BombayBulls
Long

EUR/USD - Watching 1.1100

FX_IDC:EURUSD   EURO / US DOLLAR
16 0 0
PBOC moves have put a cat among pigeons. Nobody knows what it means for long term. Traders are either confused ( those without position ) or scared ( those with position ) or both ! So we got the expected outcome which is to sell or reduce the risk. Picture in currency market is clear as mud. Let's look at the major currencies and see where we can find good opportunity to trade after these haphazard moves.
GBP/USD             - If it can sustain the life above 1.5600 then there is good upside potential. Strategy here is to buy the dip because clear momentum is lacking and that's making it difficult to get long while it's going up.
AUD/USD             - Ping pong continues between 0.7250 and 0.7400. Don't get sucked in with faux strength exhibition. Looking for short but from better levels, preferably near 0.7500 / 0.7550.
NZD/USD             - Today's news that Fonterra has been put on creditwatch negative by S&P             hasn't sent Kiwi tumbling is a good sign that temporary base is in place near 0.6500. But for a trade, let's put this pair on side for a while. If you really like to play New Zealand dollar strength then we think better value is in trading NZD/JPY.
USD/CAD             - Is bull trend over? Time will tell ! Currently looking for 1.2900 and 1.2800 to trade from long side and 1.3070 from short side.
JPY pairs - Whenever there is sizable dip get long. Definition of good dip is, price reaching towards good support levels based on 4hr / Daily / Weekly time frame.
Now let's focus on EUR/USD             . Sudden ups and downs are making it feel dizzy. For today, let's see how it reacts at 1.1100. Small long from here with tight stop might be a way to get few pips today. Again no trade in this market can be a passive trade. You need to manage your positions actively. Taking partial profit as soon as it's in green for 20 pips or more or getting out of the way quickly by feeling the way you get filled !
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