28 September 2022

Jason Sen

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.

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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.

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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.

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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.

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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.

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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.

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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.

Jason Sen

Technical Analyst & Trader

For more information and trading education visit InterTrader

The content of this article is the personal opinion of the author and not InterTrader. You should under no circumstances consider the information and comments provided as an offer or solicitation to invest. This is not investment advice. The information provided is believed to be accurate at the date the information is produced.

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