BombayBulls
Long

Everybody Else Vs Dollar

FX_IDC:EURUSD   EURO / US DOLLAR
19 1 1
It has always been like that - one Vs many. For last 6 years, Fed has always halted dollar's march and this time it's not an exception. So now one thing is clear, dollar side of the equation is going to be weak and we need to choose our horses in a way that it can get us maximum pips.
GBP/USD             - We repeat, it can't be trusted until there is convincing close above 1.5700. But problem here is it won't be that easy. Whenever it will start moving, it will go to 1.5800 in a dash and there are cluster of resistance between 1.5800 and 1.6000, so chasing that move would bring disaster it dollar wakes up meanwhile. Only thing we can do here is to buy good dips.
AUD/USD             - Australian dollars future is tied to China - the country nobody seems to know properly right now. Until global economy starts moving upward there isn't any clear signal to get long convincingly. So meanwhile all those 100/200 pip bounces will be sold and that makes it difficult to trade from long side after a good run. Besides we don't know where the bottom is ! Whether it's at 0.7000 or 0.65000. We will leave it for the time to decide.
NZD/USD             - It is showing some signs of temporary base near 0.6500 but because of its consistent failures near 0.6600 / 0.6640 makes us think twice before betting on it. Also there is not the strength of NZ             dollar per se but US dollars weakness is more pronounced in all those bouts of strength.
EUR/USD             - All that leaves us to our beloved euro             ! Significant short positions against the common currency is appealing whenever dollar is having hiccups. So as usual we will try to get long euro             . First level comes on chart is 1.1100 followed by 1.1050. Let's see how it gives us our few pips today !
And well, you know that all that can be reversed in a jiffy ! So play it cautiously, take tiny profits and move stop loss as soon as you are 20+ pips in green :)
BombayBulls
a year ago
UPDATE ( 8/20/2015 – 3:00 PM IST ) : Taking partial profits here at 1.1150, on our longs from 1.1110. 1.1100 should provide a good base for pull back if there is sudden reversal during Philly Fed index but we might close the position if it’s near 1.1200 before the release rather than gambling on it.
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