3.4 Short term trading strategies for major foreign exchange currencies
Technically speaking, the US dollar index encountered resistance on Monday when it rose below 107.40, and was supported when it fell above 106.45, indicating that the US dollar may maintain its downward trend after a short-term rise. If the US Composite Index encounters resistance below 106.90 today, the target for future decline will be between 106.30-105.90. Today, the short-term resistance of the US Composite Index is between 106.85 and 106.90, with important short-term resistance ranging from 107.25 to 107.30. Today, the short-term support for the US Composite Index is at 106.30-106.35, with important short-term support at 105.90-105.95.
The EUR/USD fell above 1.0385 on Monday and received support, while its rise was blocked below 1.0505, indicating that it may maintain its upward trend after a short-term decline. If today's decline stabilizes above 1.0455, the target for future gains will be between 1.0525-1.0570. Today, the short-term resistance is between 1.0520-1.0525, and the important short-term resistance is between 1.0565-1.0570. Today's short-term support is between 1.0455 and 1.0460, with important short-term support between 1.0505 and 1.0410.
Gold was supported on Monday when it fell above 2855.00, but encountered resistance when it rose below 2893.00, indicating that gold may maintain its upward trend after a short-term decline. If gold stabilizes above 2876.00 today, the target for future increases will be between 2898.00 and 2915.00. Today, the short-term resistance of gold is between 2897.00 and 2898.00, and the important short-term resistance is between 2914.00 and 2915.00. Today, the short-term support for gold is between 2876.00 and 2877.00, with important short-term support between 2860.00 and 2861.00.
The short-term strategy for the US dollar today is mainly to short sell at high prices, with stop loss at break levels. If there is a profit of more than 30 points, set a stop win and withdraw all pending orders that have not been executed before the US market opens. This strategy is suitable for margin trading and can be used as a reference for actual trading.
The US dollar index can be sold at the upper limit of the range 106.90-106.30, with an effective break of 30 points to stop loss, and the target is at the lower limit of the range.
EUR/USD: You can buy at the lower limit of the range from 1.0525 to 1.0455, effectively breaking the 40 point stop loss and targeting the upper limit of the range.
GBP/USD: You can buy at the lower limit of the range 1.2750-1.2665, with an effective break of 40 points and a stop loss at the upper limit of the range.
USD/CHF: You can sell within the upper limit of the range of 0.8990-0.8945, with an effective break of 30 points and a stop loss at the lower limit of the range.
USD/JPY: You can sell within the upper limit of the range of 150.20-148.00, with an effective break of 40 points to stop loss, and the target is at the lower limit of the range.
AUD/USD: You can buy at the lower limit of the range of 0.6250-0.6200, with an effective break of 25 points to stop loss, and the target is at the upper limit of the range.
USD/CAD: You can sell within the upper limit of the range of 1.4570-1.4400, with an effective break of 40 points and a stop loss at the lower limit of the range.
Gold: You can buy at the lower limit of the range of 2898.00 to 2876.00, with an effective break of $10 to stop loss, and the target is at the upper limit of the range.
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