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US Dollar Expected to Rise vs Euro, Waiting for Entry to Sell Yen

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EURUSD: Holding Short Below Key Trend Line

 

Strategy: Short at 1.3073 (Avg), Targeting 1.2864

Floating Profit / Loss: -133 pips

 

We initially sold EURUSD at 1.3121 and added to the position at 1.3026. The is showing a Shooting Star candlestick below resistance at a falling trend line set from the late February top, hinting a turn lower may be ahead. We will continue to hold for now, looking for a break of support at 1.3025 to expose our initial objective at 1.2864. A stop-loss will be activated on a daily close above 1.3378.

 

USDJPY: Waiting for Long Entry Opportunity

 

Strategy: Pending Long

USDJPY is on pace to retest familiar support at the 80.09-80.28 area marked by a horizontal pivot level as well as the 50% Fibonacci retracement. A break below this boundary exposes the 61.8% Fib at 79.13. We stand aside for now and look for a daily close above falling trend line resistance set from mid-March now at 81.48 to enter long.

 

GBPUSD: Year-Old Trend Line Resistance in Sight

 

Strategy: Flat

GBPUSD is approaching major trend line resistance at 1.6332, a level that has capped the upside over the past year. We will monitor how prices behave at this critical barrier before taking a directional bet, leaving us on the sidelines for the time being.

 

USDCAD: Interim Support Found Above 0.98

 

Strategy: Flat

USDCAD put in a Hammer candle above support at 0.9814, the 50% Fibonacci expansion level, hinting a bounce is ahead. The setup is not sufficiently conclusive to trigger a position however and we will stand side until something more concrete emerges. Initial resistance lines up at 0.9870, the 38.2% Fib.

 

AUDUSD: Standing Aside as Prices Consolidate

 

Strategy: Flat

AUDUSD is in consolidation mode between 1.0245 and 1.0452 after taking out falling trend line resistance set from late February. We do not see an actionable trade setup here for now and will wait for the pair to offer greater directional conviction to look for entry opportunities.

 

NZDUSD: Well-Defined Range Continues to Hold

 

Strategy: Flat

NZDUSD continues to oscillate in a narrow range between support-turned-resistance at 0.8262 and the 38.2% Fibonacci retracement at 0.8084. Current positioning does not offer a compelling trading opportunity and we will stand aside until something actionable presents itself.