Today’s highlights:
– USDJPY is on the cusp of our 99.86/100.00 next target – the 50% retracement of the 2007/2011 bear market. We look for this to cap at first, ahead of a push into the 101.27/103.10 zone.
– NZDUSD above .8455 should see a test of the .8536 high of 2012.
– AUDUSD needs to hold below 1.0455 to maintain thoughts of a top.
– EURUSD above 1.3049 should see a test of 1.3108/15 – the 38.2% retracement of the Feb/April sell-off.
– USDCHF remains under pressure, and below .9358/53 should see weakness extend to .9232/30.
– GBPUSD has found selling at the 55-day MA at 1.5340, and we still look for 1.5423 to ideally cap further strength.
Today’s trades/positions:
– EURUSD: Flat. Buy at 1.2925/00, stop below 1.2865, 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: Flat. Buy at .8450, stop below .8405. Take profit at .8640.
– USDCAD: Long at 1.0150 targeting 1.0400, stop at 1.0055.
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