Following up on this morning June 4, 2014 Daily Update on the 12 markets I follows, here is my take on the GBP/USD, AUD/USD, USD/CAD and NZD/USD for the coming days:
GBP/USD: respecting a traditional move lower with resistance starting at 1.6787 and first target into 1.6648, helping into that first level where profit taking (and longs on the smaller timeframe are anticipated as per Program Trading tactics), at 1.6620.
AUD/USD: This market traded the area of resistance starting at 0.9308 (stop above 0.9333) indicated in the weekend. On the 4-hour timeframe, however, this market confirmed a lateral move. Therefore we could see this market retesting the 0.9308 level in the coming days and then continue lower.
USD/CAD: this market is in a short profit taking rally, pushed by longs in the smaller timeframes. There are two areas of potential short: 1) at 1.1016 and 2) 1.1050, with a stop above 1.1103.
NZD/USD: Congrats to those who traded the market short after the sequence of daily moves long was interrupted as of May 23. The market got into that 0.8415 area as anticipated. A first confirmation of support at this area will come if price is capable of climbing above the 0.8478 level.
Notice that price projections in my method are not from/to random levels and do not follow Elliot Wave, DiNapoli levels or other methods, but rather a proprietary method based on modeling effects of Program and Algorithmic Trading on price.
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