Here are just a few highlights of the intraday setups we’ve been tracking this week. Charts are published with each calendar update & discussed daily in live Intraday Strategy Webinars.
(11/9) – The index broke below the weekly ORL, the monthly open & slope support today and keeps the focus lower in the greenback heading into the close of the week. Interim support targets at 94.15/20 backed by the lower parallel ~93.75. Keep an eye on the weekly close.
(11/14) – DXY dropped into slope support today with the index closing just below the 94-handle (interim resistance). Immediate focus is lower while below the weekly open at 94.50 with near-term bearish invalidation now lowered to the monthly open at 94.63. Subsequent support objectives eyed at 93.48 backed by 93.06/08. Keep in mind we get the release of October U.S. CPI & Retail sales tomorrow morning.
(11/16) – Levels / Outlook Unchanged. We’re looking for an exhaustion high heading into the close of the week.
Notes: The index broke down into initial support targets at 93.48 before reversing back into the median-line. The focus range heading into next week remains 93.48-94.03 with our broader focus lower while within this near-term formation.
(11/9) – EURUSD is testing monthly open resistance here at 1.1646/50 -decision time. Its too early to rely heavily on this newly identified pitchfork but the median-lines are further highlighting horizontal targets we’ve been tracking. A breach here targets 1.1695 backed by the upper parallel / 1.1725/29. Interim support still 1.1616 with near-term bullish invalidation at 1.1574.
(11/14) – Euro is checking former slope support, now resistance here at the 1.18-handle. The advance looks vulnerable heading into the 50% retracement at 1.1822 but this thing is way in overbought territory (lots of momentum) so use caution. Look for initial support along former channel resistance, currently 1.1760s backed by 1.1725. Near-term bullish invalidation now raised to the monthly ORH at 1.1692. A breach higher targets 1.1858 backed by the 61.8% retracement at 1.1885.
(11/16) – The pullback is testing former channel resistance as support here. Near-term bullish invalidation now raised to 1.1725. Topside resistance objectives unchanged at 1.1858 backed by 1.1885 & the upper parallel of the near-term channel ~1.1925.
Notes: Euro rallied into a high of 1.1861 before pulling back with price rebounding off former down-slope resistance, turned support. We’ll be broadly working with a constructive bias while above basic channel support extending off the monthly lows.
(11/6) – USDJPY failed to hold above key resistance today, again closing below the 114.30/50 threshold. Levels / Outlook Unchanged- look for the break below 113.44 to get things going.
(11/8) – Levels / Outlook Unchanged. USDJPY finally dropped into the 113.44 support target but held into the close. The immediate focus is on a break of the 113.44 – 114.50 range.
(11/15) – The decline is looking a bit tired here and while the rebound may have more to go, the near-term focus remains lower while below the weekly open / channel resistance at 113.45. Interim support targets at 112.26 backed by the 38.2% retracement at 111.90.
Notes: USDJPY made a low at 111.94 hours ahead of the New York close on Friday and heading into next week I’ll be looking for a near-term recovery to offer more favorable short-entries.
Other setups covered this week included:
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