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FX Trade Ideas - 05 July 17

FX Trade Ideas - 05 July 17

AUDJPY is in process of completing a head and shoulders base pattern with a neckline at 87.35. MACD is also showing signs of gaining momentum and we now target 92.67 initially, possibly 97.26. Below 83.75 to avert upside

AUDJPY Weekly Chart (3-years)

EURNZD Daily Chart (6-month)

EURNZD MACD is recovering from the oversold levels and there is strong support around 1.5400-1.5445 area. Hence we are looking to buy dips with 1.5939 targeted intially, possibly running up to 1.6152-1.6236 (May 2017 highs) Below 1.5400 to avert upside.

AUDNZD Daily Chart (6-month)

AUDNZD is forming a head and shoulders base with a neckline around 1.0550 with a break likely to trigger 1.0695, possibly 1.0748. MACD is also reversing from the oversold levels which add to the bullish view. Below 1.0327 is needed to change the outlook.

NOKSEK Daily Chart (6-month)

NOKSEK maintains a succession of lower tops & bottoms from 1.0830 on 27 February and we see the risk of an acceleration lower to attack the base of the multi-month bear channel (now at .9972), possibly as far as .9856-.9919 over coming weeks.

This article is an extended commentary piece from the FXNavigator service. The FXNavigator service provides intraday analysis of 42 currency markets with technical and economic research being updated multiple times per day. The service also includes fully interactive real-time FX charting utilizing TraderMades exclusive database of more than 40 years of data. Contact us at +44 20 8313 0992 or email for further information.

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