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Daily Market Overview and Trade Ideas

TraderTalk | Trade Wars losing sting, Risk Trades Trending | July 16th easyMarkets

-USD/JPY trending as Technical breaks Continues

-AUD/USD getting support on dips as trade wars lose sting

-Trump meets with Putin with NATO talks over

Daily Trading Ideas

EURAUD approaching resistance, potential drop!

EURAUD is approaching our first resistance at 1.5849 (horizontal swing high resistance, 61.8% Fibonacci retracement, 61.8% Fibonacci extension) where a strong drop might occur below this level pushing price down to our major support at 1.5440 (horizontal swing low support, 76.4% Fibonacci retracement, 61.8% Fibonacci extension). A breakout below our intermediate support at 1.5651 (horizontal overlap support, 38.2% Fibonacci retracement) might provide the bearish acceleration to our major support target.

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

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

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 0.9936 (horizontal pullback support, 61.8% 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 reacting off our resistance and we might see a corresponding drop in price.

See enlarged image at: https://www.tradingview.com/chart/USDCHF/KOD6jh49-USDCHF-approaching-resistance-potential-drop/

CHFJPY approaching support, potential bounce!

CHFJPY is approaching our first support at 111.94 (horizontal overlap support, 23.6%, 38.2% Fibonacci retracement, short term ascending support line) and a strong bounce might occur below this level pushing price up to our major resistance at 113.42 (horizontal swing high resistance, 100% Fibonacci extension, 50% Fibonacci retracement).

RSI (34) is also approaching its support where we might see a corresponding rise in price should it bounce off this level.

See enlarged image at: https://www.tradingview.com/chart/CHFJPY/IPFp8yMb-CHFJPY-approaching-support-potential-bounce/

EURJPY approaching resistance, potential drop!

EURJPY is approaching our first resistance at 131.45 (horizontal overlap resistance, 76.4%, 50% Fibonacci retracement, 100% Fibonacci extension) where a strong reaction might occur below this level pushing price down to our major support at 129.35 (horizontal pullback support, 61.8% Fibonacci extension, 50% Fibonacci retracement).

Stochastic (89,5,3) is also seeing a bearish divergence and is 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/0HFf4dOG-EURJPY-approaching-resistance-potential-drop/

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