FXWW News/Open/Wrap

Buy GBP, AUD dips; sell NZD, CAD rallies

  • EUR/USD is at 1.3515 again today! Can’t see any reason to trade this pair;
  • Cable support above 1.6220 now confirmed and this level should be very important in the short-term;
  • I’m overall bearish still on EUR crosses and bullish on the GBP crosses;
  • Extreme positioning is still the most likely factor to drive the market in the short-term;
  • AUD/NZD is putting in a base imho. I booked a nice profit on my long position yesterday and am looking for dips to 1.0800 for a re-entry;
  • If you prefer the straight USD trade, then maybe look to sell NZD/USD near .8275;
  • JPY is too hard at the moment and I’m avoiding it. Market sentiment is bearish but the macro market is already positioned very short;
  • USD/CAD looks set to go to 1.17ish in the medium-term but I prefer to buy any exhaustive dips towards 1.0850.

Leave a Reply

Your email address will not be published. Required fields are marked *