I'm not completely sold on the idea that the USD is dead and the technicals right now are good enough for me to give this trade a shot. Also looking for a pullback in Gold soon which should help the dollar.
I'm taking a $USDCAD short here at 1.344 for a short term play back to 1.34. Hourly RSI is approaching 86, top of the trend line, CAD rate decision tomorrow morning, etc...stop is tight at 1.346
.I'm going long #EURUSD down here at 1.123 for a bounce into trend line confluence and the 0.382 fib, roughly 1.128. I'll look to then go short at that level for a move below the 1.118 support level.
It took a couple days, but the $CADJPY head and shoulders short play has worked nicely. I'm closing 1/2 of the position with RSI reaching extreme oversold conditions on the 4 hour and 1 hour charts. Going into next week, I'll be looking for a retest of the 82.25 - 82.50 range (broken neckline area) to add back to the position. Have a great weekend folks!
The $CADJPY short is continuing to play out nicely. We now have a right shoulder forming and failure to close above the 100 day MA for a third session in a row. I'm expecting a test of the neckline around 82.50 at the very least this week.
I'm going long $EURUSD off of the 100 Day MA. This is a short term trade as I still believe the US Dollar is the better option going forward. Stop will be set at 1.133, just below yesterday's low. Target is the 200 Day MA at 1.148.
RSI Divergence and a spinning top on the test of the red trendline are enough for me to get back into the $EURUSD short trade. I'm putting my stop at 1.1425, just above the Feb.28 high.
If the highlighted area holds as support and price begins to bounce, I'll close out my $EURUSD short from 1.133 and look to jump back in closer to 1.14 next week
Shorted $GBPUSD yesterday at 1.335 per previous post. I'm going to go ahead and close the trade for 125 pips...I've had enough fun trading the $GBP for now. It may find some support around these levels.
The $EURUSD has a decision to make between now and the end of the week. I'm still holding the short position from 1.133 from yesterday and will continue to do so unless the upper trend line is broken and held.
I've placed an order to short the $GBPJPY at 146, just below the 50 day EMA and upper boundary of channel resistance. Looking to fade this risk on bounce.
