CURRENCYCURRENT BIASPOTENTIAL STRATEGY
EUR/USD (Short Term)
Consolidating in a tight range between Monthly Pivot support at 1.2565 and resistance at 1.2600
GBP/USD (Short Term)
Consolidating around 1.5700 round handle, key resistance looms up at 1.5775
USD/JPY (Short Term)
Lackluster trade continues in tight range below 80.00 psychological resistance
USD/CHF (Short Term)
Slumbering in a tight range below Monthly Pivot resistance at .9559
USD/CAD (Short Term)
Breaking through 1.0160 support, room for further drops later on this week. See full report for more details.
AUD/USD (Short Term)
Trade in Progress: Bought AUD/USD at 1.0282, stop at 1.0195, target at 1.0392. See full report for more details.
NZD/USD (Short Term)
Inching higher above .8000 psychological support, bulls targeting .8100 next

Matthew Weller

Technical Analyst, GFT

  • EUR/USD
  • GBP/USD
  • USD/JPY
  • USD/CHF
  • USD/CAD
  • AUD/USD
  • NZD/USD
EUR/USD (Intraday Forecast)
Potential Strategy
Consolidating in a tight range between Monthly Pivot support at 1.2565 and resistance at 1.2600
What is the trend?Neutral
What is this pattern?No pattern present - See all chart patterns
Why is this significant?
What other indicators or Fib Levels support this thesis?
Reason for Strategy

The EUR/USD has continued to chop around in lackluster trade below the round 1.2600 handle over the past 24 hours. Meanwhile, to the downside, the pair has found a floor at the monthly pivot point (1.2565), as anticipated in yesterday’s Candlestick Daily Report. For today, further consolidation is anticipated as U.S. traders take off early for the Independence Day holiday before volatility is anticipated to pick up later in the week. 

Support & Resistance Levels
Resistance 31.2735Previous resistance
Resistance 21.2690Previous resistance
Resistance 11.2600Round handle resistance
Current Price1.2589
Support 11.2565Monthly Pivot
Support 21.2500Round handle support
Support 3tbd
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GBP/USD (Swing Forecast)
Potential Strategy
Consolidating around 1.5700 round handle, key resistance looms up at 1.5775
What is the trend?Neutral
What is this pattern?No pattern present - See all chart patterns
Why is this significant?
What other indicators or Fib Levels support this thesis?
Reason for Strategy

The GBP/USD was slightly more volatile than its major European counterpart, but still has not offered significant trading opportunities so far this week. Moving forward, a conclusive break above 1.5700 would turn the bias bullish for a potential move up toward 5-week highs at 1.5775. Meanwhile, downside support sits at the 1.5600 round handle and the Monthly Pivot point at 1.5582.

Support & Resistance Levels
Resistance 3tbd
Resistance 21.5775Previous resistance
Resistance 11.5700Previous resistance
Current Price1.5686
Support 11.5582Monthly Pivot
Support 21.5500Round handle support
Support 3tbd
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USD/JPY (Swing Forecast)
Potential Strategy
Lackluster trade continues in tight range below 80.00 psychological resistance
What is the trend?Neutral
What is this pattern?Bullish Marubozu Candle - See all chart patterns
Why is this significant?A Marubozu candle is formed when prices open very near to one extreme of the candle and close very near the other extreme. Marubozu candles represent strong momentum in a given direction.
What other indicators or Fib Levels support this thesis?
Reason for Strategy

The USD/JPY pulled back modestly yesterday before bouncing from the central Monthly pivot point at 79.36. The pair carved out a Bullish Marubozu Candle on the 4hr chart overnight (albeit over a relatively small range); this pattern suggests a potential move up to the top of the 1-week range at 80.00 later today, but movements are likely to be contained by this key psychological resistance level. Stay tuned to FX360 and our daily Live Market Analysis webinars for any intraday updates or trade opportunities later today.

Support & Resistance Levels
Resistance 3tbd
Resistance 280.50Previous resistance
Resistance 180.00Round handle resistance
Current Price79.80
Support 179.36Monthly Pivot
Support 279.00Round handle support
Support 3tbd
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USD/CHF (Swing Forecast)
Potential Strategy
Slumbering in a tight range below Monthly Pivot resistance at .9559
What is the trend?Neutral
What is this pattern?No pattern present - See all chart patterns
Why is this significant?
What other indicators or Fib Levels support this thesis?
Reason for Strategy

The USD/CHF has remained in a trading stupor so far this week, with rates consolidating in a tight range below the Monthly pivot at .9559. A break above this level may open the door for further rallies, but given the current illiquid conditions, further consolidation will be favored. Regardless, trading the USD/CHF is pointless, until and unless the EUR/CHF starts to move substantially; instead, traders should focus opportunities in the EUR/USD, which has been moving directly opposite to the Swissie and offers lower spreads and better liquidity.

