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Daily Market Overview and Trade Ideas

TraderTalk | Trump backs Hard Brexit, China - US trade talks? | 13th July 2018

-USD/JPY moved to Y112.60 as technical break continued

-AUD/USD up on Trade talks between China-US hopes

-GBP/USD as Trump talks down Brexit deal

Daily Trading Ideas

USDCAD approaching support, potential bounce!

USDCAD is approaching our first support at 1.3070 (horizontal overlap support, 38.2%, 23.6% Fibonacci retracement, 61.8% Fibonacci extension) which coincides with our short term ascending support line. A strong bounce might occur above this level pushing price up to our major resistance at 1.3334 (horizontal swing high resistance, 61.8% Fibonacci extension, 78.6% Fibonacci retracement). Ichimoku cloud is also showing signs of bullish pressure in line with our bullish bias.

RSI (89) is also seeing a bullish exit and we might see a corresponding rise in price.

See enlarged image at: https://www.tradingview.com/chart/USDCAD/g2k3Fesj-USDCAD-approaching-support-potential-bounce/

USDCHF approaching resistance, potential drop!

USDCHF is approaching our first resistance at 1.0055 (horizontal swing high resistance, 76.4% Fibonacci retracement, 100% Fibonacci extension) where a strong reaction might occur below this level pushing price down to our major support at 0.9918 (horizontal swing low support, 76.4% Fibonacci retracement, 100% Fibonacci extension). A breakout below our intermediate support at 0.9986 (horizontal pullback support, 38.2% Fibonacci retracement) might provide the bearish acceleration to our major support target.

Stochastic (89,5,3) is also approaching our resistance and we might see a corresponding drop in price.

See enlarged image at: https://www.tradingview.com/chart/USDCHF/8Zzitlus-USDCHF-approaching-resistance-potential-drop/

EURUSD approaching resistance, potential drop!

EURUSD is approaching our first resistance at 1.1693 (horizontal overlap resistance, 38.2% Fibonacci retracement) where a strong reaction might occur below this level pushing price down to our major support at 1.1597 (horizontal overlap support, 100% Fibonacci extension, 76.4% Fibonacci retracement).

RSI (55) is also seeing a bearish exit and we might see a corresponding drop in price.

See enlarged image at: https://www.tradingview.com/chart/EURUSD/LLoVqh0h-EURUSD-approaching-resistance-potential-drop/

CADJPY approaching resistance, potential drop!

CADJPY is approaching our first resistance at 85.90 (horizontal overlap resistance, 76.4% Fibonacci retracement, 61.8% Fibonacci extension) where a strong reaction might occur below this level pushing price down to our major support at 83.78 (horizontal swing low support, 61.8% Fibonacci extension, 61.8% Fibonacci retracement).

Stochastic (89,5,3) is also approaching resistance where we might see a corresponding drop in price should it react off this level.

See enlarged image at: https://www.tradingview.com/chart/AUDUSD/0ZlAv8Rk-CADJPY-approaching-resistance-potential-drop/

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