BombayBulls
Short

US Dollar - Buy or Sell - 5/20/2016

FX:EURUSD   Euro Fx/U.S. Dollar
61 0 1
US Dollar             did blasted off right after the FOMC minutes on Wednesday but the follow through is dull. Initial enthusiasm right after the news or data release and then either no follow-through at all or complete face ripping reversal is the theme of recent short term trading picture. So even thought Fed circus of spreading equivocal sound bites ( Calling it as a good communication is blasphemy, and yesterday Mr. Dudley expressed surprise that market haven't paid more attention to Fed speakers ! What a joke ! ). Anyway let's sift through the charts and see from where we can fetch our few pips today.
USD/JPY             - Price action in USD/JPY             can give us good temperature of the dollar's attitude. So far it's lukewarm and we are long from good level we believe. As we have took off some profit off the table, we will be looking to trade it again around same 109.80 / 109.60 support levels and let's see what happens next. May not carry long over the weekend, depending upon the price action.
EUR/USD             - Not being able to break 1.1200 convincingly is something of a concern but still we will short it again from 1.1230 and 1.1260 again to gain few quick pips.
GBP/USD             - British pound has its own agenda of Brexit right now so let's ignore this pair. Especially not wise to get involved on Friday.
AUD/USD             - Short from 0.7280 / 0.7300 is good opportunity.
NZD/USD             - Torchbearer of yesterday's resilience. Lot of things depend upon how it reacts at 0.6740. 0.6740 and 0.6720 are two very important support levels for intraday trade and we would like to exploit that opportunity today.
Overall, not buying US dollar             hand over feast but just cautiously trading the support / resistance levels we believe are worth             few pips on either side.
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