Pound Yen showing heavy bearish resistance around the 149.1 levels.
I'm going to place this trade and watch it closely to see what happens since I really never do trust the Pound.
Since the Yen made a recovery early this week and the Pound is involved in more drama. I'm going to go with being short.
Sell at 149.027
I've been taking scalps at around the 1.1409 - 1.1412 levels all morning...
Resistance levels seem to be really solid.
Last week the EURCHF pair hit highs around these levels and it seems to be running out of steam.. Mostly or probably because of the budget concerns in Italy or other trade related drama.
Sell at 1.14076
Entry Price: 0.73659
I've seen a lot of traders reporting that they are going to bullish in favor of the AUD.
I don't agree yet, I believe that during the RBA Rate Statement on Tuesday, the bank will decide to keep rate unchanged.
Throughout the week, I'll most likely be a bear looking for scalps in favor of downward momentum....
First day back in a while, want to just get a quick chart done; I believe the 8:30am EST unemployment claims will be very low, kids are going back to school and jobs started filling positions; This will be a trade to take after the news tomorrow. We're waiting for the volatility to push it to the 111 support...
I see bearish range resistance and .618 fib line resistance at this AUDNZD level.
I set a stop loss at 1.09149 which is a few pips above the monthly high.
I'm looking for a return to lower levels at 1.06646
*Note: The AUD could regain strength soon as XAUUSD is approaching support, but I trust technical trends more than market sentiment. Watch for...
I haven't been very fond of trading dollar pairs this week...
AUDNZD is trading in a wedge pattern and holding at this support level for maybe 8 hours...
The commodities market hasn't been great this week, but we all know when the stock market hits a low before Friday what usually tends to happen at close...
Will AUDNZD go lower?
There hasn't been much action in the NZDUSD short I was looking for, but NZDJPY is operating in a bearish channel. I think it would be safe to scalp the NZD pairs since we're all cautious of how the Australian Dollar bulls will react to the RBA Rate Statement later today.
I believe AUDUSD will return to last week's open at .754
- still waiting on healthcare news from United States. If bill fails, AUDUSD will be bullish.
- if bill passes, AUDUSD will be bearish.
I'm neutral, I will trade in either direction. Long term AUDUSD is bearish.
Tomorrow will be a busy day for the USD currency.
I do not plan to spring my trading plan into action until after EURO Market close and around 2pm EST.
What I do know is that the AUD should be a dovish currency over the next couple of months, while the USD is looking to be gradually hawkish. Tomorrow DXY may spring to the 103 level, January highs.
Right now the bears are trying to push USDJPY to remain below the 115 level... If successful, i see a potential close around 114.5 or 113.9
If news is bad tomorrow (friday), I see USD losing all momentum and driving USDJPY to the 112.48 level.
I think the AUDUSD will retest the .754 level support before it may decide to continue dropping to the .747 or lower...
But giving the thought that the market will be really looking for USD strength next week with a minor rate increase and the positive non-farm news today it's likely to keep going lower, but it's not a firm signal as the USD has very high...