Nice analysis. Thanks for the video
Trading was light as most US markets are closed. We did see lots of action in EURGBP,
Yen is making it’s slow climb to top, but will it last
Nice one day rally in GBP, and USD continues it’s decline
After yesterdays failed opening gap we get a strong move lower in EURGBP, this sure does look like the start of another down leg
Strong move in US dollar today, maybe signaling the month long slide in the dollar is over
NZD was today’s top currency while CAD was weakest,
Here is my weekly market review
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Good day for Yen traders, and USD continues to weaken
Strong day for all pairs against the Yen lead by the CAD
Strong day for Pound, weakness in US dollar as US stocks hit record highs
Big up day for USD, Yen was weakest
USD may have turned the corner from it’s recent weakness
My weekly review of Markets
Yen rallied today on weakness in US stocks, but that may not last as most areas of US markets reversed and finished off their lows. USD was strong early but weaken as Stocks rallied off lows
Except for weakness in the USD the rest of the market has really tighten up here
I am not finding much reason to be in Forex right now, better plays in other markets, that will change with patients
AUD back on top and USD weakens, Long AUDUSD has been the play so far this Year, I just cannot find a good entry point and now we are near some pretty strong overhead resistance
Here is my weekend market review, lots to cover this week, best plays remain in Stocks and metals
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My up load is not working so here is rank order of my Strong Weak rankings
NZD, AUD, JPY, CHF, EUR, CAD, GBP, USD
Strong day for Yen, with CAD being weakest
Year to date, rank order is as follows
AUD, NZD, JPY,CAD, CHF, EUR, GBP, USD
Nice pop for GBP and USD, weakness in comdolls
Energy stocks have been declining and that is pulling down the CAD
On my radar
I have been waiting for this counter trend move in EURUSD to fail, Last week we saw strong resistance at 1.08 and now this week we have broken below the up trending channel, I would consider shorting EURUSD on any failed rally.
Longer term I am looking for EURUSD to decline to 1.000 that is 680 pips below where we are now, if I can bank 500 of those pips I will be very happy
