Still prefer to stick with bearish USD play
Some of the levels are getting a bit trickier for instance in USD/JPY and AUD/USD, where it’s hard to justify being short USD at current levels. But pairs like cable are pretty crystal clear in my biased view, and recent price action has given me no reason to change my view.
- USD/JPY; market is very bullish but as can be seen from recent retail and PB data, the market is also long. I’d be patient and look to buy exhaustive dips or alternately buy intraday when the Yen crosses turn bullish.
- AUD/USD; it’s very hard to get bullish at .9325 just ahead of major technical resistance at .9350. Overall this goes higher I think but best wait for some exhaustive dips.
- Cable; going higher! 1.63 first on way to 1.75. GBP is oversold on long-term view of crosses. Sentiment starting to turn, driven by improving data. That’s my view.
- EUR/USD; sorry too hard! Sideways still most likely outcome but I prefer long to short (marginally).