The Flying L Trader – September the 18th

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The day before the quarterly FOMC meeting will always be tricky to trade. Best to stay out until tomorrow morning when we will have a better idea of direction and sentiment. The question on everyones lips will be answered. Are they slowing down the bond buying program, “tapering”, or not? In just 20hrs we will know. Then we can settle back and do what we do best, trade sentiment for money.

For today, it is about managing current positions, I don’t think there will be many opportunities even in the shorter timeframes.

DATA HIGHLIGHTS TODAY – UK MPC Votes. US FOMC 04:00 Sydney time then 04:30 press conference.

AUDUSD – A buyer bar but LHLL with RSI divergence and overbought I would prefer to be short Aussie.
Resistance: 9390/9527/9615
Support: 9215/9138/9030

EURUSD – Read the same as the Aussie.
Resistance: 13400/13700/14260
Support: 13236/13100/13040

GBPUSD – A high test and LHLL, like the two above it is overdone up here and I expect it to retrace from here.
Resistance: 16010/16180/16300
Support: 15755/15610/15420

NZDUSD – A fabulous buyer bar and HH/HL, defying all its peers the kiwi is outpacing us all and flying higher, be careful Icarus.
Resistance: 8297/8352
Support: 8000/7860/7700

USDCAD – Didn’t give me what I was looking for (a HH/HL), instead it is an engulfing seller bar and best to be on the sidelines for the moment.
Resistance: 10420/10475/10575
Support: 10291/10256/10178

USDJPY – Yes a HH/HL but not exactly full of buying intention. Another one for tomorrow.
Resistance: 100.00/100.70/101.20/102.56
Support: 9690/9580/9497

GOLD – Another day of trying to climb before sellers dominated and closed just above support line. Looking shaky and scary if you are a buyer.
Resistance: 1350/1,425/1,489/1525
Support: 1307/1,266/1225

David Long/ Proprietary Trading Manager

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