Forex report & trade ideas
AUDUSD appears to be magnetised to my level of 7175/85 so is not giving us any profit potential. It has been a very dull week.

AUDUSD is stuck to 7175/85 in severely overbought conditions. I would suggest that a break below 7150 signals weakness targeting support at 7110/00.
Holding support at 7185/75 allows a recovery to 7200 & 7230/35, perhaps as far as 7250 before Fibonacci resistance at 7270/80. On further gains look for strong resistance at 7320/30.

NZDUSD breaking back below first support at 6790/6800 to reach 6753 before a bounce back to what is nowresistance at 6790/6800. Watch for the pair to hold below here in severely overbought conditions with potential for a decent move to the downside before the weekend.

NZDUSD now holding below first resistance at 6790/6800 to target support at 6745/40 (longs are too risky here). On further losses look for better support at 6710/00 for profit taking on shorts.
Bulls need to sustain a break above 6800 to target 6835 then 6870/80 & perhaps as far as 6910.
USDJPY bottomed exactly at first support at 108.40/30 hitting targets 108.75 & 108.95/109.00.

USDJPY longs at first support at 108.40/30 benefiting from a recovery to 108.75 then 108.95/109.00. We are holding above 109.00 as I write to target resistance at 109.40/50 & probably the best chance of a high for the day. A break above 109.70 would be a buy signal therefore.

Holding below 109.00 in overbought conditions targets 108.80/70 & best support today at 108.50/40. Longs need stops below 108.25.

EURJPY collapsed from strong resistance at 124.90/99 bottom exactly at support at 123.50/40. We wrote: Holding support at 123.50/40 allows a recovery to 123.95/124.05. Above 124.10 targets resistance at 124.30/35.

All targets hit.

EURJPY bounced to resistance at 124.30/35. A break above 124.45 meets resistance at 124.70/75 but a break above 124.85 is a small buy signal targeting 125.05, perhaps as far as 125.35/40.

Failure to beat resistance at 124.30/35 targets 123.95/124.05 then support at 123.50/40, which held so well this week. On further losses look for 123.20/15 & 122.75/65.

EURUSD held first support at 1.1390/80 & first resistance at 1.1425/30. If you scalped these levels you made a small profit. Same levels apply for today.

EURUSD first resistance at 1.1425/30 then resistance again at 1.1465. Above 1.1470 is a small buy signal targeting 1.1500 & perhaps as far as 1.1530.
First support at 1.1390/80 but below 1.1370 is a small sell signal targeting 1.1340/35, perhaps as far as 1.1310 . Further losses could retest the December low at 1.1275/65.

USDCAD topped exactly at the next target of 1.3285/95 but first support needs to be revised to 1.3230/20 with much better support at 1.3200/1.3190. Longs need stops below 1.3170. A break lower is a sell signal targeting 1.3120/10 then 1.3080/70 for profit taking on shorts.
A break above 1.3300 targets 1.3330/40. A break above 1.3350 signals further gains to strong resistance at 1.3400/10. Try shorts with stops above 1.3430.

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