GBP/USD’s big break for lower is exactly 1.2001, as written on Dec. 12, targets 1.1945. Actual below 1.2001 levels: 1.1888 then 1.1775. Caution exists at 1.1775 as GBP/USD becomes oversold.
Recall GBP/USD’s big break line failed at 1.2544 and traded to highs at 1.2440 and lows this week at 1.2088. EUR/USD trades 1.0378 to 1.0830 and overbought from 1.0378. Below 1.0378 targets 1.0279 Vs. Shorts at 1.0675.
GBP/JPY and AUD/JPY completed targets while EUR/JPY lows at 138.79 traded between ranges from 141.49 to 137.38. CAD/JPY’s final target at 95.03 traded to 95.83 from 101.00’s and 103.00’s. SPX 500 at the 3860 line held as shorts traded to 3795 lows for +64 points.
GBP/NZD from 1.9023 traded to targets at 1.9160 and 1.9200, then decided to travel another 130 pips to 1.9300’s. From 1.9023 to 1.9200 factors +177 easy pips.
EUR/NZD from 1.6500’s traded to tops at 1.6900s and broke vital 1.6647 on the way up. Trade recommendation was long above 1.6647 to target 1.6800s and long from 1.6500s until a resolution at 1.6647. EUR/NZD higher was the result of follower status to leader currency GBP/NZD.
GBP/NZD and EUR/NZD strategy is short, especially below 1.6684 and GBP/NZD 1.9286. GBP/AUD 1.8075 held this week at 1.8081 as GBP/AUD traded to weekly highs at 1.8275.
GBP/CAD shorts below 1.6767 as this level held since Dec. 13. Shorts traded this week to lows at 1.6400’s; however, no target was offered, although the range points were written and located from 1.6392 to 1.6767. GBP/CAD traded from range point to range point.
AUD/USD low target at 0.6637 traded to lows at 0.6628. NZD/USD high and low targets at 0.6471 to 0.6359 traded to 0.6469 to 0.6285. Extra pips was profit on the low side miss.
Severely overbought EUR/AUD at 1.5800’s strategy is continue short only. EUR/AUD’s big break line at 1.5452 must break on the way down. AUD/EUR certifies EUR/AUD shorts as AUD/EUR trades at richter scale oversold.
AUD/JPY and CAD/JPY
AUD/JPY lower averages are located from 84.00’s to 87.00 and higher at 92.23 and 92.70 inside a 500 pips range. Lines from 92.23 and 92.70 are drooping as AUD/JPY trades lower.
AUD/JPY is oversold from 92.00s, and overbought from 84.00s as both averages will hold AUD/JPY to a 500-ish pip range. Watch AUD/JPY at a good 91.64 target to relieve oversold.
CAD/JPY averages below are from 95.73 to 91.00’s and 89.00’s vs. 102.61 above. CAD/JPY targets 97.97, 95.84, and 94.83. AUD/JPY and CAD/JPY trade strategy is short to follow USD/JPY lower.
