USD has been trading higher against its rivals during the Asian trading hours. AUD, GBP and CAD are still one of the weakest while JPY is trying to find some support for the near-term. The larger picture of the markets remains unchanged but it is still very messy.
We have an overlay chart between some major FX currencies compared to S&P Futures and Crude Oil. We can see a strong negative correlation between FX pairs where only the EUR is moving higher in-line with risk-on assets, such as oil and S&P. Honestly, we do not like divergences too much, especially not between aussie and S&P which in fact could be signaling for a coming pull-back on stocks.
Overlay-Daily
Anyway, traders need to trade what they see and not what they think, so at the moment looking for longs on EUR-crosses should be the best choice.
Below we are looking at EUR/CAD which is trading higher in wave (iii) that may slow down around 1.3630. Ideally we will see a fourth wave pull-back from there and back to 1.3500 which could be a long opportunity for short-term traders to catch the wave (v) rally.
EUR/CAD 1h
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Euro-Crosses To Extend Higher In Risk-On Environment
Published 01/28/2013, 04:42 AM
Updated 07/09/2023, 06:31 AM
Euro-Crosses To Extend Higher In Risk-On Environment
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