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Trade Idea Wrap-up: GBP/USD – Buy at 1.5575
Although cable has retreated sharply in U.S. morning, intra-day rally from 1.5498 to 1.5689 suggests a temporary low has been formed there and downside should be limited to 1.5570/75 (61.8% Fibonacci retracement of 1.5498-1.5689) and bring another rebound.
Trade Idea Wrap-up: USD/JPY – Sell at 85.95
Dollar’s near term sideways trading is expected to continue and as long as support at 85.11 holds, another corrective bounce to 85.69-74 (previous resistance and current level of the flat ground Ichimoku cloud top) cannot be ruled out, however, as broad outlook is still consolidative, upside should be limited to
Trade Idea Wrap-up: EUR/USD – Stand aside
Despite intra-day brief breach of previous resistance at 1.2917, lack of follow through buying and current retreat from 1.2923 suggest consolidation with mild downside bias would be seen and test of the Ichimoku cloud bottom (now at 1.2825 cannot be ruled out, however, only break of 1.2805 support would signal
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EURUSD and AUDUSD Near Term Targets (Daily FX)
Trade Idea: EUR/GBP – Buy at 0.8205
Although euro has retreated after intra-day marginal rise to 0.8282 (yesterday’s high was 0.8281), as long as support at 0.8165 holds, further consolidation would be seen and break of said resistance would bring retracement of the fall from 0.8532 to 0.8305 (38.2% Fibonacci retracement of 0.8532 to 0.8165), above would
Trade Idea: USD/CAD – Short entered at 1.0440 met target at 1.0300
The greenback fell in line with our expectation and our short position entered at 1.0440 finally met indicated downside target at 1.0300 today (with 140 points profit), however, as price has recovered from 1.0273 (held above indicated support at 1.0255-57 61.8% Fibonacci retracement of 1.0108 to 1.0494 and last