EURUSD - I stay rather neutral, keep really small long still with 1,1050 ultimate stop.
- discussed in prev. post ( pls see link below)
EURGBP - Brittish pound lost its power.
- I'd go long, but only on pull backs, as we have massive weekly resistances above Price (Kumo and )
- If we see a pull back to 0,71-72 area, I will look for signals on both daily and weekly time frames.
EURNOK - Weight up Norway. This pair is too stretched, go counter short in half risk unit.
- As discussed yesterday, pls see link below. I expect pull back here.
EURSEK - biased
- I do not really like to trade SEK , but here I'd still buy on dips.
- Riksbank is trying to use all possible tools to weaken the Krone. They also see 9,30 is the level to "protect". Below that it would be a strategic reversal
- Maybe try to catch some NOKSEK longs as relative value trade
EURAUD - It is all about China, technically consolidation or pull back is possible.
- Trend and setup is , but Price is too far above 1,5130 Kijun Sen. Also Heikin Ashi candles show the loss of momentum in last 2-3 weeks.
- I think there is some chance that we see some pull back towards 1,54-1,55, or that it builds a top consolidation zone between 1,55 - 1,62
EURCAD - Undecision in WTI mkt -> consolidation in CAD
- Picture of CAD as the other commodity ccy is pretty similar to AUD, except that it has not been hit so badly ("only" to reach a at 1,55+)
- Further price action depends on Crude and also on BoC ... who knows if they shoot anouther ccy war bazooka like Norges Bank did last week. Anyway, looking purely at technicals, the setup is , but consolidation or pull back is due, given that Price is too far away from Kijun Sen.
- If we see momentum exhaustion and if it breaks below weekly Tenkan Sen (1,4880) then I think has chance to retest 1,45+. However 1,43 has become a very strong support b now.
So the recommendation regarding each ccy weight:
USD - neutral
GBP - short on dips
NOK - Increase exposure (means small counter short EURNOK )
SEK - Neutral, small short (means small long EURSEK or small long NOKSEK )
AUD - Increase long from neutral / decrease short exposure (means small short EURAUD on spikes)
CAD - Increase long from neutral / decrease short exposure (means small counter short EURCAD , increase below 1,4880)