Aside from the ECB wanting to maintain (or even cut) rates, Eurozone data remains lackluster while economic growth is expected to slow further. Given last week's relief rally, as well as price creating lower lows towards the key 1.12 support, it may be a good sell-on-strength opportunity for the pair, especially given that the technicals point to a break below 1.12.
Yesterday, we were greeted by a Dovish FOMC coupled with satisfactory EU data. Even though Draghi maintained his dovish stance on interest rates, the Fed reiterating their dovish tilt combined with slowly improving EU data could be enough of a push to change the trajectory of the pair. EURUSD was unable to make another move lower towards the 1.12 support level and...
Purely a techincals-based decision. Cookie-cutter short at resistance.
AUD has been in a 400 pip consolidation phase since August of last year. The Fed reiterating their now dovish stance and China PMI surprising to the upside can serve as catalysts for a directional move to the upside, but whether or not AUD will gain ground will also depend on Tuesday's RBA statement, as well as Retail sales and NFP from the US. I'll be looking for...
USD continues to be under pressure amid the Fed's increasingly dovish tone, while Japan's economic data has yet to show any signs of a reversal. Judging from the technicals, USDCHF has met heavy resistance and seems to be on its way down given price action in the current consolidation phase. CHFJPY, on the other hand, is also in a narrowing consolidation phase...
LONG at 0.9940, S/L at 0.9880 USDCHF has been trading in an ascending triangle since early 2018. As of late, the pair has been trading in a narrowing range, making higher lows while facing strong resistance at 1.00-1.01. Entered a LONG position at the bottom section of the triangle after seeing price test the 0.99 level multiple times over the past two days,...