Changing my tune on the USD
- USD/AXY moves are telling us something very loudly;
- EUR/USD and cable are sitting close to technical resistance levels at 1.3425/50 and 1.5750 respectively;
- USD/JPY in a wedge pattern between 96/99 but a topside break could really have the bulls chasing hard;
- AUD/USD and NZD/USD weakness is becoming entrenched.
I reduced my cable longs a little earlier and am within a few pips of my AUD/USD stop-loss. Once done, I’ll be staying out of the market until the lights get brighter.