Silver XAGUSD traded sideways for 6 days and then broke above the upper end of the range late Friday giving a buy signal for 2465/70, 2480/85, 2500 & my next target of 2520/25 (hit yesterday as predicted). A high for the day right at this target, but further gains look like towards 2550/60 before the end of the week.
We should have support again at 2490/80 after we saw a low for the day exactly here. Longs need stops below 2470. A break lower risks a slide to a buying opportunity at 2420/10 & longs need stops below 2390.
We also saw a low for the day in EURUSD, but selling USDJPY was more difficult.
The first sell order was stopped at 147.20/30 (and we are now trading below that level) & then we held 10 pips from 148.00 – you know my outlook on the pair is negative & has been for 2 weeks so I hope you are still somehow holding a short position.
I am sure you remember that I have downside targets as far as 146.00 & even 140.00 is not out of the question.
GBPUSD buying opportunity unfortunately missed by 12 pips yesterday, but I am sticking with this level today.
AUDUSD should have very strong support at 6590/80 in the short term bullish trend.
NZDUSD made a low for the day right on the buying opportunity at 6140/30.
Unfortunately, I made a mess of the GBPJPY trade & got in too early…the pair has dropped back below the sell level. I will leave it and watch.