1.17 Forex Major Currency Trading Strategies
Technically speaking, the US dollar index encountered resistance below 109.40 on Thursday and was supported above 108.80, indicating that the US dollar may maintain its upward trend after a short-term decline. If the US Composite Index stabilizes above 108.70 today, the target for future gains will be between 109.30 and 109.65. Today, the short-term resistance of the US Composite Index is between 109.25 and 109.30, with important short-term resistance ranging from 109.60 to 109.65. Today, the short-term support for the US Composite Index is at 108.70-108.75, with important short-term support at 108.45-108.50.
The EUR/USD fell above 1.0260 on Thursday and received support, while its rise was blocked below 1.0315, indicating that it may maintain a downward trend after a short-term rise. If the EURUSD rises below 1.0325 today and encounters resistance, the target for future decline will be between 1.0270 and 1.0240. Today, the short-term resistance is between 1.0320-1.0325, and the important short-term resistance is between 1.0345 and 1.0350. Today, the short-term support for EURUSD is between 1.0270 and 1.0275, with important short-term support between 1.0240 and 1.0245.
Gold's decline above 2689.00 on Thursday was supported, while its rise below 2725.00 encountered resistance, indicating that gold may maintain its upward trend after a short-term decline. If gold stabilizes above 2695.00 today, the target for future price increases will be between 2730.00 and 2745.00. Today, the short-term resistance of gold is at 2729.00-2730.00, and the important short-term resistance is at 2744.00-2745.00. Today, the short-term support for gold is between 2695.00-2696.00, and the important short-term support is between 2675.00-2676.00.
The short-term trend of the US dollar today is mainly to buy on dips, break down and stop losses. 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 bought at the lower limit of the range 109.65-108.70, with an effective break of 25 points to stop loss, and the target is at the upper limit of the range.
EUR/USD: You can sell within the upper limit of the range of 1.0325-1.0240, effectively breaking the 30 point stop loss and targeting the lower limit of the range.
GBP/USD: You can buy at the lower limit of the range of 1.2275 to 1.2185, with an effective break of 40 points to stop loss, and the target is at the upper limit of the range.
USD/CHF: You can buy at the lower limit of the range from 0.9150 to 0.9095, with an effective break of 30 points to stop loss, and the target is at the upper limit of the range.
USD/JPY: You can sell within the upper limit of the range of 156.20-154.75, with an effective break of 40 points and a stop loss at the lower limit of the range.
AUD/USD: You can sell within the upper limit of the range of 0.6240 to 0.6165, with an effective break of 35 points to stop loss, and the target is at the lower limit of the range.
USD/CAD: You can buy at the lower limit of the range of 1.4455 to 1.4345, with an effective break of 40 points to stop loss, and the target is at the upper limit of the range.
Gold: You can buy at the lower limit of the range of 2745.00-2695.00, effectively break the $10 stop loss, and target at the upper limit of the range.
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