Outlook for major pairs August 9th: Trading focus to stay on the crosses
- USD/JPY: I’m still short and I remain bearish. Much will depend on short-term flows in the crosses but be patient and play as close to the edges of a 95/98 range as possible.
- AUD/JPY: Big technical levels at 86.25/89.00 and my bias is neutral on this pair.
- AUD/USD: I’m bullish and long; I expect prices to stay above .9030/40 with a target at .9300.
- AUD crosses: Topping formations in EUR/AUD and GBP/AUD. Selling rallies preferred.
- EUR/USD: Market has been trying to pick a top and there will be plenty of stops above 1.3425; my preference is to play from long side for now but be ready to sell exhaustive rallies.
- EUR/GBP near .8600 still, EUR/CHF 1.2250/1.2350 range trade.