Today’s highlights:
– GBPUSD: Upward trendline supports the market and results in a bullish trendline break through 1.6072. We remain cautious ahead of the 1.6176/82 resistance zone.
– EURUSD: Probing range highs after prod above long-term neckline resistance at 1.3050. The focus is now on key 1.3140/72 range highs, which we expect to cap.
– USDJPY: Failure ahead of the 82.84 high. Risk of some further shortterm consolidation back towards 81.64/8. We expect the market to eventually break higher, however.
– AUDUSD: Market defends the intermediate-term upward trendline as price rallies from 1.0393 support. The focus is now back on the 1.0492 high and 1.0521/3 resistance.
Today’s trades/positions:
– EURUSD: Reversed long through 1.3070, target/reverse at 1.3093, stop/reverse through 1.3045 (for 1.2901).
– USDJPY: Buy again at 81.75, add at 81.02, targeting 84.10, stop 80.60.
– GBPUSD: Flat. Sell through 1.6085 targeting 1.5885, stop at 1.6185.
– USDCHF: Long from .9280, add at .9235, targeting .9448, stop .9210.
– AUDUSD: Reversed short at 1.0426, targeting 1.0201, stop 1.0525.
– NZDUSD: Short from .8195, add at .8274 targeting .8015, stop .8311.
– USDCAD: Short from .9926, target/reverse now .9926, stop/reverse then .9962 (for 1.0050).
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Credit Suisse