EUR/AUD going down as the NFP’s low is taken out
(Nenad Kerkez – Top-XE)
EUR/AUD technical analysis
- Zoned Pin bar rejection.
- NFP low is taken out.
- Bearish trend.
- M L3 is the target.
MEGATREND MAs: Bearish
D1 Chart EUR/AUD
- Trend line start.
- The top of the move.
- Zoned rejection.
The EUR/AUD is having a zoned bearish rejection. Zoned bearish rejection means that the entry signal pattern happened exactly within the borders of the MEGATREND moving averages and the break below is a signal to enter a short. In this it is the NFP low that has been taken out. Targets for this move are 1.4619 and 1.4380.
The Reserve Bank of Australia raised interest rates by 50bp on Aug 2. In the RBA statement, Governor Lowe hinted at further rate hikes to come. Also, Lowe added that the RBA would do whatever is necessary to reduce inflation back to target in a due time. With the RBA projection inflation will be around 7.75% over 2022 and the Bank’s inflation target between 2% and 3%, this is a hint for more rate hikes to come.
This analysis, and all entry signals and targets are a part of the Megatrend trading course. I have 1 short position that I will maintain until intraday target and possible swing.The intraday target is 1.4619 while the intraweek target is similar to swing target. Swing target is 1.4380. Position management is very important once you are in a trade.
Gold: A break lower 1760 is a sell signal [Video]
(Jason Sen – DayTradeIdeas.co.uk)
Gold longs at 1770/65 target 1785/88 & perhaps as far as 1795/1800. Above 1800 look for 1813/15, perhaps as far as 1828/31.
Best support at 1770/65. Longs need stops below 1760. A break lower is a sell signal targeting 1953 then strong support at 1740/35.
AUDUSD first resistance at 6950/70. Shorts need stops above 6980. A break higher targets 7010.
Shorts at first resistance at 6950/70 target 6910/00 then 6870/60. Further losses can target 6830/20.
EURJPY eventually beat resistance at 136.75/95 for the next target of 137.70/80 with a high for the day here. A break above 138.00 signals further gains to 138.70/90.
First support at 136.80/70. A break below 136.50 risks a slide to 135.60/40.
NZDJPY again meets strong resistance at 8435/55. Shorts need stops above 8485. A break higher is a buy signal targeting 8560/70.
Shorts at 8435/55 target 8380 & possibly 8340 for profit taking. Further losses target 8320/10 then strong support at 8280/60. Longs need stops below 8230.
Emini S&P longs at strong support at 4110/4090 work as we bounce towards 4150. On further gains look for 4165, perhaps as far as 4210/20 today for profit taking. A break higher this week is a buy signal.
Strong support again at 4110/4090. Longs need stops below 4080. A break lower meets strong support at 4030/20. Longs need stops below 4000.
Nasdaq longs at first support at 12850/800 work on the bounce to 13200/250 & 7-month trend line resistance at 13365/385. A high for the day exactly here with a sell off to 13085. First support at 12900/800. Longs need stops below 12700. A break lower is a sell signal to strong support at 12350/300.
7 month trend line resistance at 13365/385. A break higher targets 13450, perhaps as far as very strong resistance at 13600/700.
EUR/USD: Trapped in 1.01-1.03 range trading, but for how long?
(Vasilis Tsaprounis – TopFX)
In the area of 1,02 the common European currency is trading on the first day of the week after Friday’s sharp volatility in the wake of announcements on new jobs in the US.
The pair is unable to take any specific direction as as we have already mentioned it continue to hold reasons for trade in both directions.
On the one hand, the European economy, which has come to a more unfavorable position due to the developments with the war in Ukraine, the high inflationary pressures it is receiving and the economic slowdown.
However, the market shows that it has ” price in ” these developments to some percentage. That is why the currency reached 3 weeeks ago to trade even temporarily below the level of 1/1 , marking a 20-year low . But then it showed significant signs of reaction by returning to the levels of 1,03 and although remain mildly bearish momentum the pair is showing particular resistances and re-approaching level 1/1 is having difficulties.
Οn the other hand, the American currency is quite sensitive to risk aversion or not. It has received some liquidation in the last few days as the international stock markets have recorded some rise, so dollar purchases as a safe haven currency are not so necessary.
For now we will maintain our previous position of buying euro on market dips, behavior which has been confirmed in high percentages recently and we would not expect any significant divergence especially in view of the announcements on the course of inflation in the US economy on Wednesday.
Could GBP/USD rise beyond the 1.2150 level?
Looking at GBPUSD’s chart, we can see that it is traded at around 1.21 with an upward trend. Today if this upward direction continues, we can see the rate testing its resistance level at around 1.2150 and if able to pass it then we should see it rising towards its next resistance level otherwise it should fall towards its support level at around 1.2030-1.2060.