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EURUSD drifted to 7 pips above support at the low of the range at 1.1520/10

Written By Haresh Menghani | 2018-08-07 00:57:15 GMT

USDCAD holding 500 day & 100 week MA support at 1.2990/80 perfectly in oversold conditions. Good support at 1.2960/50 too but the best buying opportunity is at 1.2910/1.2890. Try longs with stops below 1.2870. A BREAK BELOW HERE IS A SELL SIGNAL.
Minor resistance at 1.3010/20 then stronger resistance at 1.3040/50 (where we should pause but shorts are too risky). A break higher targets 1.3075 & 1.3120/30.

EUR

 

AUDUSD & NZDUSD Spot

AUDUSD trading in a range from 7325/15 up to 7440/50. When shorting at the top or buying at the bottom of the range, look to take at least some profit in the middle at 7395/7405. If fact we topped here yesterday & holding below again today risks a test of trend line support at 7325/15, where longs need stops below 7290. A break below 7290 is a medium term sell signal.
Holding above minor resistance at 7400 allows a recovery to resistance at 7440/50 where shorts need stops above 7470. A better selling opportunity is at 7500/10, with stops above 7540. A break higher is an important medium term buy signal.

NZDUSD meets a buying opportunity at 6715/10. Try longs with stops below 6680. A break below here is an important sell signal targeting 6630/20, 6580/70 & perhaps as far as 6550/40.
Minor resistance at 6780/90 but above 6800 targets strong resistance at 6850/60. Try shorts with stops above 6880. A sustained break higher is our buy signal for this week.

AUD

 

USDJPY & EURJPY Spot

USDJPY key to direction is trend line support at 111.30/20. A bounce from here targets 111.50/60 (held yesterday) then 111.85. On further gains look for minor resistance at 112.10/20.
Key support at 111.30/20. Longs need stops below 111.00 so it is a small risk but a break lower is looking increasingly likely & acts as a sell signal this week targeting 110.80 & 110.55/50. A good chance we will at least pause here, maybe bounce to the low 111.00's. On further losses look for a buying opportunity at 110.00/109.90.

EURJPY breaks support at 129.25/15 targeting 200 week moving average support at at 128.75/65 (hit) & 6 month trend line support at 128.30/20. If short, this is a good area for profit taking but longs too risky. A break below 128.00 is a sell signal & we could quickly lose another 120-120 pips targeting a buying opportunity at 126.80/60.

JPY

 

GBPUSD & GBPJPY spot  

GBPUSD breaks July low at 1.2965/55 to hit the next target of 1.2920/10 as predicted & below 1.2890 risks a slide as far as 1.2815/05.
Minor resistance at 1.2945/50 & 1.2965 but 1.2985/95 is more of a challenge. Above 1.3000 however could reach 1.3030/40.

GBPJPY making a break below the best support for the day at 144.45/35 targeting the June low of 143.80/75 before the May low at 143.30/20.
Resistance at 144.50/60 could hold a rally but above 144.80 look for 145.25/35.

GBP

Author

By Haresh Menghani
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