EURUSD & USDCAD Spot
EURUSD reverses 100 pips to the range low at 1.1520/10. A sustained move below 1.1495 targets quite good support at 1.1460/50 as we become oversold. This is the best chance of a low for the day.
Holding weak support at 1.1520/10 in the sideways trend allows a recovery to 1.1555/60 & 1.1570/80. If we continue higher, resistance at 1.1610/20 will be a problem again.
USDCAD bounce from 1.3000 hits 1.3035/40 & minor resistance at 1.3060/70. Further gains meet strong resistance at 1.3120/30 once again. Above 1.3140 however targets 1.3175/85.
Failure to beat 1.3060/70 tests good support from 1.3000 down to 500 day & 100 week MA support at 1.2990/80 with further good support at 1.2955/45. Try longs with stops below 1.2900. A BREAK BELOW HERE IS A SELL SIGNAL.
GBPUSD & GBPJPYspot
GBPUSD outlook negative & below 1.2850 risks a slide to 1.2815/05 (3 pips away as I write) perhaps as far as 1.2770. Just be aware we are severely oversold but do not think about longs until we see a buy signal.
Minor resistance at 1.2895/1.2905 & 1.2935/45.
GBPJPY hits 142.34 & targets 142.25/20 then 142.00/141.95. On further losses look for 141.65/60 & 141.10/00.
Any gains are likely to be limited with first resistance at 143.25/35 then 143.75/85.
AUDUSD & NZDUSD Spot
AUDUSD trading in a range from 7325/15 up to 7440/50 & we topped exactly here. Minor support at 7395/7405 but below here risks a test of trend line support at 7325/15. A break below here however is looking increasingly likely now for a sell signal so any longs need stops below 7290. A break below 7290 is a medium term sell signal.
Be ready to buy a break above 7455 targeting a selling opportunity is at 7495/7505, with stops above 7535. A break higher is an important medium term buy signal.
NZDUSD collapsed below 6715/10 for a sell signal after a dovish statement, targeting 6630/20 (hit), 6580/70 & perhaps as far as 6550/40.
Gains are likely to be limited with resistance at 6660/65. Shorts need stops above 6690.
USDJPY & EURJPY Spot
USDJPY holds below 111.30/20 for a sell signal targeting 110.80 (hit at last) & 110.55/50 (missed by 13 pips). A good chance we will at least pause here, maybe bounce to the low 111.00's (& guess what...we did!)but eventually further losses target a buying opportunity at 110.00/109.90.
Gains are likely to be limited but try shorts at 111.15/25 (this worked!!) with stops above 111.50. A break higher however targets 111.80 & 111.95/99.
EURJPY reversed from 10 pips above Fibonacci resistance at 129.25/35 & broke 200 WMA support at 128.75/65 hitting the next target of 128.05/95. We are oversold & this is the best support for the day.
However longs look risky because the weekly chart looks very negative. A break below 127.80 targets a buying opportunity at 126.80/60. If we hold 128.05/95 we could bounce to 128.75/85. Gains are likely to be limited but look for strong resistance at 129.30/40.
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