26 Sept: Forecast: FX: US$/Majors + Trade Ideas: FXCharts

EURUSD: 1.1846
Preferred Strategy: It looks as though the Euro is about to break the H/S neckline, in which case the objective is somewhere near 1.1560. Prefer to trade from the short side. Sell EurUsd @ 1.1880. SL @ 1.1940 TP @ 1.1735.
24 Hour: Bearish Medium Term: Prefer to sell rallies
Resistance Support
1.1980 Minor 1.1831 Session low
1.1950 Minor 1.1822 31 Aug low
1.1935 Session high /200 HMA/100 HMA 1.1800 Rising trend support
1.1900 Minor 1.1772 25 Aug low
1.1880 Minor 1.1730 (23.6% of 1.1570/1.2091)

Economic data highlights will include:

T: US Case Shiller House Price Index, New Home Sales, Richmond Fed Mfg Index, API weekly Crude Oil Stock Inventory



USDJPY: 111.72
Preferred Strategy: The charts are mixed, with the short term momentum indicators hinting at further near term dollar weakness, while the dailies still remain positive. I would therefore remain square today or look to buy into weakness towards 111.00. Note that there are some decent support points ahead of 111.00, which may help to prop the dollar up. BOJ Minutes later.
24 Hour: Mildly Bearish. Medium Term: Mildly Bullish
Resistance Support
112.78 (76.4% of 114.49/107.32) 111.52 Daily cloud top
112.71 21 Sept  high 111.46 Session low /200 HMA
112.52/54 Session high/Friday high 111.35 Weekly cloud top
112.20 Minor 111.10/00 100 DMA /100 WMA
112.00 110.65 (38.2% of 107.31/112.71)

Economic data highlights will include:

T: BOJ Minutes



GBPUSD: 1.3463
Preferred Strategy: The charts had been somewhat positive but any upside momentum seems to be waning so a neutral stance is currently required. Perhaps look to trade the range of 1.34/1.35, with a 30 point SL on each side.
24 Hour: Prefer to sell rallies Medium Term: Neutral
Resistance Support
1.3610 18 Sept high 1.3450 Minor
1.3595 Friday high 1.3430 Session low
1.3570 Session high 1.3400 (23.6% of 1.2588/1.3656)/Rising trend support
1.3520 100 HMA 1.3375 Minor
1.3500 Minor 1.3320 (23.6% of 1.2588/1.3656)

Economic data highlights will include:

T: Inflation Report Hearing



USDCHF: 0.9663
Preferred Strategy:  The Chf was in demand today following the German election result, with the dollar falling hard to a low of 0.9642. Stay square for now.
24 Hour: Neutral Medium Term: Neutral
Resistance Support
0.9772 8 Aug high/(38.2% of 1.0343/0.9420) 0.9641 Session low
0.9746 Session high/21 Sept  high 0.9622 (38.2% of 0.9420/0.9746)
0.9725 Minor 0.9600 Minor
0.9700 Minor 0.9587 20 Sept low
0.9680 Minor 0.9565 15 Sept low


AUDUSD: 0.7935
Preferred Strategy: While the dailies look heavy, the short term momentum indicators are fairly neutral so another rangebound session may be in store. I prefer to be short but would not chase it lower. Sell into near term strength towards 0.7960/70 with a SL above 0.8000. TP @ 0.7865.
24 Hour: Neutral – Prefer to sell rallies Medium Term: Mildly Bearish
Resistance Support
0.8055 Minor 0.7925 Session low
0.8035 21 Sept  high 0.7907 Friday low
0.7995 200 HMA 0.7876 Daily cloud top
0.7985 Friday high 0.7866 24 Aug low
0.7973 Session high 0.7850 Minor


NZDUSD: 0.7262
Preferred Strategy: The Kiwi is lower today following the election result but the dailies are neutral, so standing aside for the coming session seems to be a prudent move. The 4 hour charts point lower so possibly selling into strength above 0.7300 may be a plan. SL @ 0.7330. TP @ 0.7200.
24 Hour: Neutral Medium Term: Neutral
Resistance Support
0.7363 21 Sept  high 0.7251/47 Session low /(61.8% of 0.7131/0.7434)
0.7343 Friday high 0.7235 Minor
0.7327 Session high 0.7215 Minor
0.7315 200 HMA 0.7200 (76.4% of 0.7131/0.7434)
0.7290 100 HMA 0.7183 14 Sept low

Economic data highlights will include:

T: Trade Balance, ANZ Activity Outlook


By | September 26, 2017
Source: FXCharts

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