NZD/CAD topping out, GBP still looks good
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.