EUR/USD V USD/JPY and G10: Levels, Ranges, Targets

EUR/USD ranged 191 pips last week from previously mentioned 1.1720 to 1.1529 against the target price at 1.1806. EUR/USD closed Friday at 1.1681 and 1.1655 last week, a 26 pip difference.

GBP/USD ranged 240 pips last week from 1.3291 to 1.3051 against the target price at 1.3367 and 1.3387. GBP/USD closed Friday at 1.3203 and 1.3258 last week for a 55 pip difference.

USD/JPY ranged 155 pips last week from 109.37 to 110.92 against the target price at 109.15 and 108.99. USD/JPY closed Friday at 110.66 and 109.97 last week for a 69 pip difference.

USD/CAD ranged 250 pips last week from 1.3383 to 1.3133 against the target price at 1.2980. USD/CAD closed Friday at 1.3133 and 1.3260 last week for a 127 pip difference.

AUD/USD ranged 117 pips last week from 0.7324 to 0.7441 against the target price at 0.7550’s. AUD/USD closed Friday at 0.7402 and 0.7440 last week for a 38 pip difference.

USD/CHF included this week closed Friday at 0.9906.

Target Price explanation. Previous years target prices not only hit exactly by math standards but targets reached destinations by price alignments. The system served well its purpose but it lacked deeper price information. The current system’s refinement to price targets is far superior because it reveals much more to price information, price relationships, next targets, settled prices, price speed, price changes, continuation, ranges, short V Medium V Long term targets and the list is literally endless. Most importantly, the current target structure captures perfectly the contemporary rules under the new market composition instituted by central banks 2 years ago. Any questions, see March / April 35 trades and 4000 ish pips.

EUR/USD target this week is located at 1.1802 on a break of 1.1702 and 1.1712 against the break point at 1.1811. Tough area here as a long rejection candle is easily achievable. A break of 1.1811 then targets next 1.1936, 1.1992 and 1.2086. Below long points to a long only strategy are located at 1.1630, 1.1638 and 1.1545.

USD/JPY break point at current 109.74 hardly changed in 3 weeks. Last week’s target at 109.15 and 108.77 achieved 109.37 then bounced to 110.94 and 30 pips above 110.68 sell point.

Overbought USD/JPY from previous 3 month contention to EUR/USD and USD is now in a battle of Statistics against itself. Higher to 112 relieves price pressures but higher means more overbought. Lower price pressures relieves at 104.
Lower targets 109.96 and break of 109.74 targets 109.54, 109.24 and 109.09. Higher targets 111.95. Good strategy is leave USD/JPY to trade another day as the longer term short is slowly building and this meets agreement to EUR/USD much higher. Overall, USD/JPY averages are falling against a rising price as the longer term range is located from high 112.00’s to 99.00’s, a 1300 pip range. Previous 113.00’s are now gone. USD/JPY’s resolution won’t solve itself well.

GBP/USD. Higher for GBP must break 1.3428 to target 1.3555, 1.3565 and 1.3638 then on to 1.3800’s. Target this week on a long only strategy is located at 1.3367 and 1.3383. Below long points begin at 1.3285, 1.3251 and 1.3214. GBP/USD 1.4100’s many times previously mentioned as longest term target was confirmed last week by Goldman Sach’s call for GBP/USD 1.4100. What’s 1.4100 in a 3100 pip range from 1.3200’s to the Brexit fall at 1.6300’s.

AUD/USD now achieved deeply oversold yet again but this week reveals oversold across the board. Break point is located at 0.7533 to target 0.7600’s and 0.7700’s. Longer term target remains now 0.7783 and down 47 pips since March 0.7830. Target this week remains at 0.7550’s.

USD/CAD’s price in the last 3 weeks rose to 1.3400’s against stasis averages and as USD/JPY, USD/CAD enters its own statistical abnormalities. CAD is far overbought and must trade lower. The target over 3 weeks remains now 1.2943, 1.2911 and 1.2900, 1.2823 on a break of 1.3027 and 1.3014. The overall CAD trade resembles the March/ April AUD/NZD example. We held to target AUD/NZD against a profit but AUD/NZD dropped to the same degree as the profit. Never a loss however but terrible entry.

USD/CAD remains a short only strategy especially above 1.3010. Here’s 2 prices, 1.3133 and 1.3203. Guess the pairs.

USD/CHF break point for lower at 0.9847 targets a mass of many and sustaining supports at 0.9700’s. Current supports at 0.9700’s was reported in March / April and hasn’t changed in 3 months. Higher to target 1.0130 is located at 1.0064. Look for shorts above 0.9939. From a daily perspective, USD/CHF sits at dead neutral and is the smarter position in relation to USD/CAD and USD/JPY.

Overall currency markets are within roughly 100 pips to break points/targets and the problem pairs as price drivers derives from USD.

 

Brian Twomey

 

My trusted friend, exquisite top brand name Watches, , Pocket Watches, Rings, Luxurious, please have a look, Brian Twomey

 

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