Support & Resistance Levels
Resistance 3tbd
Resistance 2.9700Round handle resistance
Resistance 1.9559Monthly Pivot
Current Price.9539
Support 1.9500Round handle support
Support 2.9475Previous support
Support 3tbd
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USD/CAD (Swing Forecast)
Potential Strategy
Breaking through 1.0160 support, room for further drops later on this week. See full report for more details.
What is the trend?Down
What is this pattern?No pattern present - See all chart patterns
Why is this significant?
What other indicators or Fib Levels support this thesis?
Reason for Strategy

The USD/CAD inched lower over the past 24 hours, and has now broken below key previous support at 1.0160. This significant break lower has opened the door for further drops in the pair, with the next levels of support coming in at the 1.0100 round handle and key previous-resistance-turned-support at 1.0050. Today’s trade may be quiet given the upcoming holiday in the U.S., but sell opportunities will be favored later this week as long the pair remains under 1.0160.

Support & Resistance Levels
Resistance 3tbd
Resistance 21.0256Monthly Pivot
Resistance 11.0160Previous support, now resistance
Current Price1.0147
Support 11.0100Round handle support
Support 21.0050Previous resistance, now support
Support 3tbd
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AUD/USD (Swing Forecast)
Potential Strategy
Trade in Progress: Bought AUD/USD at 1.0282, stop at 1.0195, target at 1.0392. See full report for more details.
What is the trend?Up
What is this pattern?Bullish Flag Pattern - See all chart patterns
Why is this significant?
What other indicators or Fib Levels support this thesis?
Reason for Strategy

The Aussie, not surprisingly, had a relatively quiet overnight session as well. Rates initially inched slightly higher as the Reserve Bank of Australia offered a relatively upbeat assessment of the economy, but the unit has quickly returned to its recent range. The buy trade idea highlighted in yesterday’s Candlestick Daily report triggered on the overnight bounce, but given the likelihood of lackluster trade over the next few sessions, more conservative traders may want to consider closing the trade out near current market rates and revisiting the pair later on this week. 

Support & Resistance Levels
Resistance 3tbd
Resistance 2tbd
Resistance 11.0400Round handle resistance
Current Price1.0264
Support 11.0210Previous resistance, now support
Support 21.0025Monthly Pivot
Support 3tbd
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  • 4hr Chart -
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NZD/USD (Swing Forecast)
Potential Strategy
Inching higher above .8000 psychological support, bulls targeting .8100 next
What is the trend?Neutral
What is this pattern?No pattern present - See all chart patterns
Why is this significant?
What other indicators or Fib Levels support this thesis?
Reason for Strategy

The Kiwi generally traded in lockstep with the Aussie over the past 24 hours, which is to say that it didn’t do much of anything. Moving forward, key psychological support at .8000 is likely to put a floor under rates for the next few sessions. As long as rates can hold above .8000, the bulls maintain the upper hand and higher prices are likely.

Support & Resistance Levels
Resistance 3tbd
Resistance 2tbd
Resistance 1.8100Round handle resistance
Current Price.8025
Support 1.8000Key psychological support
Support 2.7850Previous support
Support 3tbd
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  • 4hr Chart -
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DISCLAIMER: The information provided below should not be relied upon as a substitute for extensive independent research before making your investment decisions. FX360 .com is merely providing these views for your general information. The information presented in the views below does not take into account any particular individual’s investment objectives, financial situation, or needs. All investors should obtain advice based on their unique situation before making any investment decision and should tailor the trade size and leverage of their trading to their personal risk appetite. We generally encourage readers and clients not to risk more than 3% of their account on any single trade. In addition, any projections or views of the market provided by the authors may not prove to be accurate.

FX360.com and the currency research team will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained on FX360.com

NOTE: All trade ideas on FX360.com are hypothetical. FX360.com has not placed these ideas in a live trading environment. Forex Trading involves high risks, with the potential for substantial losses that exceed your initial deposit and is not suitable for all persons. Past performance is not necessarily indicative of futures results.


The information, including Commentary and Trade Ideas, provided on FX360.com should not be relied upon as a substitute for extensive independent research which should be performed before making your investment decisions. Global Futures & Forex, Ltd. (“GFT Markets”) and FX360.com is merely providing this information for your general information. The information and opinions presented do not take into account any particular individual’s investment objectives, financial situation, or needs. All investors should obtain advice based on their unique situation before making any investment decision and should tailor the trade size and leverage of their trading to their personal risk appetite. Any projections or views of the market provided by FX360.com may not prove to be accurate.

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TRADE IDEAS

  • Trades to Watch
  • Trades in Progress
currency trade idea
USD/CAD
Medium term



 Buy Buy at 1.0225
Stop at 1.0195
Target at 1.0285
currency trade idea
GBP/JPY
Medium term
Opened 5/16/2013
 Sell Short from 156.6000
Stop at 156.6
Target at 155.1
These are hypothetical trades and should not be relied upon as a substitute for independent research.

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