USD bulls still in control
Plenty of action around the time of the Fed overnight and I’m expecting plenty of volatility today in all of the crosses.
- USD/JPY did what we expected and pulled back sharply ahead of large barrier protection at 104.00. I’d continue to play the 100/104 range here over the next week or so.
- AUD/USD looks very heavy indeed after the break below .9700 and it seems pointless to try and fight the dominant downtrend. I’m looking for a .9650/.9750 range today.
- EUR/USD encountered very heavy selling above 1.2950, including Sovereign players, and a test of important support at 1.2745 looks likely this week given the strong USD sentiment.
- USD/CHF continues to lead the way higher and will gain fresh momentum if EUR/CHF can break above important technical resistance near 1.2650. I’m staying long.
- Cable is bearish again after the break and close below 1.5100; I’m hoping for small intraday rallies to exit my long position.
Crazy markets today, huh? Thanks for reminding us of that 97/104 DNT during the past few days! I’ve managed to short it around 103.60, catched a quick 40 pips and looking as well to sell it again once it get’s back above the mid figure.
Morning Sean! Any view on EURJPY after the reversal today?
Yes Milan, I also picked up a nice 65 pips which will help to pay for my poor cable position 🙁 Look to do same again today but maybe sell near 10370/80 now?
Hi Jasper, no strong view, overall still buy dips I think but EUR/JPY not a major focus I think
Sean, Think it would a good place to go long on AUD/JPY around 99.60 with a tight stop below 99.41 around 99.25 incase we overshoot the downside by a few pips?
This wedge pattern has held pretty well Sean and risk-reward is good so why not? Cheap trades are always worth a try imho
Sounds good to me. think i may try my had at it.
Hi Sean,
have you outlook GBPUSD, where a good level for exit stop loss this pair?
Thnaks
Hi Raka, I’m long at 15170ish on average and will be very happy to get out anywhere around 15125