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AUD/USD has minor resistance at 6950/70 again today (a high for the day exactly here yesterday). A break above 6980 meets strong resistance at 7020/30. Shorts need stops above 7055. I cannot see a support level where I would attempt along anywhere above the May/June low of 6850/27. A break below 6810 however signals further losses to 6760/50.
NZD/USD has key support at 6230/10 (a low for the day just 11 pips above here yesterday). Longs need stops below 6190. A break lower is a sell signal targeting 6100/6080. We should have strong resistance at 6390/6410. Shorts need stops above 6430.
USD/JPY with a break higher which holds above 135.55 triggers a buy signal targeting 136.40/60 and 136.90/99, perhaps as far as 137.40/50 this week. We have important support at 135.55/35 (with a low for the day 12 pips above yesterday). Longs need stops below 135.15. A break lower means this may be a false break higher and we will wait for Friday's weekly close to gauge direction in to next week.
EUR/JPY tests the June high at 144.15/25. Holding this area (a high for the day here yesterday) forms a double top sell signal. However, bear in mind that USD/JPY beat the previous high yesterday, so there does appear to be continued weakness in the yen. A sustained break above 144.30 should be a buy signal. With no sell signal yet, the downside should be limited with minor support at 143.40/20 and strong support at 142.5/65. Longs need stops below 142.45.
EUR/USD is seeing a low for the day at support at 1.0460/50 with a recovery through minor resistance at 1.0545/55 to hold at last week's high at 1.0600/01. The market is drifting without direction for 4 days. A break higher, however, could make it as far as resistance at 1.0660/62. Minor support at 1.0460/50 could hold the downside again today. Below 1.0430 however risks a retest of the double bottom low at 1.0360/50. Longs need stops below 1.0325.
USD/CAD shot higher to the target of 1.2995/99. Gains are likely to be limited but above 1.3010 can target 1.3030. Failure to beat 1.3000 increases the chance of the head & shoulders forming, with neck line at 1.2930/20. A break below 1.2910 is a sell signal initially targeting 1.2870/60. We could pause here but longs look risky. A break below 1.2850 risks a slide to 1.2800.
GBPUSD rebounded off the 1.2000 psychological level in the preceding session, flirting with the 20- and 40-day simple moving averages (SMAs). The bullish crossover within the SMAs...
The EUR/USD pair trades with modest gains on Tuesday, having erased daily losses triggered by disappointing ZEW survey data from the E.U. and Germany. Weak U.S. housing data...
The Australian dollar is steady today, after a massive 1.40% decline on Monday. In the North American session, AUD/USD is trading at 0.7015, down 0.10% on the day. Aussie...
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