pairs GBP/JPY, EUR/JPY, CHF/JPY, AUD/JPY, and CAD/JPY bottomed 7 weeks ago. GBP/JPY, EUR/JPY and CHF/JPY were the big winners in all markets by trading 1000 pips from 178.00 to 188.00 and 154.00 to 164.00 and 160.00 to 170.00.
NZD/JPY bottomed at 4 weeks to match NZD/USD. NZD/JPY and AUD/JPY traded 500 pips higher and 300 pips for CAD/JPY.
USD/CAD bottomed 7 weeks ago at 1.3500's and traded an erratic 300 pips to 1.3800's while USD/CHF and topped 7 weeks ago and traded 400 pips lower.
While EUR/USD and GBP/USD bottomed, SPX bottomed 4 weeks ago and traded 400 points higher and XAU/USD from the bottom 7 weeks ago traded 200 points.
DXY dropped 400 pips from 7 weeks ago while the 10 year yield fell 0.66 from 4 weeks ago and 0.45 for the 2 year yield. USD/JPY followed DXY at 400 pips.
WTI dropped 19 points from 8 weeks ago to match GBP/CAD and EUR/CAD.
Overall markets to all financial instruments began coordinated trends at the 5 week point while 2 and 3 week intervals belonged to early warning currencies as GBP/CAD and EUR/CAD, GBP/USD and EUR/USD and JPY cross pairs.
Currencies were the only authority to when bottoms and tops trade as well as when coordinated trends begin.
Weekly trades answers normal Vs non normal movements, trends Vs Ranges, range compression Vs Expansion.
The week
Best market trades over next weeks are short GBP/JPY, EUR/JPY and CHF/JPY. Tnen GBP/CAD and EUR/CAD.
Overbought EUR/USD trades 1.0981 to 1.0875. Below 1.0875 trades 1.0803 to 1.0875. Expected is the break at 1.0875.
GBP/USD trades 1.2621 and 1.2683 to 1.2560 and 1.2530. Break 1,2560 trades 1.2439 to 1.2560.
GBP/JPY targets 186.63 and 162.61 for EUR/JPY.
AUD/USD longs re safe above 0.6502 and 0.6004 for NZD/USD.
Overall lower for non USD currencies to relieve overbought.
EUR/USD next giant break is located at 1.1052 and GBP/USD 1.2781.
All JPY cross pairs trade massive overbought to begin the week.
EUR/CAD long term targets 1.4400 and GBP/CAD for the week targets 1.7000's easily.
GBP/NZD higher must cross above 2.0719 and 1.7993 for EUR/NZD.
USD/CHF week 2 again trades deeply oversold while 1.3642 decides longs and shorts for USD/CAD.
USD/JPY trades 150.44 to 149.07.
EUR/AUD targets 1.6543 then longer term at 1.6307.
CAD/CHF again trades oversold while remaining CHF cross pairs sit at vital long / short levels. For CHF cross pairs, its a 50 50 short at market opening to guess longs or shorts.
USD/EM
USD/BRL again trades oversold and matches oversold to USD/DKK, USD/MXN, USD/PHP, USD/RON, USD/SGD,
ZAR is an untradeable currency as USD/ZAR or EUR/ZAR.
Author
Brian Twomey
Brian's Investment
Brian Twomey is an independent trader and a prolific writer on trading, having authored over sixty articles in Technical Analysis of Stocks & Commodities and Investopedia.
