Trade targets for overbought EUR/USD, GBP/USD, AUD/USD, NZD/USD
|From long-term targets, GBP/USD's big breaks are located at 1.4308 and 1.3875 or 433 pips then 1.3801. GBP/USD is not only massively overbought but short only is the strategy moving forward.
GBP/USD shorts are confirmed by an oversold EUR/GBP and correlations running at -95%.EUR/GBP big points are located from 0.8411 to 0.8710 or 299 pips. That's 299 EUR/GBP and 433 Vs GBP/USD. Above 0.8710 then comes 0.8762.
NZD/USD at 0.7305 is located a 20 year top and 0.7345 at the 10-year average. Don't wait for 0.7300's as NZD/USD is done at 0.7257 and targets easily 0.7219 then 0.7182.
AUD/USD top is located at 0.7867 and lower to severe overbought targets 0.7736 upon a break at 0.7782.
EUR/USD Holds higher by 1.2057 and 1.2028. Good targets for a deep overbought and problem pair is 1.2064 and 1.2041.
Longs for above pairs are not only impossible but a suicide mission.
From weekly commentary, GBP/CAD Long anywhere to target 1.7116 then 1.7178. GBP/CAD from 1.6951 close traded to 1.7132 or +181 pips. One trade, 2 days.
JPY cross pairs remains overbought many weeks later and longs again are impossible. Shorts contain a long way to go from current prices. GBP/JPY approaches 154.35.
Watch USD/JPY at 107.97. A break below then changes the USD/JPY Vs EUR/USD relationship as both pairs will trade correctly on either side of vital averages. The relationship has been offside for many months.
Undecided correlations to JPY cross pairs then must either fully correlate to USD/JPY or EUR/USD but not both as is the present circumstance.
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