2.4 Short term trading strategies for major foreign exchange currencies

2025-02-04 1788

Technically speaking, the US dollar index encountered resistance below 109.90 on Monday and was supported above 108.55, indicating that the US dollar may maintain its upward trend after a short-term decline. If the US Composite Index stabilizes above 108.35 today, the target for future gains will be between 109.15 and 109.70. Today, the short-term resistance of the US Composite Index is between 109.10 and 109.15, with important short-term resistance ranging from 109.65 to 109.70. Today, the short-term support for the US Composite Index is between 108.35 and 108.40, with important short-term support ranging from 107.80 to 107.85.

The EUR/USD fell above 1.0210 last Friday and received support, while its rise was blocked below 1.0335, indicating that it may maintain a downward trend after a short-term rise. If today's rise encounters resistance below 1.0350, the target for future decline will be between 1.0275 and 1.0220. Today, the short-term resistance is between 1.0345 and 1.0350, and the important short-term resistance is between 1.0395 and 1.0400. Today's short-term support is between 1.0275 and 1.0280, and short-term important support is between 1.0220 and 1.0225.

Gold was supported on Monday when it fell above 2771.00, but encountered resistance when it rose below 2831.00, indicating that gold may maintain its downward trend after a short-term rise. If gold encounters resistance below 2842.00 today, the target for future decline will be between 2806.00 and 2783.00. Today, the short-term resistance of gold is between 2841.00 and 2842.00, with important short-term resistance ranging from 2865.00 to 2866.00. Today, the short-term support for gold is from 2806.00 to 2807:00, and the important short-term support is from 2783.00 to 2784.00.

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 of 109.15 to 108.35, with an effective break of 30 points to stop loss, and the target is at the upper limit of the range.

EUR/USD: You can sell at the upper limit of the range 1.0350-1.0275, effectively breaking the 40 point stop loss and targeting the lower limit of the range.

GBP/USD: You can sell within the upper limit of the range of 1.2470-1.2360, with an effective break of 40 points and a stop loss at the lower limit of the range.

USD/CHF: You can sell at the upper limit of the range from 0.9185 to 0.9090, with an effective stop loss of 40 points, and the target is at the lower limit of the range.

USD/JPY: You can buy at the lower limit of the range from 155.85 to 154.00, with an effective break of 40 points and a stop loss at the upper limit of the range.

AUD/USD: You can sell within the upper limit of the range of 0.6235 to 0.6155, with an effective break of 30 points and a stop loss at the lower limit of the range.

USD/CAD: You can buy at the lower limit of the range from 1.4575 to 1.4380, with an effective break of 40 points to stop loss, and the target is at the upper limit of the range.

Gold: It can be sold at the upper limit of the range of 2842.00 to 2806.00, with an effective stop loss of $10 and a target at the lower limit of the range.

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