Yesterday’s session did not bring to many decisions – maybe due to a day of in the USA. Today, the game will everyone in it and we can expect a larger movements. Few currency pairs looks quite interesting – a bigger trends can begin there. Here we go:
EUR/JPY:
Yen weakened in the night which lead the currency pair near the key resistance zone. The long-term trend is upward, but the momentum was definitely downward. A clear signal in the rebound zone from this level will give a opportunity to open shorts. However, it must be strong, because there is a high probability of resistance transition which reverses he situations and force us to search new long positions with the 140.90-141.00 re-tets.
EUR/USD H1:
Eurodollar is still above 1.3700 and it seems that there is a room for further increases to the next key resistance. The pair should be watched and in the case of PA buy signals longs may be opened.
GBP/USD:
Great rally on Cable was finally stopped. The need of deeper correction to the support levels (needed for long positions search) was indicated in the chart.
USD/CAD:
There is the 4th session in the row, where currency pair consolidates under local resistance and cannot break it out. This shows the weakness – almost every sell signal can be used to open shorts with small stop loss. The price should go down to key support around 1.07437 before the next growth wave.
USD/JPY:
Similar situation as in the EUR/JPY. Currency pair is approaching the key resistance. It must be remembered that the long-term trend is upward, because only a clear sell signal can be encouraged to open short positions. In case of upward breakout we will be interested only in long positions.
XAUUSD:
Gold began a correction in a strong uptrend which started after breaking out the 1270 zone which was earlier the resistance – now support. The need of deeper correction and PA buy signals. It is worth the wait, because the trend is extremely dynamic.
Free cycle of lectures from a well-known trader – Alexander Elder. You can find it here.