Back to school for the kids and back to work for the rest of us. I always love these next two months or so. We see a huge resurgence of activity in almost all markets which should take an already volatile year and pour gas onto it. So we are clearly expecting things to get nuts in the coming weeks. Energy flows point to a sizable “event” coming in the next 30 days or so. We are using extra caution with all trades until that passes. Look for stocks to continue to be the main catalyst for movement.
EUR/USD:
We did cover our shorts early last week for some decent profits and are now beginning to sell into these rallies above 1.43. We could see a blow of to 1.45-1.46 or so but it would only strengthen our conviction that much lower prices are in the future of this pair.
GBP/USD:
Last week I mentioned we would see rallies back up towards the 1.65 level and we did. We are now also looking for rallies this week to sell into. Anything above 1.64 should be reasonable but the potential for a blow off here is also high so keep leverage low and be ready to fade spikes.
USD/CHF:
This pair is a very attractive long below 1.06. I am happy to hold this for some time from this level.
USD/JPY:
We continue to look for rallies to sell into, anything above .945 is particularly attractive from the short side.
AUD/USD:
We are looking for this pair to find resistance near the .85 handle and are also sellers of rallies in this pair.
USD/CAD:
This pair is also an attractive ling below 1.08. Still looking for a move back into at least the teens.
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