Weekly Trades: EUR/USD, GBP/AUD, USD/JPY, GBP/CHF

Brian Twomey Brian's Investment

This week's focus encompasses 2 interesting and vital currency pairs: GBP/AUD and USD/JPY.

GBP/AUD in March traded 2.0800's and last week achieved 1.7900 lows. GBP/AUD at a 2900 pip drop far surpassed the allowable 2500 pip statistical boundary criteria built in for a vast majority of our 28 currency pairs.

GBP/AUD violated the 2500 pip boundary by 400 pips and sits in a massive range from 1.7700 lows to 1.9300's. Current GBP/AUD at 1.7900's as traded last week and 1.7700's multi year range lows, offers an extraordinary long term long trade.

The context to a long term trade coincides to newly updated targets for GBP/USD at 1.3100's, GBP/CHF at 1.2600's and GBP/JPY at 141.00's. GBP/AUD as a wide range currency pair within the GBP universe is consistent to GBP/CAD at multi year range lows at 1.6900's.

Add the 400 pip violation to 1.7700's offers a 1.8100's target. The 2 big points higher must break 1.8170 and 1.8291 then GBP/AUD contains much daylight between 1.8200's and its next significant points at 1.8400's and 1.8500's.

USD/JPY at current 106.00's is again at critical 4 year lows at 105.00's and 106.00's. Nothing changed for USD/JPY to 105.00's and 106.00's bottoms as a significant bounce was seen each time 105.00's and 106.00's traded. Many forecasts were devoted to 105 and 106 bottoms over the past 3 years.

Current crucial lows for USD/JPY resides at 106.48, 105.98 and 105.87. USD/JPY closed at 106.84. A break of 105.87 targets 102.00 lows. Higher must break 107.66, 107.77, 107.90 then targets 108.70 easily.

Weekly Trades

EUR/USD

Short 1.1219 and 1.1241 to target 1.1138.

Short below 1.1124 to target 1.1005.

Long 1.1005 to target 1.1064.

Cautious long 1.1138 to target 1.1212

USD/JPY

Long 106.57 and 106.68 to target 107.51.

Long 107.77 to target 108.46.

Short 108.46 to target 107.90.

GBP/AUD

Strategy. Long 1.8028 and 1.8001 to target 1.8390

GBP/CHF

Long 1.1734 and 1.1701 to target 1.2009.

Long above 1.2057 to target 1.2151

Short 1.2009 to target 1.1922.

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 recedes to daily lows near 1.1850

EUR/USD keeps its bearish momentum well in place, slipping back to the area of 1.1850 to hit daily lows on Monday. The pair’s continuation of the leg lower comes amid decent gains in the US Dollar in a context of scarce volatility and thin trade conditions due to the inactivity in the US markets.

GBP/USD flat lines near 1.3650 ahead of UK and US data

GBP/USD kicks off a new week on a subdued note and oscillates in a narrow range near 1.3650 on Monday. The mixed fundamental backdrop warrants some caution for aggressive traders as the market focus now shifts to this week's important data releases from the UK and the US.

Gold corrects lower, tries to stabilize above $5,000

Gold started the week under bearish pressure and declined to the $4,960 area before staging a modest rebound. As trading volumes remain thin with the US financial markets remaining closed on Presidents' Day holiday, XAU/USD looks to stabilize above $5,000 ahead of this week's key data releases.

Bitcoin consolidates as on-chain data show mixed signals

Bitcoin price has consolidated between $65,700 and $72,000 over the past nine days, with no clear directional bias. US-listed spot ETFs recorded a $359.91 million weekly outflow, marking the fourth consecutive week of withdrawals.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

Monero Price Forecast: XMR risks a drop below $300 under mounting bearish pressure

Monero (XMR) starts the week under pressure, recording a 4% decline at press time on Monday after a 7% drop the previous day, putting the $300 support zone in focus.