- Markets remained rather choppy today but at least there was a little more movement.
- U.S. earning season has progressed without too many issues. In general, results have been pretty good.
- The S&P pushed higher today along with the Euro, even though there was relatively mixed U.S. data.
- Few pairs now look like they'll be testing any highs.
- Chinese data overnight could play a part in the general risk themes -- watch the Aussie especially -- good data could spark the test of highs.
- Also, watch the GBP Retail Sales tomorrow to play on the Pound. EUR/USD
I was ideally after a move lower before we pushed higher again, however the Euro did as it wants and pushed higher off of yesterdays rejection.
Technically in my blue box but would have liked a firmer test.
I continue to like this for a push to the 1.35 mark with a break of recent highs a potential catalyst for another move.
EUR/USD Daily" width="500" height="431">
GBP/USD
Having dropped through the 1.60 handle I like this pair for a move lower from these levels but I am watching this very closely.
I suspect we may see a further move lower before we push higher again, with the 200 day moving average not far below this seems like an obvious target.
That said the Pound is anything but smooth at the moment and I would generally stay away until we get a nice turning point or clear extension signal pushing us lower (i.e. a break of the 200-day moving average).
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AUD/USD
Aussie rejected the move lower on poor Employment data last night.
Watch for Chinese data tonight to move the Aussie but I am, still Bullish from here looking for a test of the upper resistance initially with a potential for a further break and move higher.
I am watching this pair closely though as initial move lower today almost caused a bit of a turn in the market.
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USD/JPY
I'm still Bullish this pair, completely over extended and still seems to have room to go up.
I don't like buying over extended markets but pull backs still seem to offer room for further upside.
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EUR/AUD
Euro Aussie played out well today, again not quite my blue box but not far off.
Pair retested the 1.27 handle.
I still like this for a move higher but will depend on Aussie data, for now I book some profit and trail stops higher.
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USD/CAD
Still like this pair for a move lower and continue to hold short with only a break above the swing high negating my bias.
Now like to see this pair push past the 0.9825 mark to open the door for a further move lower.
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NZD/CHF
Kiwi was doing ok until CPI data which blasted the pair lower initially then caused further chop in this pair.
I continue to hold for a move higher but suspect we are no on our way lower initially thus reducing the probability of this trade.
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