The Flying L Trader, July the 26th

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Nothing of note out last night, Europe seems to be recovering, although have a mountain of debt. The markets are doing their thing as they should be and behaving well, I have nothing else to say really, so go and enjoy your weekends.

DATA HIGHLIGHTS AHEAD (times are in AEST) – Nothing of note.

AUDUSD –A ring high, a messy one though. Almost looking like an upside down Head n Shoulder formation. In reality it is range bound in 200 pips, 93 topside, 9140 bottom. Still looking for the ideal short entry.
Resistance: 9390/9435/9590
Support: 9138/8985/8760

EURUSD – A bullish (closed 15% off the high) engulfing bar. The round number of 1.33 proving too tough at this stage but the buying intent is clear to see.
Resistance: 13400/13700/14260
Support: 13040/13000/12750

GBPUSD – Another engulfing bar so again I will remain on the sidelines with hands away from the trigger on my orders. Interestingly the cable got over 1.54 only to fall back under it and the 61.8% fib (jun highs/jul lows). This could be the signal for choppy conditions as it decides if it will continue on up or rotate lower.
Resistance: 15405/15608/15750
Support: 15270/15080/15000

NZDUSD – “I can see clearly now that the price has gone” cleared the froth zone. Not convinced of the trend though. Too early to buy and no sell entry either so I am moving on.
Resistance: 8100/8125/8170
Support: 7815/7710/7658

USDCAD – A LH/LL and getting closer to the area of interest for me, around 10225 is where I would look for buying interest.
Resistance: 10315/10420/10597
Support: 10225/10100/10000

USDJPY – Stopped me out as the LHLL tagged the 50ema. Is frothing like the kiwi was last week, like the Aussie is. No interest anymore, not today.
Resistance: 102.53/104.10/105.60
Support: 9872/9497/9415

GOLD – Support held nicely as price swung up from it to tag the 50ema again. Again (groundhog day) its not something I will trade today.
Resistance: 1354/1,425/1,489/
Support: 1307/1,226/1,160

David Long/ Proprietary Trading Manager

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