Chris Weston's potential trades wrap-up

A review of Chris Weston's recent potential trade ideas.

USD/JPY

I suggested long USD/JPY trades on April 9 at 101.90, for a potential move to 103. With the spot price now at 102.50 I feel it prudent to move stops to break even at 101.90 - just under the April 25 low. Momentum on the daily chart is still the upside, however I will need to see 102.73 (the 50% retracement of the recent 104.14 to 101.32 move) give way and this level acted as solid resistance on April 22. Yesterday’s daily candle printed a bullish outside day, highlighting that the bulls are in control of the short-term move.

AUD/CAD

I have suggested short AUD/CAD trades on the break of the 2014 uptrend, with a sell limit at 1.0225. See ‘one to watch’ for more details.

EUR/AUD

My stop loss was triggered on the position after I raised it yesterday, locking in a profit of 0.8%. I will look to re-enter longs on a close above 1.4991 (the 38.2% retracement of the March to April sell-off) or on a pullback to 1.4910.

Spot Silver

Spot Silver is still respecting the former rising trend, seen on the daily chart. I suggested looking at shorts at 1960 last week given the trend break. I will continue to hold a short bias, although the downside seems fairly limited right now and will exit the trade on a daily close on a move back above the trend (as seen on the chart). On a more positive note, the set-up in palladium looks bullish, having recently broken above the downtrend drawn from the 2011 high – one to keep on the radar.

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