Good morning. Euro continues its collapse, reaching a 11-year low against the Japanese yen and is trading near $1.200 against the dollar at time of writing. Current selling catalysts are the renewed talks of Greece eurozone exit and Spain worries.
Important events this week: Bernanke’s Speech, German IFO, New Home Sales, US Initial Jobless Claims, US GDP
EURUSD
Market sentiment: intraday – bearish, short-term – bearish
Potential trade strategy: to sell on pullback to 1.2150/70, initial stop above 1.2200, target at and below 1.200
GBPUSD
Cable is following EUR and other risk-sensitive pairs lower and support at 1.5530 is on the radar screen. If price pulls back from here, selling is likely to be triggered around 1.5620
Market sentiment: intraday – bearish, short-term – bearish
Potential trade strategy: to sell on pullback to 1.5620, target at 1.5530
USDCHF
The dollar breached resistance at .9860 which opens the door for further gains towards parity, hence EURUSD to reach $1.200.
Market sentiment: intraday – bullish, short-term – bullish
Potential trade strategy: to buy dips at .9860/80, target at 1.000
AUDUSD
Aussie dollar declined in risk-off trade, reaching support zone between 1.0250 and 1.0290 formed by recent top zone.
Market sentiment: intraday – bearish, short-term – bullish
Potential trade strategy: to sell into rally at 1.0350, stop above 1.0400, target at 1.0150
AUDCAD
Support formed by recent top is only 20 pips away from current trading levels. Anyway, AUDCAD is less volatile than AUDUSD – daily ATR being around 40 pips, so it might take a while to reach support.
Market sentiment: intraday – bearish, short-term – bullish
Potential trade strategy: to buy dips at 1.0450, target at 1.0500
EURJPY
The euro is testing multi-year lows against the yen as support at 96 was easily breached. There is no reason right now to consider buying this pair. Period.
Market sentiment: intraday – bearish, short-term – bearish
Potential trade strategy: sell on minor pullbacks to 95.00-95.30, target below 94
have a great day!
Important events this week: Bernanke’s Speech, German IFO, New Home Sales, US Initial Jobless Claims, US GDP
EURUSD
Market sentiment: intraday – bearish, short-term – bearish
Potential trade strategy: to sell on pullback to 1.2150/70, initial stop above 1.2200, target at and below 1.200
GBPUSD
Cable is following EUR and other risk-sensitive pairs lower and support at 1.5530 is on the radar screen. If price pulls back from here, selling is likely to be triggered around 1.5620
Market sentiment: intraday – bearish, short-term – bearish
Potential trade strategy: to sell on pullback to 1.5620, target at 1.5530
USDCHF
The dollar breached resistance at .9860 which opens the door for further gains towards parity, hence EURUSD to reach $1.200.
Market sentiment: intraday – bullish, short-term – bullish
Potential trade strategy: to buy dips at .9860/80, target at 1.000
AUDUSD
Aussie dollar declined in risk-off trade, reaching support zone between 1.0250 and 1.0290 formed by recent top zone.
Market sentiment: intraday – bearish, short-term – bullish
Potential trade strategy: to sell into rally at 1.0350, stop above 1.0400, target at 1.0150
AUDCAD
Support formed by recent top is only 20 pips away from current trading levels. Anyway, AUDCAD is less volatile than AUDUSD – daily ATR being around 40 pips, so it might take a while to reach support.
Market sentiment: intraday – bearish, short-term – bullish
Potential trade strategy: to buy dips at 1.0450, target at 1.0500
EURJPY
The euro is testing multi-year lows against the yen as support at 96 was easily breached. There is no reason right now to consider buying this pair. Period.
Market sentiment: intraday – bearish, short-term – bearish
Potential trade strategy: sell on minor pullbacks to 95.00-95.30, target below 94
have a great day!
