SB Intraday Chart Highlights: 8/4/2017

Here are just a few highlights of the intraday setups we’ve been tracking this week. Charts are updated & discussed daily in live Intraday Strategy Webinars.

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(7/31) – Euro stretched into the upper MLP today. A near-term channel off the lows further highlights this resistance zone. Note that the 2010 low is eyed just higher at 1.1876– a breach above this level would be needed to mark the next leg higher. That said, we’re basically looking for near-term exhaustion at one of these two levels heading into the August open. Support rest at 1.1714 with a break below the MLs needed to mark a larger scale pullback in the pair.

(8/3) – A spike higher on NFPs could take this into channel resistance as high as 1.1940s before all is said and done but the general risk for near-term exhaustion remains. Interim support now raised to 1.1776.

Notes: Euro broke down on Friday’s stronger-than-expected Non-Farm Payrolls releases with the decline attempting to close the week just below the 1.1776 target. Heading into next week the risk remains for a deeper correction in the euro before turning higher.


USDCAD 120min

(7/30) – The Loonie is at a BIG spot- 1.2415 represents the 61.8% extension of the entire decline off the 2016 high and converges on both daily & intraday slope support. A basic trendline extending off the 2012 lows rests just lower (~1.2330). The short-bias is at risk near-term while above these levels heading into the close of the month. Price would need to establish above last week’s high at 1.2576 to shift the focus higher. A break lower from here would target 1.2056.

(8/1) – Nice hold of key support at 1.2415 in USDCAD with the rally now eyeing the 1.2576 resistance target- a breach above this level would validate the rebound we’ve been looking for with such a scenario targeting 1.2680 & 1.2739. Could get some pullback here but the near-term focus is higher while above the weekly ORL.

(8/3) – Levels / Outlook Unchanged. A newly identified near-term slope off the lows could be in play here but its too early to tell. Look for support along the ML if this rally has legs. Bullish invalidation now 1.2481.

Notes: Key support at 1.2415 held with the pair closing the week just below the 1.2680 target. Risk for a pullback early next week but we’ll stay constructive while above 1.2480 for now

GBPJPY 120min

(7/31) – Things are getting exciting. . . The focus is on the 145.01-145.90 range to start the week with a topside breach favored. Cleaned up the chart a tad but the levels remain unchanged. Keep in mind we have Super Thursday on tap- this could get interesting.

(8/2) – GBPJPY broke to the upside with the pair failing at the 146.74 target before testing former slope resistance as support. Look for price to clear this consolidation range with near-term support now eyed at 145.72– bullish invalidation now raised to 145.40. A breach higher from here targets 147.35 backed by key resistance at 147.86 & 148.42.

Notes: Last week we highlighted the expectation for an exhaustion low early this week and we got it – but the subsequent mid-week reversal and break below the weekly opening-range lows leaves the risk weighted to the downside heading into next week. Interim support now 143.95 backed by the median line.  A recovery above 145.40 would be needed to put the bulls back in control.


ETHUSD 120min

(7/30) – Something is going to happen with Ethereum this week- I’m just not sure which way. Look for a resolution to this consolidation- either this up-slope takes control and the pair breaks above 203.93 OR a break below 177.80 would send prices tumbling. Interim support 186.97.

(8/3) – The range resolved to the topside with the advance taking out targets into 236 before pulling back. Interim support now 209 with bullish invalidation raised to 201. Resistance now stands at 235 with a breach there targeting 251 & more significant resistance at 262.

Notes: Ethereum broke to the topside of the descending formation, keeping our topside bias in play. The rally stretch just above 235 before pulling back- Outlook remains unchanged with bullish invalidation now raised to 200.


Other setups covered this week included:

  • DXY
  • Gold

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