| Preferred Strategy: I prefer to remain short, given the bearish look of the daily charts. However the short term momentum indicators do point to the chance of a minor recovery, so look to sell any short term rally back above 1.1800. Note that we could see a return to the neckline of the H/S formation so SL should be placed above here (1.1850). Sell EurUsd @ 1.1835. SL @ 1.1870, TP @ 1.1680. |
| 24 Hour: Bearish |
Medium Term: Prefer to sell rallies |
| Resistance |
Support |
| 1.1935 |
25 Sept high |
1.1756 |
Session low |
| 1.1900 |
Minor |
1.1730 |
(23.6% of 1.0570/1.2091) |
| 1.1860 |
Session high |
1.1720 |
(38.2% of 1.1118/1.2091) |
| 1.1830 |
Minor |
1.1685 |
Minor |
| 1.1810 |
Minor |
1.1661 |
17 Aug low |
Economic data highlights will include:
W: US Durable Goods, Pending Home Sales, EIA weekly crude oil stock change, US Tax Plan Announcement
…
| Preferred Strategy: The charts look slightly more positive today although I remain cautious of buying this pair due to the sensitivity of the Yen to N Korean politics. Stay square for now or look to trade the range 111.80/113.00 with a 30 point SL on each side. Note that the long term descending trend resistance is at 112.85. A sustained break above 112.85/113.00 could see a quick move higher. Today’s tax announcement could be a catalyst but until then, trade the range. |
| 24 Hour: Neutral |
Medium Term: Mildly Bullish |
| Resistance |
Support |
| 112.85 |
Descending trend resistance |
112.10 |
200 DMA |
| 112.78 |
(76.4% of 114.49/107.32) |
111.80 |
Minor |
| 112.71 |
21 Sept high |
111.52 |
Daily cloud top |
| 112.52/54 |
25 Sept high/22 Sept high |
111.46 |
25 Sept low /Session Low |
| 112.47 |
Session high |
111.35 |
Weekly cloud top |
…
| Preferred Strategy: Cable was once again choppy, but with a slightly negative bias after an early European squeeze up to 1.3513. Today’s UK GDP may provide some direction, but overall, as with yesterday, look to trade the range of 1.3400/1.3500, with a 30 point SL on each side.
|
| 24 Hour: Prefer to sell rallies |
Medium Term: Neutral |
| Resistance |
Support |
| 1.3595 |
22 Sept high |
1.3430 |
Minor |
| 1.3570 |
25 Sept high |
1.3408/05 |
Session low (23.6% of 1.2588/1.3656)/Rising trend support |
| 1.3513 |
Session high |
1.3375 |
Minor |
| 1.3500 |
Minor |
1.3350 |
Minor |
| 1.3480 |
Minor |
1.3320 |
(23.6% of 1.2588/1.3656) |
Economic data highlights will include:
W: Q2 GDP, Current Account, CBI Industrial Trends Survey – Realised
…
| Preferred Strategy: Neutral. Further choppy trade looks likely as lingering demand for the Chf follows on from the German election result. |
| 24 Hour: Neutral |
Medium Term: Neutral |
| Resistance |
Support |
| 0.9772 |
8 Aug high/(38.2% of 1.0343/0.9420) |
0.9652 |
Session low |
| 0.9746 |
25 Sept high/21 Sept high |
0.9641 |
25 Sept low |
| 0.9725 |
Session high |
0.9622 |
(38.2% of 0.9420/0.9746) |
| 0.9700 |
Minor |
0.9600 |
Minor |
| 0.9680 |
Minor |
0.9587 |
20 Sept low |
…
| Preferred Strategy: The Aud has seen a decent slide, reaching 0.7858 under pressure from the stronger US$. The short term momentum indicators suggest the current move may be a little overdone although the dailies remain bearish. Sell AudUsd @ 0.7910. SL @ 0.7960, TP @ 0.7815. |
| 24 Hour: Neutral – Prefer to sell rallies |
Medium Term: Mildly Bearish |
| Resistance |
Support |
| 0.7980 |
(50% pivot of 0.8102/0.7858) |
0.7870 |
Minor |
| 0.7950 |
(38.2% of 0.8102/0.7858) |
0.7858 |
Session low |
| 0.7935 |
Minor |
0.7840 |
Minor |
| 0.7915 |
(23.6% of 0.8102/0.7858) |
0.7817 |
(38.2% of 0.7328/0.8113) |
| 0.7900 |
Minor |
0.7800 |
Minor |
…
| Preferred Strategy: The Kiwi fell again on Tuesday, reaching 0.7167 ahead of a mild bounce. The dailies still look fairly neutral though so some caution is warranted but overall I still prefer to sell into strength. The short term momentum indicators do suggest the current move down may need a bit of a correction higher. Sell NzdUsd @ 0.7240. SL @ 0.7305, TP @ 0.7115. |
| 24 Hour: Neutral |
Medium Term: Neutral |
| Resistance |
Support |
| 0.7285 |
100 HMA /200 HMA |
0.7190 |
Minor |
| 0.7268 |
(38.2% of 0.7434/0.7167) |
0.7167 |
Session low |
| 0.7250 |
Minor |
0.7142/45 |
4 Sept low/200 DMA |
| 0.7230 |
(23.6% of 0.7434/0.7167) |
0.7131 |
31 Aug low |
| 0.7215 |
Minor |
0.7105 |
(61.8% of 0.6817/0.7558) |
