Wednesday, May 17, 2023
Today’s trade ideas cheat sheet, with entry, stop-loss & targets:
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EURUSD finally broke support to 1.0965/45 for a sell signal to target 1.0880/70 (hit on Friday).
We have resistance at 1.0890/1.0900 (& you should be short here with a high for the day at 1.0904). Shorts need stops above 1.0920.
If we unexpectedly continue higher expect strong resistance at 1.0940/60. Shorts need stops above 1.0980.
Shorts at 1.0890/1.0900 can target 1.0850/45, (a low for the day only 3 pips above here yesterday) perhaps as far as 1.0820/00.
EURCAD double top sell signal certainly worked & AT LAST WE HIT MY BUYING OPPORTUNITY AT 1.4600/1.4580 WITH A LOW FOR THE DAY EXACTLY HERE.
IT WAS WORTH THE WAIT!!
Longs need stops below 1.4560.
Targets for longs: 1.4670, 1.4700, 1.4750.
EURNZD strong resistance at 1.7535/65. Shorts need stops above 1.7585.
Targets: 1.7450, 1.7420 & perhaps as far as 1.7350.
A buying opportunity at 1.7240/20. Longs need stops below 1.7190.
GBPUSD shorts at yesterday’s high for the day exactly at strong resistance at 1.2525/40 are working & we should eventually retest Friday’s low at 1.2445/40.
Targets for shorts: 1.2445 & perhaps as far as 1.2360.
AUDCAD shorts at 9030/40 worked perfectly with a high for the day exactly here & a collapse towards the April low at 8950/40 for profit taking.
GBPAUD longs at support at 1.8610-00 worked after we held this support when tested for 4 days in a row, as we edge slowly higher.
We can try a long on a another retest this week. We do have a minor support at 1.8700/1.8680 which could be worth trying a long, with stop below 1.8660.
Longs at 1.8610-00 need stops below 1.8570.
Targets: 1.8680, 1.8750
GBPJPY has strong support at 164.45/25. Longs need stops below 167.95.
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