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The GBPJPY is trading at an important long term resistance level around 159.45, in the short term charts it is trading in a tight range in between 159.79 and 158.23, so it first need to clear either support or resistance to start looking for trading opportunities, please take a look at the next chart:
GBPJPY
My Trading Plan:
If the market breaks the 159.79 short term resistance line, I will be looking for long opportunities. All take profit orders will be placed around 161.70
If the market breaks the 158.23 short term support level, I will be looking for short trading opportunities. All take profit orders will be placed around 157.00
If the market keeps trading in the short term range I will do nothing.
Good luck
Raul Lopez
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Today almost all major pairs and crosses are trading in a small range, but not usual ranges, most of them trade in a erratic range, making it very difficult to trade. But the EURJPY, just broke that range for the upside. Please take a look at the next chart:
EURJPY
My Trading Plan:
As long as the EURJPY keeps trading above 134.82, I will be looking for long opportunities targeting the next long term resistance level around 137.90.
All short opportunities are out of play.
Good luck!
Raul Lopez
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The USDCAD recently broke a major resistance level located at 1.1457, it has no clear resistance level before 1.1817, so there is a long way to go. In the short term charts the USDCAD is also trading above all short term levels.
USDCAD
My Trading Plan:
Only long trades are in play, so as long as the market keeps trading above all short term important levels, I will be looking for long opportunities. All take profit orders will be set below the next resistance level around 1.1817
All short trading opportunities will be ignored.
Good luck!
Raul Lopez
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Today, the USDCHF broke the range it traded in since the 27th of May, now it has no clear resistance level until 1.1232. Please take a look at the next chart:
USDCHF
But now the question is: Will the EURUSD follow?
EURUSD
I guess we’ll have to wait, although we have one thing for certain: Remember there is a negative correlation between these two pairs, when the EURUSD goes up, the USDCHF tends to go down. So, right now, if I was to go short in the EURUSD or long in the USDCHF, I’ll definitely choose long USDCHF.
Good luck!
Raul Lopez
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The cross GBPJPY is getting closer to a few trading setups, but first, the market needs to break important short term support or resistance levels. Please take a look at the chart below.
GBPJPY
My Trading Plan:
If the market breaks the short term resistance level around 156.74 (green resistance line), I will start to look for long opportunities, and all take profit levels will be placed below the long term resistance around 159.45
If the market breaks the short term support level around 154.87 (green support line), I will start to look only for short trading opportunities (will validate the head & shoulders pattern), and all take profit orders will be placed around 150.00
Good luck
Raul Lopez
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Earlier today, during the Asian and European sessions, the USDCAD broke a major resistance level around 1.1457, as long as the market continues to trade above this level, it should reach the next major resistance level around 1.1817. Right know we are trading at 1.1533 (close to 300 pips below the next resistance level):
USDCAD
My trading Plan:
As long as the USDCAD continues to trade above the main resistance level (1.1457), I will be looking for long opportunities targeting the next major resistance level around 1.1817.
All short trades are out of play.
Good luck!
Raul Lopez
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For what’s left of the week, probably the best pair to trade right now would be the AUDUSD, it is trading in a range, trading above last session high, no clear resistance until .8200, in the previous days it was rejected from the main support zone…
AUDUSD
My Trading Plan:
Look for long opportunities, all targets will be placed below the main resistance level around .8200
All short opportunities are out of play.
Good luck and have a good weekend
Raul Lopez
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The EURUSD could break the next short term support level and validate a Head and Shoulders formation, but there is another scenario, what if the market breaks the next short term resistance level? Well that should take it to previous highs. Take a look at the next chart:
EURUSD
So here is my trading plan:
If the market breaks above the short term resistance level around 1.3932, I will start looking for long opportunities, targeting the long term resistance level around 1.4329
If the market breaks below the short term support level around 1.3798, it will validate the Head and Shoulders pattern, and I will start looking for short opportunities, targeting the long term support level around 1.3433
Good luck!
Raul Lopez
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The USDCAD recently broke an important resistance level (blue line at 1.1298) and it appears to have more bullish momentum, but trading long is not yet recommended, I would wait for the market to break the nearest short term resistance level (green line at 1.1359).
USDCAD
My Trading Plan:
Wait for the market to break 1.1359 and start looking for long opportunities.
Good luck
Raul Lopez
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The GBPUSD was rejected from the long term resistance zone around 1.6620, this makes me think the market will go short in search for the next support zone, located around 1.5914. Please take a look at the chat below:
GBPUSD Pound Dollar
My trading plan:
As long as the market continues to trade below 1.6327 I will look for short opportunities (already have one short). All take profit orders will be placed 40-50 pips above the main support zone.
Good luck with your trading!
Raul Lopez
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