USDJPY Short In Good Shape, Buy GBPUSD On Dips -

USDJPY Short In Good Shape, Buy GBPUSD On Dips

Mar 23, 2018Jeremy ParkinsonFinance0

These are my trades today:

EUR/USD

Trading strategy: Long

Open: 1.2330

Target: 1.2550

Stop-loss: 1.2245

Recommended size: 2.11 mini lots per $10,000 in your account

Short analysis: Pair’s broad consolidation persists and monthly RSI is biased up. The trendline off February’s high helps limit the upside and the pair slips back below the 10 and 21-day SMAs as well as the daily cloud top. Signals are mixed.

GBP/USD

Trading strategy: Long

Open: 1.4085

Target: 1.4300

Stop-loss: 1.3985

Recommended size: 2.00 mini lots per $10,000 in your account

Short analysis: A spike to 1.4220 and equally sharp pullback give a hanging man signal. However, we see pullbacks as buying opportunities for a run back to the high from early February.

USD/JPY

Trading strategy: Short

Open: 106.00

Target: 1004.00

Stop-loss: 107.00

Recommended size: 2.12 mini lots per $10,000 in your account

Short analysis: USD/JPY broke below previous 2018’s 105.24 and is getting lower. We keep our bearish view with the target at 104.00.

USD/CAD

Trading strategy: Short

Open: 1.2900

Target: 1.2600

Stop-loss: 1.3050

Recommended size: 1.72 mini lots per $10,000 in your account

Short analysis: The USD/CAD offered after lowering of NAFTA tension and dovish Fed hike. The pair broke below 14-day EMA (1.2933) for the first time since mid-February. This could be a bearish signal.

AUD/USD

Trading strategy: Await signal

Open: –

Target: –

Stop-loss: –

Recommended size: –

Short analysis: Wednesday’s jump and close above a 7-day EMA was a false signal. Latest rally stalls by the 21-day SMAs and short of the 200-day SMA. The ensuing slide sees RSIs biased down again and a long upper wick form on the monthly candle. An important support level is 0.7673 low on March 20.

EUR/GBP

Trading strategy: Await signal

Open: –

Target: –

Stop-loss: –

Recommended size: –

Short analysis: Pair sets a new low and RSIs are biased down to keep the overall bear view intact. On the other hand, the long lower wick on yesterday’s candle suggests a bounce is due. We will wait for clearer signals before entering a new position.