Shorts-and-longs by Alexander Kul

[alextrader79]

Another political scandal in the White House and the published FOMC protocols pressure the US dollar. The demand for US currency has weakened. Bears dominate on USD/JPY. I’ll sell this pair if the price holds the 110.20-110.30 mark. The goal for taking profit is 109.70. The currency can reach a round level of 109.00 in the medium term.

 

[alextrader79]

USD/CAD is correcting after a sharp fall during yesterday's trading. I plan to wait for the retest of the 1.2665-1.2680 offer zone. I’ll open short positions if the price holds this mark. The pair may move to 1.2630-1.2600.

 

[alextrader79]

The technical pattern on majors is ambiguous now. The market is waiting for additional drivers. The key event of the week is the summit in Jackson Hole, which will be held from 24 to 26 August. The publication of important economic reports is not planned for today. I plan to open transactions from the key levels. Potential entry points to the market may appear within a few days.

USD/JPY
Support: 108.65, 108.00
Resistance: 109.40, 110.00
I expect a correction on USD/JPY if the price fixes above the 109.40 level. The pair may move to the 110.00 round level.

 

[alextrader79]

EUR/USD
Support: 1.1725, 1.1675
Resistance: 1.1765, 1.1825
I’ll buy the pair if it fixes above the 1.1765 local resistance. It may move to 1.1800.
I’ll open short positions if it fixes below 1.1725. It may move to 1.1675.

 

[alextrader79]

USD/JPY retained the 108.70 key level and it caused a correction. The price is testing the 109.45 local resistance now. I think that the correction may continue. I’ll buy the pair if it fixes above 109.45. USD/JPY may move to 109.90-110.30. Entry points may emerge during the next several days.

 

[alextrader79]

GBP/USD has been consolidating in the 1.2840-1.2900 range for a quite a long time already. The price is testing the lowest limit of this range.
I expect a downward trend on this pair. I’ll sell GBP/USD after the breakthrough and retest on the 1.2840 mark. The nearest goal for taking profit is the 1.2800 round level.

 

[alextrader79]

My yesterday's assumptions on GBP/USD were confirmed. The trading instrument may reduce further. I will sell the pair after the retest of already mirror resistance - 1.2810. It may move to 1.2750. I plan to use the trailing stop when tracking the position.

 

[alextrader79]

There is an interesting technical pattern on AUD/USD. Bears prevail on it since the beginning of this week. It’s consolidating now. I expect a further drop of AUD/USD quotes. I’ll sell it, if the price fixes below the 0.7885 local support. It may move to 0.7865-0.7850.

 

[alextrader79]

Aggressive sales were observed on EUR/USD the last Friday. The Fed chairman Janet Yellen hasn’t announced specific plans for the monetary policy at the Jackson-Hole summit. It pressured the US currency. I expect a technical correction now. I’ll sell EUR/USD if the price fixes below the 1.1915 local support. The pair may move to 1.1870.

 

[alextrader79]

GBP/USD has closed the morning gap and is testing the 1.2920 local resistance. It seems to me that it has the potential for further correction. I’ll buy the pair after the price fixes above the 1.2920 level. It may move to 1.2950-1.2975. I’ll use a trailing stop for this position.