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The Daily Trader update provides technical analysis of major currency pairs and forex market conditions at the time of the post. The support and resistance levels posted and current market price could be dramatically different from what you are seeing at the moment.
EUR/USD – Current 1.3665
Overview – Last week we saw a push back to the 1.3700 area capping just under the previous weeks high. As long as it continues to hold under 1.3740 will be looking for the potential return back down to 1.3400. A push through 1.3740 will retest the 1.3850’s then back to 1.4000.
Resistance – 1.3708 / 1.3740 / 1.3790 / 1.3824 / 1.3858
Support – 1.3640 / 1.3620 / 1.3574 / 1.3547 / 1.3500 / 1.3460
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GBP/USD – Current 1.6216
Overview – I have been watching the test of the top of the consolidation triangle on the weekly chart for the past couple of weeks. As long as 1.6200 area continues to hold resistance on the larger compressions I am focusing on sell opportunities. A break higher could see a run back to 1.6700.
Resistance – 1.6260 / 1.6290 / 1.6328 / 1.6416
Support – 1.6200 / 1.6175 / 1.6150 / 1.6128 / 1.6084 / 1.6044
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USD/CHF – Current 0.9480
Overview – The last three lows now on the Daily chart have progressively gotten higher. As long as that pattern persists this week will be looking for opportunities to head back to the mid .9700’s and another test to break the last highs.
Resistance – .9490 / .9530 / .9580 / .9627 / .9675 / .9715
Support – 0.9460 / .9433 / .9412 / .9395 / .9320
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USD/JPY – Current 83.14
Overview – Daily consolidation triangle is the focus right now. Lower highs and higher lows have been forming since September. The pair is at the top of the triangle offering long term better risk/reward back to the bottom. Caution on breaks of new highs above 84.40. Looking for smaller compression breaks lower to head back down.
Resistance – 83.20 / 83.48 / 83.80 / 84.07 / 84.40
Support – 83.00 / 82.79 / 82.45 / 82.15 / 81.97 / 81.50
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USD/CAD – Current 0.9823
Overview – Let’s not forget that the weekly trend has been and is down. There are some good potential targets to the mid to low 9700’s. That being said will be looking for sign of reversal even as it tests to the support targets.
Resistance – .9848 / 9865 / .9896 / .9927 / .9973
Support – 0.9817 / .9794 / .9760 / .9729
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AUD/USD – Current 1.0109
Overview – Continue to look for more downside from the head and shoulders reversal outlined on the weekly a few weeks ago. This pattern is capping in the 1.0150-70’s. From current market looking for another leg back to 1.0000 then a test of the last lows in the mid .9800’s.
Resistance – 1.0125 / 1.0142 / 1.0172 / 1.0190 / 1.0216 / 1.0250
Support – 1.0096 / 1.0080 / 1.0067 / 1.0048 / 1.0018 / 1.0000 / .9964
