• Euro continues to surge; takes out 1.4300
• Dollar/Yen remains locked in sideways trade
• Cable breaks above 1.6500 barriers; 1.6675 next
• Dollar/Swiss finally posts fresh 2009 lows for first time since January
EUR/USD
| EUR/USD – Monday’s bearish doji-like close has been negated and the market has once again managed to surge to fresh 2009 highs beyond 1.4300. Daily studies however remain overbought and now well above 70 on the RSI which warns of a pullback over the coming days. We had attempted a short trade on Monday but the market easily took us out at 1.4260. From here we will stand aside and await another opportunity to establish a counter-trend short. Strategy: SIDELINED; AWAIT CLEARER SIGNAL. |
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USD/JPY
| USD/JPY – The market has been well offered over the past several weeks but setbacks have now stalled out just shy of next key support by 93.55 from March, which guards against the critical 87.15 multi-year trend lows. We have seen a contraction in volatility over the past few sessions which suggests that a break out looms. However, the direction is unclear at this point with a push above 97.25 or back under 93.85 required for a clearer bias. Strategy: SIDELINED; AWAIT CLEARER SIGNAL. |
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