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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 1.3470
Overview – Break of the daily trend line this week has given rise to test 1.3500. So far unable to break resistance at 1.3485 but holding above previous resistance at 1.3415. More upside expected on break of 1.3500 otherwise a fall below 1.3400 could see a move back to 1.3200.
Resistance – 1.3485 / 1.3580 / 1.3693 / 1.3743 / 1.3797
Support – 1.3413 / 1.3279 / 1.3185 / 1.3075 / 1.2986 /1.2890 / 1.2810 / 1.2750
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GBP/USD – Current 1.5930
Overview – Fall from 1.6050 gave nice profit this week. Looking at potential break of the 4 hour trend line for the next leg lower. Still some risk of another push to 1.6100 as long as it holds above the current trend line.
Resistance – 1.5957 / 1.5990 / 1.6050 / 1.6100 / 1.6145
Support – 1.5930 / 1.5900 / 1.5875 / 1.5820 / 1.5770 / 1.5710 / 1.5656
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USD/CHF – Current 0.9626
Overview – Trend since Dec.31 has pressured higher but has not seen a confident break of the weekly down trend line. 4 hour trend has slowly fallen to the 50% of the uptrend and found support at .9540. Looking for a break of the 4 hour trend line to signal next leg higher and potential break of the weekly trend line .
Resistance – .9633 / .9650 / .9680 / .9700 / .9730 / .9750 / .9813 / .9860
Support – 0.9600 /.9585 / .9560 / .9542 / .9522 / .9515
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USD/JPY – Current 82.65
Overview – Congestion between 83.50 and 84.40 has proven to be difficult on the way higher as expected. Only a break of 84.40 will see the next significant bull leg. Under 82.00 could begin a slide back to the mid 81.00’s
Resistance – 82.70 / 83.00 / 83.48 / 83.80 / 84.00 / 84.40 /
Support – 82.27 / 82.00 / 81.57 / 81.10 / 80.30
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USD/CAD – Current 1.0020
Overview – A break of 1.0020/30 will look for more upside. Back under 1.000 will look to retest 0.9900. Daily trend line come into play in the 1.0070 area.
Resistance – 1.0032 / 1.0050 / 1.0080 / 1.0106 / 1.0150
Support – 0.9993 / .9975 / 0.9950 / 0.9923 / .9890 / 0.9850 / 9829 / .9795 / .9750
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AUD/USD – Current 0.9885
Overview – Long term uptrend still recognized on weekly chart with no change at the moment. Shorter downtrend finding support at 0.9820 which is in the area of the weekly trend line. A hold at this area could see a rally back to the mid 1.0150 area. Confidence will grow in the downside on the break of the weekly trend line and supports
Resistance – 0.9975 / 1.0028 / 1.0040 / 1.0100 / 1.0155
Support – 0.9865 / 0.9840 / .9820 / 0.9740 / 0.9660
