Today’s highlights:
– USDJPY continues its dramatic surge higher and we stay bullish for 99.86/100 – 50% of the 2007/2011 bear market. An overshoot beyond here into the 101.27/103.10 zone now looks likely.
– AUDUSD confirms a bearish “Double Top” and we look for further weakness to 1.0273/63.
– NZDUSD though can stay marginally higher while above .8351.
– EURUSD is expected to see a break above 1.3049 for a test of what we expect to be tougher resistance at 1.3108/35.
– GBPUSD rallies strongly to test its falling 55-day average at 1.5365/75. A test of 1.5423 is seen likely – 38.2% of the 2013 plunge – but we would look for this to then cap.
Today’s trades/positions:
– EURUSD: Flat. Buy at 1.2875/65, stop below 1.2820, target 1.3100.
– USDJPY: :Long, stop beneath 93.68, for 99.75.
– GBPUSD: Long, stop/reverse below 1.5139, for 1.5400/25.
– USDCHF: Long, stop below .9280 for .9525.
– AUDUSD: Short at 1.0440 targeting 1.0285, stop/reverse above 1.0510.
– NZDUSD: Long at .8375, stop/reverse below .8350. Take profit at .8475.
– USDCAD: Long at 1.0150 targeting 1.0400, stop at 1.0055.
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