Forex

Could USD/CAD Target 1.3030?

AUD/USD minor resistance at 6950/70 again today (even though we made it as far as 6993 yesterday). A break above 6980 meets strong resistance at 7020/30. Shorts need stops above 7055.

Currency Pairs

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. 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.

EUR/USD recovery from the May low of 1.0360/50 beat minor resistance at 1.0545/55 to hold 20 pips from 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. Below 1.0430 however risks a retest of the double bottom low at 1.0360/50. Longs need stops below 1.0325.

USD/CAD first resistance at 1.2945/65. A break higher can target 1.2995/99. Gains are likely to be limited but above 1.3010 can target 1.3030.

USD/JPY 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.

As I write we have dipped 70 pips to 136.05 and have important support at 135.55/35. Longs need stops below 135.15.

EUR/JPY breaking higher to target 142.80/90 and hold just below the June high at 144.15/25. Holding here forms a double top for a 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 strong support at 142.65/45. Longs need stops below 142.25.

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