Today’s highlights:
– EUR/GBP: Basing efforts unfolding with the defence of .7910 trendline support. We expect an advance from here back to .8115/9 then .8157.
– EUR/JPY: Defending trendline support at 99.52/72 for now. We look for a breakout above 101.06 initial resistance in order to complete a base and allow for a rebound back to 102.11.
– EUR/SEK: Still trading sideways between resistance at 8.5514 and support at 8.4441. A breakout above the former is required to signal a base for back to 8.6459.
– EUR/NOK: Market holds the 50% retracement support, allowing for a rebound back to 7.4330/90, however, above here is required for a base, with risk to 7.4647.
– NOK/SEK: Breach of the 1.1492 hurdle allows for risk up to the 1.1541 topping trendline resistance hurdle. We reiterate that we expect 1.1573/94 to cap.
Today’s trades/positions:
– EUR/GBP: Buy at .7960, targeting .8100, stop at .7880.
– EUR/JPY: Long at 101.80, added at 100.30, stop at 99.52 for 103.60.
– EUR/SEK: Long from 8.4900, targeting 8.6300, stop at 8.4420.
– EUR/NOK: Short from 7.4150, targeting 7.3600, stop/reverse 7.4330.
– NOK/SEK: Sell again at 1.1538, targeting 1.1353, stop at 1.1596.
– AUD/NZD: Sell at 1.2685, stop at 1.2765, for 1.2530.
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