EUR/USD: Still too hard for me, no idea where it’s going
- Strong demand related to EUR/AUD flow but this is probably mostly done by now.
- EUR/JPY stop-loss selling has off-set the EUR/AUD buying to some degree.
- EUR/GBP looks to have a top in place just below .8600.
- Technical picture suggests that the short-term extremities for EUR/USD are at 1.28/1.33.
I cannot see any reason to trade EUR/USD at the moment especially given the big flows in AUD and JPY and the stronger technical indicators from the GBP.
On Friday EUR/NZD had the biggest daily gain for months – that usually means a sharp drop in the next 3-5 days. It is trying to get to 1.7 but with a nice negative divergence. I’m not going short yet, but maybe there will be an opportunity for a 3-500 pip fall soon.
I tend to agree Susanna that the eurnzd contrarian play is preferable to euraud certainly. Not sure abt timing just yet
Yes, it seems like the Kiwi is falling only in sympathy with the Aussie, doesn’t it?
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