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GBP/JPY, NZD/JPY, MXN: Wednesday's Levels, Ranges, Targets

By Brian TwomeyForexApr 18, 2018 05:51AM ET
GBP/JPY, NZD/JPY, MXN: Wednesday's Levels, Ranges, Targets
By Brian Twomey   |  Apr 18, 2018 05:51AM ET
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More pairs not in contention is GBP/AUD as this pair is stuck between 1.8699 to 1.8262 and currently trades at 1.8412. GBP/NZD shorts lack all consideration but rather its in buy drop mode especially at 1.9253 and 1.9188.

EUR/NZD fully informs GBP/NZD as any long on drop strategies as price holds above 1.6848 and 1.6883 however 1.6910 becomes the target and above 1.6910 evolves into a short only scenario.

EUR/NZD is set and ready to rise back to its last reported point at 1.7082 but this assumes NZD/USD falls much lower in correction mode.

CAD/ZAR dropped today to 9.5510 from 9.5602 yesterday for 92 pips and fully explains EUR/USD's 1.2351 to 1.2397 range. CAD/ZAR lacks a big move as it ranges from most vital break points between 9.6368 to 9.4853.

Longer term, CAD/ZAR trades beteen its 5 and 10 year averages from 10.1419 to 8.8829. CAD/ZAR informs EUR/USD will remain in range mode for a long time in the future.

Ongoing trades remain EUR/CAD, GBP/CAD and long held AUD/NZD. EUR/CAD achieved a +80 pip gain so far and remains a current short. Lower 1.7800's, upper 1.7700's for GBP/CAD then out while AUD/NZD requires a further AUD/USD correction then out near 1.0665.

AUD/JPY from RBA's 83.06 low trades 83.43 and heading to 83.75.

From JPY cross pairs, EUR/JPY 133.11 remains the top while CAD/JPY and AUD/JPY trade in slow grind mode drifting higher.

GBP/JPY faces rough resistance at 153.23, 153.33 and 153.99 as the current upside move remains a large correction especially below 159.80 and 160.39.

Above 153.99 then next comes 154.75 and not likely to be seen anytime soon as GBP/JPY drivers at 145.90 and 150.83 are far overbought. Sell rallies is the way forward overall.

Solid supports are located at 150.89 and 150.83. Overall GBP/JPY is a 310 pip range from 150.89 to 153.99 . GBP/JPY requires a correction to 152.27 but not much further as 151.04 remains the vital line to hold 150.89 and 150.83 from its break. Quick trade is the best GBP/JPY offers unless GBP/USD falls into correction mode.

Look for quick longs at 151.04 to target again 152.27.

As of writing 152.29 achieved so long to 152.76 is the way today while GBP/USD trades back to 1.4233.

NZD/JPY must break for lower to target 77.87 is located at 78.79 and 78.49. Above 78.79 then 79.94 is in deck.

USD/MXN trades between 17.88 to its vital break point at 18.44 to then target above at 18.71, 18.77 and 18.88. Below 17.88 then next comes 16.81.

CAD/MXN next break above to target 14.62 and 14.79 is located at 14.54. Above 14.79 becomes a short only strategy as CAD/MXN trades at the top of its range.

Further post may require day trade interest rate strategies only as prices are fairly aligned.

Brian Twomey

GBP/JPY, NZD/JPY, MXN: Wednesday's Levels, Ranges, Targets

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GBP/JPY, NZD/JPY, MXN: Wednesday's Levels, Ranges, Targets

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