Category in AUD,NZD

AUD/USD: No strong reason to be overly bearish or bullish in the short-term

The market remains generally pessimistic on the AUD in my opinion, with most traders that I speak with preferring to sell rallies rather than buy dips. The offers up around .9325/50 were very solid indeed with professional speculators happy to sell alongside option players (re-loading after buying ahead of .9200). The short-term range is therefore

USD sitting at interesting intraday levels against other majors

EUR/USD: Back trading around 1.3635/40 which was the major breakdown level. The market has been building shorts ahead of the ECB and we may see fairly tight ‘nervous’ trailing stops above this level; Cable did a lot of work around 1.6765/75 on the way down and purely from a price-action perspective, I’d expect resistance to

USD/JPY: Next on the ‘get all stops done’ list

Yesterday we saw a stop-loss run in EUR/USD down through 1.3650 and with EUR/JPY now firmly entrenching itself below 140, it’s probably safe to assume that the downside will stay in focus in USD/JPY. It’s Friday, risk-off day in most markets when positions are trimmed pre-weekend, and those well-chronicled stops below 101.15 will most likely