Dollar edges lower in the longer term bear trend.
AUDUSD longs from our buying opportunity 7715/05 work as we hit 7760/65 then 7780/85 but hold just below the January high at 7815/20 this morning. Obviously this is key to direction.
NZDUSD remains stuck in a 5 week sideways channel as we retest resistance at 7250/60.
USDJPY reaches the next target of 105.25/35 & as far as strong resistance again at 105.40/50. Shorts need stops above 105.70.
EURJPY beat resistance at 127.10/20 & the January high at 127.50, both breaks giving buy signals.
CADJPY longs at our buying opportunity at 8235/25 worked perfectly as we beat the 200 week moving average at 8310/20 for another buy signal reaching 8374 but not yet as far as the next target of 8400/30.
EURUSD held 15 pips above our first buying opportunity at 1.2100 & topped exactly at the first target of 1.2140/50 as we trade sideways.
Outlook remains positive despite the pair only moving sideways for the last 4 sessions.
USDCAD held just below minor resistance at 1.2705/10 & breaks minor support at the February low at 1.2665/55.
GBPUSD higher as predicted after our buy signal targeting 1.3910/20 & 1.3945/55. We topped exactly here but outlook remains positive & we look to buy in to a dip to support.
EURGBP broke support at 8750/40 for a sell signal this week.
Gold Spot trades in a sideways trend for 5 months. This makes it increasingly difficult to identify low risk trading opportunities. Last week we held a range of less than $49. Yesterday we held within Friday’s range for an inside day.
In fact we are trading at the same prices as September & early November lows and also the same levels we saw in mid December & mid January. Sideways & converging moving averages confirm the sideways trend.
There is not much point in trading Gold (or Silver) until we see a breakout of tight ranges.
Silver Spot same story with no clear trend or pattern. Moves are random & erratic. WTI Crude March Future beat 5965/75 for the next buy signal targeting 6020/30 & minor resistance at 6055/70, almost as far as 6110/20.
Nasdaq March beat the all time high at 13730/770 targeting 13820/830 & 13880/900. We topped exactly here!
|AUDUSD||– Take profit on longs at 7800/7820|
|AUDUSD||– buy a break above the January high at 7820.|
|NZDUSD||– holding key resistance at 7250/60 targets minor support at 7200/7190|
|NZDUSD||– be ready to buy a break above a break above 7270|
|EURJPY||– buy at 127.50/40 with stops below 127.20|
|CADJPY||– Longs work perfectly. Buy again at 8315/05 with stops below 8290.|
|EURUSD||– outlook positive – buy at 1.2100/1.2090 with stops below 1.2080|
|EURUSD||– be ready to buy a break above 1.2150|
|GBPUSD||– buy at 1.3865/55 with stops below 1.3840.|
|EURGBP||– Sell at 8740/50 with stops above 8765.|
|USDZAR||– we have a sell signal – sell at 1444/47 with stops above 1451.|
|AUDCAD||– buy 9810/00 with stops below 9790. (Hold longs for a swing trade).|