Forex Market Driven by Stock Market
This week we are faced with a market that is trying to hold onto last weeks gains. The stock market seems to be the driver of movement at the moment. We expect a slow roll over in stocks this week followed by one final thrust higher and then we turn again and retest the lows. Overall the outlook for stocks remains bleak. We expect to see many pairs begin to move outside of established ranges in the coming weeks.
EUR/USD
This pair is trying to push above 1.30 but seems to have hit at least a short term wall. We expect to see this pair chop lower this week but longer term we are looking to buy into these dips as they come.
GBP/USD
This pair is struggling to break away from 1.40. We expect another spike to 1.43 or so but after that we see another leg down taking us back to the mid 130’s later in April.
USD/CHF
This pair is still recovering from the huge short squeeze we saw last week. I must say that was very well done. We are looking for a few more spikes to or even through 1.19 again to sell into as we expect this pair to grind lower over the coming months.
USD/JPY
This pair is easy to call. Last few weeks I have repeatedly said we will see 95 before we see 100 and I have said that when the pair is trading at 99. I am saying that again. We will see 95 before we see 100 and we are again shorting near 99.
AUD/USD
This pair is a great short above .66. We are looking for this pair to correct back into the low 60’s in the coming days and weeks so we are clearly biased to selling rallies.
USD/CAD
This pair is also choppy and sloppy as always but near term we like longs near 1.27 and then getting short again above the 1.2850 level.
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