AUD/USD is lower as expected this week to hit very strong support at 6800/80. A low for the day exactly here. Longs need stops below 6760. A break lower is a sell signal of course, targeting 6725/20 today.
First resistance at 6850/60 - shorts need stops above 6880. Target is obviously 6800 for profit taking.
NZD/USD made a high for the day at resistance at 6240/50 as we trade sideways. Shorts need stops above 6275. A break higher can target 6320/25.
Expect strong support at 6185/75. Longs need stops below 6150. A break lower is a sell signal.
AUD/JPY is stuck in an 8-day range, holding within the range of 14th February, which was 9164 - 9304 - so we at least need a breakout of this range to see some movement.
Support at 9195/75. Longs need stops below 9155. A break to the downside can target 9080/70.
Targets are 9230 & 9270.
A break above the 200-day moving average at 9310/20 should be a buy signal targeting 9375/80.
USD/JPY longs at buying opportunity at 134.10/133.90 worked perfectly as we edge slowly in the right direction to reach 135.22. If we continue higher this week (I do believe we are resuming the longer-term bull trend as you know) look for 135.45/55 then 136.00.
However, yesterday's inside day is not helpful at this stage!
A buying opportunity again at 134.10/133.90. Longs need stops below 133.75. Much better support at 133.20/00. Longs need stops below 132.75.
EUR/JPY held 20 pips above support at 142.95/75 then finally hit my target of 144.00/20, with a high for the day exactly here. Further gains are possible to the 4-month trend line resistance at 144.60/70.
First support at 143.10/142.90 with a low for the day exactly here yesterday. Longs need stops below 142.70. A break lower sees 143.05/15 act as resistance to target 142.40, perhaps as far as 142.00/141.90 for profit taking on shorts.
NZD/JPY remains in a tight sideways range - only useful for scalpers. Resistance again at 8450/80. A break above 8510 therefore should be a buy signal.
Shorts at 8450/80 can target 8400/8390 & 8370/60, perhaps we can fall as far as 8310/8290 eventually.
EUR/USD broke support at 1.0690/70 as expected for the sell signal targeting 1.0600. At last, we hit this target, with a low for the day exactly here, but the outlook remains negative. Although there is minor support at 1.0590/1.0570. So a break below 1.0560 is the next sell signal.
Gains are likely to be limited with minor resistance at 1.0650/60. Shorts need stops above 1.0670.
A selling opportunity today at 1.0700/1.0720. Shorts need stops above 1.0735. A break higher can target resistance at 1.0770/80.
USD/CAD tests 4-month trend line resistance at 1.3570/90. Shorts need stops above 1.3610. A break higher is a buy signal targeting 1.3700.
Shorts at 4-month trend line resistance at 1.3570/90 can target 1.3535 & 1.3490/80 for profit taking.
Dollar Index broke above a 3-month bear trend line with the completion of a bull flag - so I think we have another buy signal for the dollar as long as we hold the trend lines at 103.60/40.
Immediately targets for the dollar index are 105.15 & 105.80.
EUR/CAD I am going to wait to see if a head & shoulders form.
A high for the day exactly at the 50-day moving average at 1.4440/50 helps this pattern to develop as I stated yesterday, therefore so far this pattern is starting to play out. A break below support at 1.4230/20 will be the sell signal targeting 1.4150 & 1.3980.
CAD/JPY now has a small double top as we trade sideways for a week. We made a low for the day exactly at support at 9830/20. A break below 9920 can target a buying opportunity at 9840/20. Longs need stops below 9800.
GBP/USD longs at strong support at 1.1960/40 worked with the bounce from 1.1920 hitting the target & minor resistance at 1.2020/30 for profit taking.
A high for the day at strong resistance at 1.2130/50.
Our shorts here can target 1.2070, perhaps as far as 1.2030/20 for profit taking.
Strong support again at 1.1960/40.
