Personally I think its much more likely that the prolonged range trading continues around 1.3000 but if the bears can break and hold below 1.2750 then we might indeed see a trend renewal. The shorter term charts show decent resistance near 1.2935/50 so I would play the edges of this range for now.
Archive for the ‘Trade Ideas’ Category
EUR has turned bullish on the crosses and Sovereign bids are expected in EUR/USD near 1.2900. USD/JPY has put in a bullish close above 102.00. EUR/GBP looks to have turned bullish in the short-term and there is support in the cable at 1.5200/15 (bullish EUR/USD by inference). AUD/USD and NZD/USD have support levels near by [...]
This move is all about the unwinding of long-term safe-haven plays into currencies like the CHF and the AUD so don’t be getting all ‘beared-up’ on the EUR/USD, it’s not about that pair. EUR/CHF has started to accelerate higher, EUR/AUD has been bullish for some time as has EUR/JPY, and even EUR/GBP looks modestly well-supported. [...]
The NZD/USD support looks very strong near .8160 (series of 3 daily lows near this level). AUD/USD trendline support near .9870 should also provide initial support. Strong bids reported in AUD/USD near .9850. Overall the buy-USD momentum is still strong but if these levels hold they could be good for a quick 100 pip spike?
There is little in the way of technical resistance until 1.0000 and with momentum on the daily chart starting to build, I’d expect to see a test in the next week or so. My overall target is still at 1.10 as I think that EUR/CHF will trade back above 1.30 and EUR/USD will ease lower [...]
Just having a look through the short term charts and nothing is jumping out at me, although EUR/GBP does look like its broken out of an holding pattern and should now hold above .8470. With little or no momentum in any markets today, I wouldn’t be looking for more than a 50 pip move towards [...]
I think it’s safe to say that this particular cross does not attract a lot of attention but some of the bigger hedge funds seem to be playing it fairly seriously. A quick look at the charts suggest that the big levels to watch are .9400 and .9500 and a break above the latter could [...]
The 38.2% retracement of the 5-wave rally from 1.4830 to 1.5600 has been broken (see chart in members) and the next major technical support levels to watch are around 1.5200/15. With the GBP so chronically oversold on certain crosses (like GBP/NZD for instance) I cannot get overly bearish on cable at these levels. The USD [...]
Many many times over the years we used to stay back late in the dealing room in expectation of some post-budget volatility which never amounted to anything. I don’t expect tomorrow night to be any different and the market pretty much knows what’s coming anyway. Today, as expected, has been a session of quiet consolidation [...]
5-wave rally from 1.4830 to 1.5600. 38.2% retracement of this is at 1.5310. Trend-line support near same level.