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Cautious Approach Needed For USD/JPY, NZD/USD

Published 01/29/2013, 01:35 AM
Updated 07/09/2023, 06:31 AM
EUR/USD
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GBP/USD
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USD/JPY
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USD/CHF
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AUD/USD
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USD/CAD
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NZD/USD
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USD/SGD
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We choose USD/JPY and NZD/USD followed by USD/SGD and GBP/USD to trade during first half of the day.

Yesterday, GBP/USD and NZD/USD closed below the PT Sup Zone 1 and USD/SGD closed above the PT Res Zone 1. AUD/USD pulled from the low and closed near the open while the USD/JPY, USD/CAD pulled from the high and closed near the open and EUR/USD , USD/CHF were flat. We believe that NZD/USD, GBP/USD, USD/JPY and USD/SGD has the tendency to have some action. We choose USD/JPY and NZD/USD followed by USD/SGD and GBP/USD.

USD/JPY was rejected the second time from the resistance but however it is not the confirmation of a reversal so cautious approach is needed and the break of 9010/8970 is where we get a confirmation of weakness. If it is trading below the open and below Sup zone 1, we would want to buy only if the low is above 9010 and the high is breached; otherwise we would wait for more signals.

NZD/USD was rejected from the low and closed below the Zone 1 but closed above the breakout point so cautious approach is needed. We still believe that the low is not seen yet and while 8379/8396 holds, we still expect this cross to come down.
USD/SGD closed above the Res Zone 1 and we believe that the 12425 may be reached. We still believe that while 12340-30 level holds we can expect to test the highs.

GBP/USD closed below the Sup Zone 1 but approaching strong support so the Bears need to be cautious. We believe that 15645-35 is a critical level for the Bulls; if we see these levels then that can be a opportunity for some bounce but not a reversal.

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