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Intraday Trading 07.28

Intraday Trading 07.28

2010-07-28 15:58:00
Michael Wright, Currency Analyst
Share:

Potential 24 Hour Setups

Currency Pair

Potential Target

Pivot Support

Pivot Resistance

Pending Short EURJPY

113.00

112.16

115.48

Pending Long NZDUSD

0.7350

0.7231

0.7410

Pending Short GBPUSD

1.545

1.538

1.570

*Trade updates during the course of the day will be provided through our real time news page.Review of Price Action on the Previous Day’s Trade

Currency

Entry

Potential Target

Close

Long USDCAD

1.0346

1.0390

1.0390

Intraday_Trading_07.28_body_x0000_i1029.png, Intraday Trading 07.28

Short AUDUSD

0.900

0.894

0.894

Intraday_Trading_07.28_body_Picture_1.png, Intraday Trading 07.28

Pending Short GBPUSD

-- (entry was not triggered) --

--

--

The EUR/JPY continues to make higher lows for the fourth consecutive day, while price action remains confined by an ascending channel. Looking ahead, I will look for price action to break below the lower bounds of this range. Thus, a crossover below 113.5 in conjuncture with the pair reversing course from the second level pivot resistance may suffice further downside towards 113.0.

EUR/JPY 15M/5D

Intraday_Trading_07.28_body_erujpy.png, Intraday Trading 07.28

Cretated using thinkorswim – Prepared by Michael Wright

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The New Zealand dollar has lost ground against the greenback ahead of the RBNZ interest rate decision. On the daily chart, price action looks poised to test the 10-day SMA (0.7221) for support, while the 20 day moving average has crossed above the 200-day average, which is indicative of advances in the pair. Indeed, traders are pricing in a 98 percent chance that the central bank will hike rates twenty basis points to 3.00 percent. If hawkish comments follow the rate decision, a long position with a break above the upper trend line may be adequate.

NZD/USD 15M/5D

Intraday_Trading_07.28_body_NZDUSD.png, Intraday Trading 07.28

Created using thinkorswim – Prepared by Michael Wright Retail Positioning

klk

The GBP/USD has rallied for five successive days and a slight downturn seems to be in the horizon. However, as our speculative sentiment index now stands at -1.76, signaling for additional advances, traders should caution entering in a short position before confirmation. From a fundamental basis, the recent statements by the BoE in which policy members announced that the VAT increase at the beginning of next year will put upward pressure on consumer prices is fueling some of the British pound gains. On the other hand, the rally can only sustain for so long as the RSI now nears overbought levels. All in all, look to short the pair on a break below 1.550 with a target of 1.5489; stop at 1.5588 if triggered.

GBP/USD 15M/5D

, Intraday Trading 07.28

Created using thinkorswim – Prepared by Michael Wright Retail Positioning

klk

Retail positioning relates to our speculative sentiment index which illustrates where traders are at in the market. The larger the retail positioning circle is under the chart, the more likely it is that longs exceed shorts or vice versa. We will look to use this indicator in conjunction with other technical developments to dictate price action over the next 24 hours.

Every day at 16:00 GMT, we analyze potential 24 hour trade set ups. If the trade is indeed we will automatically place a stop at breakeven to control any unforeseen losses. This break-even level is illustrated by the horizontal line on each graph. The trade is no longer valid if it is not triggered by 16:00 GMT the next day. Good luck trading!

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Written by Michael Wright, Currency Analyst

To Receive Future Articles by Email, please contact me at instructor@dailyfx.com

Michael Wright is the author of FX Headlines, Fundamentals vs. Technical’s, Weekly Spotlight, Intraday Trading, and Forex Trading Weekly Forecast

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

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