The market is still looking for its next directional move and most of the majors will continue to chop sideways early this week until momentum can increase.
- EUR and JPY I very much tend to leave alone;
- GBP is in an uptrend and I see no reason to try and pick a top. I’m still running small long-term long GBP positions against the EUR and USD;
- The CAD seems somewhat oversold and with short positioning at significant levels, I favour buying dips;
- With the NZD still looking overbought, maybe NZD/CAD might be worth a look for those who like exotic crosses;
- I’m also tending to leave the AUD alone although I’m nursing a long AUD/NZD strategy with fairly tight stops;
- Finally the USD is basically trend-less against the majors.
Have a great week.