Today’s highlights:
– EURUSD: Near-term top in place. We expect further weakness back to 1.3439/14 and then below here to the 38.2% Fibonacci retracement of 1.3310.
– USDJPY: Resistance found at 93.18, but still printing successively higher highs and lows for now. We identify key support at 90.33. Only below here completes a top for 85.54.
– GBPUSD: We believe a base is unfolding as the market continues to defend long-term trendline support and range lows at 1.5674. The bias is for back to re-test 1.6379.
– NZDUSD: .8494 resistance caps the market and the reversal lower yesterday turns the spotlight lower to .8344 interim chart/trendline support. Below here would target .8224.
Today’s trades/positions:
– EURUSD: Sell at 1.3525, add at 1.3600, targeting 1.3312, stop at 1.3715.
– USDJPY: Sell at 93.90, or through 90.33, targeting 85.54, stop at 95.10 if short from 93.90, and 93.00 if short from 90.33.
– GBPUSD: Long at 1.5843, added at 1.5740, targeting 1.6350, stop widened to 1.5600.
– USDCHF: Buy at .9010, targeting .9350, stop at .8850.
– AUDUSD: Short from 1.0456, targeting 1.0180, stop now 1.0500.
– NZDUSD: Short through .8447, targeting .8230, stop at .8505.
– USDCAD: Long at .9975, targeting 1.0135, stop at .9900.
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