Today’s highlights:
– EUR/GBP: Rebounding from the 50% retracement at .7960, but the risk remains lower for .7923/12 initially, whilst capped by .8033.
– EUR/JPY: Support found ahead of the target 100.16/99.52 support zone. Some brief strength possible back to the 200-day average at 102.16, however we look for this to cap.
– EUR/SEK: Bullish outside day on Friday result in a trendline break and sets up for a rebound back towards 8.6470. We look for this to cap, however.
– EUR/NOK: Dramatic decline persists, with very little counter trend rallies. The focus remains broadly lower to now target the 7.2504/92.
– NOKSEK: Prod above 1.1754, negates the previous trading range and reinforces the intermediate-term upward trend. The risk is now higher to 1.1809/79.
– AUDNZD: Inverted head and shoulders completion through 1.2701 neckline resistance points to an eventual push through 1.2814 to 1.2882 resistance.
Today’s trades/positions:
– EUR/GBP: Short from .8008, stop above .8033 for .7925.
– EUR/JPY: Sell at 102.12, targeting 100.12, stop at 102.55.
– EUR/SEK: Stopped out at 8.5855. Sell again at 8.6150, targeting 8.4400, stop at 8.6600.
– EUR/NOK: Flat, sell at 7.3375, stop at 7.3680 for 7.2595.
– NOK/SEK: Stopped out at 1.1761. Buy at 1.1708 for 1.1870 stop 1.1633.
– AUD/NZD: Flat, buy at 1.2705 stop below 1.2645, for 1.2810.
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Credit Suisse