Stocks have fallen back below 900 and have since retested that level as resistance and so far it has held. We expect to see the markets begin to chop lower from here into the summer. Look for counterintuitive Dollar strength to continue coming into the system over the next month.
EUR/USD:
This pair did spike up as we expected and did manage to push into the 1.40 level. We are happy sellers of rallies at this time near that level. We expect to see this pair move back to test support near the 1.35 handle.
GBP/USD:
This pair saw a huge blow off so far and could still see some prints in the 1.60’s before rolling over. We are happy sellers above 1.59 this week with stops above the highs.
USD/CHF:
This pair appears to have put in a bottom and is now a buy on breaks.
USD/JPY:
This pair should still be following stocks and as they drift lower so too will this pair. W are looking for a move back to retest .90 later this summer.
AUD/USD:
This pair is now a clear short based on the bearish butterfly pattern we can see on the daily charts. We are sellers near the .78 level with stops above .79.
USD/CAD:
This pair also looks as if it has put in a bottom and we are buyers below 1.13 with stops below 1.12.
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