Monday’s Forex Levels

 

FX Levels for Monday July 18th


Looks like the market is at an inflection point currently –
while dollar seems poised to trade higher, i.e.89.90, the 4 pairs that we
follow suggest a near-term trend change is imminent, most notably on GBP and
NZD. However, with summer trading being what it is, it might not take much to
move the market in either direction. A few notes below:

AUD/USD:

Aussie finally seems poised to break the support that was persistent last week
– .7480, however, there might only be limited downside, although plenty for
those looking for short-term gains. We see .7450-60 as a very reasonable
target with a tight stop loss at .7490

NZD/USD:

While we have been looking to short a break of .6720 – and still may, we are
beginning to sense that kiwi might be putting in an intermediate low here and
as such, due for a bounce. However, we will still short a break of this level
and look for a profit target at .6680. Keep a tight stop loss at .6750

As always, feel free to send me your comments and questions.

Dave