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EURUSD topped exactly at resistance at 1.1750/60

Written By Mario Blascak, PhD | 2018-07-12 02:09:00 GMT

GBPJPY holds the June high at 148.00/10 but the better selling opportunity is at 148.30/40, with stops above 148.90. A break higher is a buy signal targeting 149.50/60. Risks are to the downside with minor support at 147.50/45 & better support at 147.10/00, the best chance of a low for the day but longs are still risky. Next downside target is 146.50/40.

GBPUSD

 

EURUSD & USDCAD Spot

EURUSD topped exactly at resistance at 1.1750/60 as predicted (nice chance to short the high of the day) as we target minor support at 1.1660/55. Further losses are likely for 1.1630/25 then 1.1585/80. A retest of 1.1510/00 would not be a surprise. Gains are likely to be limited with resistance at 1.1725/30. Shorts need stops above 1.1765.

USDCAD longs at 1.3060/50 the perfect buying opportunity as we rocket through 1.3185/95 & & topped exactly at the next target 1.3220/30 as I write. Outlook remains positive as we look for 1.3260/70 & possibly 1.3300 before the weekend. Downside expected to be limited with support at 1.3180 & 1.3160. Unlikely we see 1.31355/25 but use it as a buying opportunity with stops below 1.3090.

EURUSD

 

AUDUSD & NZDUSD Spot

AUDUSD break of 7400/7395 is a sell signal targeting 7350/45 & the low at 7312/08. We then wait for the next signal. Strong resistance at 7395/7405 a selling opportunity with stops above 7430. An unexpected break higher targets 7445/50 with a selling opportunity at 7490/7500.

NZDUSD topped exactly at our expected high at 6850/60 with shorts working as we break 6795/90 to target the best support today at 6755/45. Good for 100 pips profit taking on shorts but longs are risky. A break below 6730 targets 6720 with a retest of 6695/90 not out of the question. Gains are likely to be limited but a bounce from 6755/45 targets 6785/90, perhaps as far as 6815/19. Watch for a high for the day.

AUDUSD

 

USDJPY & EURJPY Spot

USDJPY outlook positive as long as we hold good support at 111.60/55. We do have minor trend line resistance at 112.25/30 but above here targets 112.35/40 & 112.55/60. Below 111.50 tests support at 111.25/15.

EURJPY topped exactly at key resistance at 130.90/131.00 so this remains the main challenge for bulls today. We bottomed exactly at minor support at 129.90/86 yesterday but best support for today at 129.40/30. Try longs with stops below 129.00 & look for profit taking at 129.90/130.00. Key resistance at 130.90/131.00. Shorts need stops above 131.40. A break higher sees 131.00/130.90 act as strong support targeting 131.85/95.

USDJPY

Author

By Mario Blascak, PhD
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