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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 1.3520
Overview – The past two weeks have found support in the mid 1.3500’s and a new leg down could target 1.3400 for the next support. Long terms trends on the daily and weekly are difficult to discern so I will continue to watch for breakouts on the 1 hr and 4 hr charts.
Resistance – 1.3628 / 1.3667 / 1.3737 / 1.3791 / 1.3824
Support – 1.3490 / 1.3413 / 1.3279 / 1.3187 / 1.3078
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GBP/USD – Current 1.6105
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 continues to hold resistance I am focusing on sell opportunities. A break higher could see a run back to 1.6700.
Resistance – 1.6150 / 1.6183 / 1.6214 / 1.6260 / 1.6296
Support – 1.6080 / 1.6044 / 1.6013 / 1.5982 / 1.5934
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USD/CHF – Current 0.9565
Overview – Watching the larger compressions for signals of the long term trend breaks for higher. Weekly has possible break showing as does the daily and 4 hour. Focusing for now on potential trend change and potential buy opportunities.
Resistance – .9587 / .9623 / .9660 / .9715 / .9763
Support – 0.9558 / .9535 / .9494 / .9477 / .9441
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USD/JPY – Current 82.25
Overview – Daily consolidation triangle is the focus right now. Lower highs and higher lows have been forming since September. The pair is right in the middle of the triangle at the moment but coming off of a test of the bottom. Watching now for the next move towards the top.
Resistance – 82.45 / 82.80 / 83.00 / 83.48 / 83.80
Support – 82.15 / 81.97 / 81.50 / 81.38 / 81.11
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USD/CAD – Current 0.9880
Overview – Ranging, Ranging, Ranging! Daily shows range between 1.0 and the mid .9800’s since late December. Trading at the bottom now and potential low risk buys are the focus. There are some support targets lower so be cautious on breaks of supports. A break of 1.0020/30 will look for more upside.
Resistance – .9900 / .9920 / .9944 / .9973 / 1.0000 / 1.0030
Support – 0.9869 / .9848 / .9829 / .9750
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AUD/USD – Current 1.0135
Overview – Have seen the test of the mid 1.0100’s as expected. Now focused and holding positions for the reversal pattern to head back down. Need to watch for the breaks of key supports to increase confidence in reversal. As long as it holds under 1.0200 will continue to focus on the bear side.
Resistance – 1.0145 / 1.0166 / 1.0190 / 1.0212 / 1.0250
Support – 1.0122 / 1.0111 / 1.0096 / 1.0080 / 1.0067 / 1.0048 / 1.0018
