Levels to watch in this mornings trade
- USD/JPY: Obviously whatever happens at 100.00 will have a major bearing on all other pairs.
- EUR/USD: Solid orders either side of 1.2950/1.3050, more range trading likely.
- AUD/JPY: Still capped by Fibo resistance at 102.85 but double-top failed to form so bearish signals are getting weaker. Expect acceleration if 103.00 breaks.
- AUD/USD: Fairly clear edges at 1.2020 (corporate and Sovereign bids) and strong technical resistance at 1.0360 (38.2% Fibo, prior highs and a trendline).
- CHF continues to lose ground against the USD and the EUR but will run into strong technical resistance at .9570 and 1.2390 respectively.
- EUR/GBP support held again near .8500.
Happy Anzac Day!
Good evening Sean,
I am still short on EUR/JPY. However EUR/USD looks strength and USD/JPY didn’t collapse yesterday despite the poor US data. What is your view ? I am tempted to add but I am not sure.
im seeing a double top in gbp/jpy hourly chart. what do we make up of this? and also the gdp data coming out soon.
Long way to go before the dbl-top confirms Danny but looks like a reasonable play to try selling 15220ish with tightish stop?
Hi papillon, perhaps try playing the edges of this wedge https://www.tradingview.com/x/6hgzivLT/ and if it breaks either side then maybe try a position building strategy ??
guess i got myself ahead bittttt to early there. need it to test 150 then we can confirm?
yes for classic double top needs to break 150 neckline and stay below there, then it becomes v v powerful formation. They don’t confirm all that often but when they do, like my current EUR/AUD trade after dbl-bottom neckline broke, they are really excellent risk-reward opportunities
Many thanks Sean,
It looks tricky plan. I going try out, we will see if I get more skilled with this trade/position building.
Yes mate, its tricky to find the line between swing trading and position building, but both are very important, partic the latter
> From my market source, we have very large stops below 128.80.