The rampaging pound made fresh new highs last night against the greenback and the USD continues to look the weakest of the majors, in the short-term at least. EUR/USD has taken out most of the weak short-term stops but has been stalled by solid selling interest near technical levels at 1.3690. USD/JPY still looks likely to test important support levels at 100.70 and I’ve given up on my long USD/CHF trade, too slow for my liking.
The AUD and NZD have lost ground on the crosses over the last 24 hours but both are still in dip-buying mode, especially against the USD.
It should be a busy day for the AUD with Chinese PMI data and of course the RBA rate decision. I’ll have a look at the important levels in a little while.