EUR/USD Holds 37 Year Trend Line Support At 1.0760/20

EUR/USD Holds 37 Year Trend Line Support At 1.0760/20

USD/JPY was running out of steam in severely overbought conditions as predicted, but there was no sell signal yet so I cannot suggest shorts. A break above 129.50, however, targets 129.90/95, then 130.25/35, perhaps as far as 130.75/85. First support again at 127.80/70. Expect strong support at 127.10/126.90. Longs need stops below 126.70. A break lower can target 126.00.

EUR/JPY hasn't shown a sell signal yet despite overbought conditions, but less than positive candles for the last 3 days probably signal a consolidation ahead. Having held the next target of 139.95/99 perfectly, if we do continue higher look for 140.40/50 and 140.85/95. Minor support at 138.70/50 but below 138.30 can target 137.70/50. On further losses, look for 137.20/10 with best support at 136.50/30 this week. Longs need stops below 136.10.

NZD/JPY holding below 8540 is a sell signal for today targeting 8500 and perhaps as far as strong support at 8450/30. Longs need stops below 8410. First resistance at 8545/65. Shorts need stops above 8485.

EUR/USD was holding its 37 YEAR TREND LINE SUPPORT AT 1.0760/20. Longs need stops below 1.0670. Obviously there is nothing more important than this level this week. Again we must beat 1.0840/20 to target 1.0920/40. A break above 1.0960 is a buy signal targeting 1.1030/50.

USD/CAD was messy as we traded sideways for 9 months. We are back above the February lows and the sideways 100 & 200 day moving averages. Further gains test the strongest resistance for this week at 500 day and 100 week moving average at 1.2775/85. Shorts need stops above 1.2800. A break higher should be a medium term buy signal. First support at 1.2660/40. Longs need stops below 1.2620

GBP/CAD support at the April low of 1.6293/81 held again. Strong resistance at 1.6400/20. Shorts need stops above 1.6450. A break higher is a buy signal initially targeting 1.6530/50. A break below 1.6265 is a sell signal. Look for 1.6190/80.