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Near-term Setups in USDJPY, EURUSD & NZDUSD- SPX Levels In Focus

Near-term Setups in USDJPY, EURUSD & NZDUSD- SPX Levels In Focus

Michael Boutros, Strategist


USDJPY Daily Chart

I highlighted this setup earlier in the week and the pair has now taken out all of our topside targets into the key 104.47/86 resistance range. Divergence into the highs suggests that the advance is vulnerable here. The pullback found support today at the 100-day moving average with a break below 102.83 shifting the focus back towards a key support confluence at 103.83 (bullish invalidation). A breach above key resistance targets 105.55 & 105.80.

EURUSD- I’m stalking this advance for short opportunities while below 1.1066/85. Levels / Outlook remain unchanged from yesterday.

NZDUSD- Kiwi turned at the 7050 support target on building divergence with today’s outside candle risking further strength near-term. That said, I still think this can make a run at the January trendline support just lower before mounting a more significant recovery. Look for initial resistance at 7118 with a breach above 7154 needed to invalidate the short-bias as the pair continued to trade within the confines of the descending median-line formationhighlighted last week.

SPX- The index responded to slope support with a sharp reversal now targeting initial resistance at the August lows. I’ll be looking for a reaction up there- featured this setup in today’s Scalp report.

For additional insights on these setups, including analysis of intraday, daily, weekly and monthly charts, exclusive webinars, Twitter updates, and specific trade plans, subscribe to SB Trade Desk (click here for more info).

Looking for more trade ideas? Review DailyFX’s 2016 4Q Projections

---Written by Michael Boutros, Currency Strategist with DailyFX

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.