With the markets entering the holiday season we are likely to see reduced opportunities for swing trades. Here are my ideas for short-term scalping opportunities in the forex markets.
USD/JPY has traded in a triangle pattern for three months. Holding above 113.15/05 is more positive. The upper trendline resistance is at 113.85/95. Try short positions with stops above 114.20.
Below very minor support at 113.50, better support at 113.35/25 could see a low for the day. Place stops below 113.05. A break lower targets 112.80, then a buying opportunity at 112.65/55.
EUR/JPY has been confined to a 200-pip channel for the last month. Holding above 129.25 targets strong resistance at the upper trendline at 129.60/70. A weekly close above here, however, is a buy signal with a test of the November high at 130.12/15 to follow.
Holding below 129.25 targets 128.90/85, then short-term moving average support at 128.65/55. Long positions need stops below 128.40. A break lower targets 128.20/10, then the lower trendline at 127.75/65.
AUD/USD is breaking below 7215 as I write. This is a sell signal targeting very minor support at 7200/7195 before the December low at 7163/60. On further losses look for 11-month trendline support at 7130/20, with stops below 7100.
Holding above first resistance at 7215/20 targets second resistance at 7245/50. We topped exactly here at the Fibonacci and short-term trendline. A move above 7260 would target 7275/85.
NZD/USD has traded in a descending wedge this month with key support at 6840/30. Long positions need stops below 6820. A break lower is more of a short-term sell signal, targeting 6800 then support at 6765/55.
We have minor short-term trendline resistance at 6880/90. However, a move above here is more of a buy signal, targeting 6920/16 before a re-test of the high at 6960/70. Expect strong resistance at 7000/7020. Try short positions with stops above 7040.
EUR/USD has been trading in a triangle for over a month with trendline support at 1.1325/15. Try long positions with stops below 1.1300. A break lower is more of a sell signal targeting 1.1270/65 before a re-test of the November low at 1.1220/10.
The first trendline resistance is at 1.1410/20. Try short positions with stops above 1.1435. A break higher is more of a buy signal targeting 1.1465/70 and resistance at 1.1490/1500 for profit-taking.
USD/CAD remains in a two-and-a-half-month bull trend but we are in a sideways consolidation phase. Minor resistance at 1.3370/80 held perfectly yesterday. Beyond that we have the recent high of 1.3435/45. A break above 1.3470 targets 1.3490 and 1.3530/40.
Minor support at 1.3335/30 also held perfectly yesterday. Below this look for better support at 1.3295/85. Try long positions with stops below 1.3270. A break lower is more of a sell signal, targeting 1.3250/40 before support at 1.3195/85.
Technical Analyst & Trader
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