GBP/JPY, NZD/JPY, MXN: Levels, Ranges, Targets

Brian Twomey Brian's Investment

More pairs not in contention is GBP/AUD as this pair is stuck between 1.8699 to 1.8262 and currently trades at 1.8412. GBP/NZD shorts lack all consideration but rather its in buy drop mode especially at 1.9253 and 1.9188. EUR/NZD fully informs any long on drop strategies as price holds above 1.6848 and 1.6883 however 1.6910 becomes the target and above 1.6910 evolves into a short only scenario. EUR/NZD is set and ready to rise back to its last reported point at 1.7082 but this assumes NZD/USD falls much lower in correction mode.

CAD/ZAR dropped today to 9.5510 from 9.5602 yesterday for 92 pips and fully explains EUR/USD's 1.2351 to 1.2397 range. CAD/ZAR lacks a big move as it ranges from most vital break points between 9.6368 to 9.4853. Longer term, CAD/ZAR trades beteen its 5 and 10 year averages from 10.1419 to 8.8829. CAD/ZAR informs EUR/USD will remain in range mode for a long time in the future.

Ongoing trades remain EUR/CAD, GBP/CAD and long held AUD/NZD. EUR/CAD achieved a +80 pip gain so far and remains a current short. Lower 1.7800's, upper 1.7700's for GBP/CAD then out while AUD/NZD requires a further AUD/USD correction then out near 1.0665. AUD/JPY from RBA's 83.06 low trades 83.43 and heading to 83.75.

From JPY cross pairs, EUR/JPY 133.11 remains the top while CAD/JPY and AUD/JPY trade in slow grind mode.

GBP/JPY faces rough resistance at 153.23, 153.33 and 153.99 as the current upside move remains a large correction especially below 159.80 and 160.39. Above 153.99 then next comes 154.75 and not likely to be seen anytime soon as GBP/JPY drivers at 145.90 and 150.83 are far overbought. Sell rallies is the way forward overall.

Solid supports are located at 150.89 and 150.83. Overall GBP/JPY is a 310 pip range from 150.89 to 153.99 . GBP/JPY requires a correction to 152.27 but not much further as 151.04 remains the vital line to hold 150.89 and 150.83 from its break. Quick trade is the best GBP/JPY offers unless GBP/USD falls into correction mode. Look for quick longs at 151.04 to target again 152.27.

As of writing 152.29 achieved so long to 152.76 is the way today while GBP/USD trades back to 1.4233.

NZD/JPY must break for lower to target 77.87 is located at 78.79 and 78.49. Above 78.79 then 79.94 is in deck.

USD/MXN trades between 17.88 to its vital break point at 18.44 to then target above at 18.71, 18.77 and 18.88. Below 17.88 then next comes 16.81.

CAD/MXN next break above to target 14.62 and 14.79 is located at 14.54. Above 14.79 becomes a short only strategy as CAD/MXN trades at the top of its range.

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.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.