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Forex signals & trade ideas.

Forex signals & trade ideas – Friday 15th July 2022.

Today’s trade ideas with stop loss levels & targets.

AUDUSD broke 6720/10 to hit the next target of 6680 (sorry for the typo yesterday).

NZDUSD trading sideways as we recover from yesterday’s low at 6059 in severely oversold conditions.
This is not a buy signal in my opinion, but is likely to signal a more stable/neutral outlook for today.

AUDJPY beat resistance at 9335/55 for a buy signal.
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AUDUSD break below 6720/10 targets 6680 (a low for the day exactly here yesterday) & 6630/20.

Gains are likely to be limited in the longer term bear trend of course with first resistance at 6770/80. Shorts need stops above 6790.
A break higher meets strong resistance at 6820/30. Shorts need stops above 6845.

NZDUSD hit my next target of 6080 before a bounce from 6059. Gains are likely to be limited despite severely oversold conditions with first resistance at 6135/45.
Expect strong resistance at 6180/90. Shorts need stops above 6210.

A break below 6055 can target 6030/20 perhaps as far as 5980/70.

AUDJPY beat resistance at 9335/55 for a buy signal targeting 9410 (hit yesterday) & 9460/80.  First support at 9345/25. Longs need stops below 9310.

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USDJPY longs at support at 136.75/55 work nicely on the bounce to 139.39 yesterday.

EURJPY shorts at strong resistance at 139.50/70 were offered up to 100 pips profit on the slide to 138.50.

USDJPY bounced 270 pips from our buy level. Outlook remains positive although we are getting overbought at this stage so make sure to take some profit!
Further gains target 139.90/140.00 & 140.50/70.

We are still buyers on weakness in the bull trend with first support at 138.40/20. Unlikely, but if we continue lower look for strong support at 137.60/40. Longs need stops below 137.25.

EURJPY made a high for the day exactly at strong resistance at 139.50/70. Shorts need stops above 139.95. A break higher sees 139.70/50 acting as support for a buy signal targeting 140.50/70,
perhaps as far as 141.30/40.

Shorts at strong resistance at 139.50/70 can target 138.60, perhaps as far as 138.20/10. Below 137.90 risks a slide to 137.30/20 with best support at 136.80/60. Longs need stops below 136.35.
A break lower however is a sell signal targeting 135.90/80 & 135.30/20.

EURUSD lower as expected (initially at least) to my next target of  9955/45, with a low for the day exactly here.

USDCAD beat at 1 year trend line resistance at the June high of 1.3060/80 for a buy signal & we shot higher to 1.3220.
So, 100 pips or more profit if you managed to jump in to a long.

Remember when support is broken it usually acts as resistance & vice-versa.

EURUSD hit the next target of 9955/45 but we have seen a bounce to 1.0037 in severely oversold conditions. Still, gains are likely to be limited with first resistance at 1.0065/75.
Shorts need stops above 1.0090. Next target & sell opportunity at 1.10140/50. Shorts need stops above 1.0175.

A break below 9940 always possible in the bear trend despite oversold conditions, targeting 9910/00, perhaps as far as 9870/50.

USDCAD has reversed from 1.3223 & could retest the break point, which is obviously today’s support at 1.3090/70. Longs need stops below 1.3050.

Longs at 1.3090/70 target 1.3150 & 1.3210/20, with further gains likely eventually towards 1.3300.

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