EUR/USD Retests Strong Support at 1.0975/55
Jason Sen | May 11, 2023 04:43AM ET
EUR/USD retests strong support at 1.0975/55 but overran a little to 1.0940 for the second day before the bounce. I guess I should lower this support to 1.0965/45 today - Longs need stops below 1.0930. A break lower targets 1.8080/70.
Longs can target 1.0990/1.1010 (a high for the day exactly here yesterday in the sideways consolidation). If we continue higher - certainly possible in the sideways consolidation, look for 1.1045/50 for profit taking on any remaining longs.
Selling at resistance at 1.1080/1.1100 has worked a few times so we can keep trying until we see a breakout. Shorts at 1.1080/1.1100 need stops above 1.1105. A break higher this time is a buy signal & resumes the 7-month bull trend. Try to buy into a long & hold it with stops below 1.1065.
Keep trading these 2 levels until we breakout of the 100-pip range.
USDCAD stuck in a 6-month, 300-pip range from 1.3320/1.3300 up to 1.3630/50. Shorts at 1.3630/50 certainly worked last week.
We retested the lower end of the range at 1.3320/1.3300 & longs worked on the bounce as far as 1.3400. (Yesterday we dipped but held 13 pips above the level). If we eventually continue higher look for the next target of 1.3440/50.
Longs here again today need stops below 1.3260. A break lower should be a significant sell signal.
EUR/CAD double top sell signal certainly worked & I hope we fall a little further to test my buying opportunity at 1.4600/1.4580. Longs need stops below 1.4560.
Targets for longs: 1.4670, 1.4700, 1.4750
EUR/NZD has unexpectedly crashed again wiping out around 30% of the 1-year rally in just 8 days. Wish I had seen that coming but looking back at the charts I cannot see any warning.
In the last 10 days we only have 1 green candle with lots of large red bodied candles. Hate to miss an opportunity like this but there was not warning that I can see.
GBP/USD a low for the day at support at 1.2605/1.2585 & longs are starting to work - we need a stop below 1.2565.
We look for a bounce to 1.2668 with a break above here acting as the next buy signal to target 1.2710.
AUD/CAD volatile from hour to hour but not going in any direction, just trapped in ranges - Shorts at resistance at 9080/9090 worked perfectly again yesterday - shorts need stops above 9120. A break higher can target resistance at 9175/85.
Keep scalping that level for a 50-70 pip profit!!
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GBP/AUD has held support at 1.8610-00 perfectly for 3 days in a row so the level is certainly working perfectly as we bounce to the 1.8680 target for a quick 70-80 pip profit.
That's good enough for me in these horrible sideways ranges we are seeing in most FX pairs.
Longs need stops below 1.8570.
Targets: 1.8680, 1.8750
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