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AUD/JPY longs worked if you were still holding them, hitting their target and only resistance on Tuesday at 8280/8300. Therefore a break above 8320 is a buy signal targeting 8365/75. A buying opportunity again at 8220/10. Stop below 8190. A break below 8190 is a sell signal targeting 8160/55, perhaps as far as 8100/8090.
EUR/JPY was moving straight through minor resistance at 130.60/70 to the next target of 130.95/99, with a test of trend line resistance at 131.20/30 now likely. Shorts need stops above 131.45. A break higher is a buy signal. Try to jump in and hold long in to the end of the week. The pair is a buying opportunity again at 130.10/129.90 with a stop below 129.80.
EUR/USD longs at the buying opportunity at 1.1400/1.1380 target strong resistance at 1.1455/65. This held quite well on the last test. Further gains are likely eventually towards 1.1500/10 and 1.1560/70. A buying opportunity at 1.1400/1.1380—stop below 1.1365. If this trade fails, I fear we will remain stuck in a sideways trend.
GBP/USD shorts at the 200 day moving average at 1.3735/40 worked in severely overbought conditions to test support at 1.3670/60. Further losses would have met strong support at 1.3620/00 with a good chance of a low for the day. Longs need stops below 1.3585. Next target and support was at 1.3535/25.
200 day moving average resistance is again at 1.3735/40. Shorts need stops above 1.3755 this week. A break higher is the next buy signal targeting 1.3780 and 1.3805/15. Expect some resistance at the October high at 1.3830/35.
E-mini S&P got close to a test of the neck line at 4590/80 on Friday but bounced from 4606. If tested this week, longs need stops below 4570. A break lower is a significant sell signal. Minor resistance at 4670/80 and again at 4695/4705. Further gains can retest last week's high of 4735/40. Next target is 4750/60. Above 4765 can retest the all time high at 4800/08.
NASDAQ is perhaps building a minor negative trend in January. Holding quite important resistance at 15700/750 was negative for Tuesday, initially targeting 15550/500. If we continue lower, look for 15350/320 before a retest of last week's low at 15170/150. Further losses test the 200 day moving average at 15000/14950.
First resistance at 15700/750—shorts need stops above 15800. A break higher targets more minor resistance at 16000/16100. A break above here is a buy signal and we could even retest the all time high.
I am waiting for a clear trend pattern to develop for the E-mini Dow Jones. For now, minor resistance at 35800/850 was tested as I write overnight, but if we continue higher, look for a test of minor resistance at 36000/36050. Further gains can target 36300/350.
Holding minor resistance at 35800/850 can target 35750/700 before a retest of this week's low at 35540/520. A break lower this week targets support at the 100 day moving average at 35350/330.
Video Analysis:
In the following video, OANDA Senior Market Analyst, Craig Erlam, talks about the USD/JPY, which has pulled back in recent days leading to a potentially significant breakout.
Note, I am traveling, so I am typing the report early, 5 hours before the day session opens. Today is Friday, so weekly support and resistance are important. It looks like this...
The Canadian dollar hasn’t made any spectacular daily gains since May 13th, when it shot up 1.1%. The currency has, however, made slow but steady progress against its US...
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