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This week we are looking at a fairly light schedule of data points. The market continues to be hyper focused on the PIGIS. We saw large gaps on Sunday as news of a “deal” spread. The ink on that deal is still drying and we will see if this time they can actually get something done or if it is just more posturing…
EUR/USD:
This pair has “tipped its hand” by reacting violently to the upside on the prospect of some kind of deal for Greece. As I have said here many times Greece WILL NOT sink into the Aegean anytime soon. All that being said I am a cautious buyer of major weakness this week. I am also a buyer of weakness in the EURGBP.
GBP/USD:
I am beginning to shift my bias on this pair to the short side. I will be looking for major rallies this week to sell into.
USD/CHF:
If you sold this pair above 1.07 last week I would lock in and begin covering some. I am still looking for additional strength to sell into again especially if we see Sunday’s gap filled.
USD/JPY:
This pair is a sell north of 93.00 this week. I am looking for a move back towards 91.00 by end of the month.
USD/CAD:
We have now seen Parity breached. That being said we still remain cautious in the days ahead. If we see a major breakdown below Parity I will begin to step in as a buyer.
AUD/USD:
This pair presents more risk than reward at this time and therefore I will trade elsewhere.
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