Market was lead by GBP in a slow trading day as most US markets are closed
Last Thursday’s reversal in EURAUD found strong resistance at the 200 ma on the 1 hour chart. Friday’s high of 1.3900 will be my line in the sand stop for short term move lower
On the day, GBP was strong , Euro weak
What I am looking at
EURGBP has formed what could be a head and shoulder top, I have the neckline in the 0.8350 area, breaking that would clear way for a fall to 0.8000 and maybe lower.
If things continue to fall apart for the Trade Federation ( EU) we could see 2015 low’s tested
On the day NZD strong , GBP weak, but the moves were small and most currencies battled to a draw.
back and forth action has yesterdays weakest GBP today’s Strongest, with USD weakest
What I am watching
Here we have daily chart of AUDUSD, AUD been #1 on my S/W rankings for 13 days and has not been below #2 since January 10th, so this strength might be getting a bit long in the tooth. Chart below shows AUDUSD entering an area of very strong resistance above 0.7700 , a move lower from here is likely but will wait for a price action signal before jumping in
Here is my weekly review of the markets I follow
Stocks, Gold & Silver lead, as energy stocks weaken. Currencies consolidate
Aussie back on top, and good day for the USD. Consolidation continues as we have less than 2% separation between #1 and #8, that is a tight market
Big mover today was CAD to the down side
USD #1 first time since January 3rd
Here is my weekly look at the markets, Best trades remain outside of Forex
another slow day of trading, top strong/weak trade “short NZD/USD” has only moved 65 pips last two trading days
Nothing moving except NZD to the downside
My top Strong/Weak trade is short NZDUSD, since showing up as my top SW trade on March 2nd closing price this pair has given three more down days and is now up 108 pips, I would stay short this until price action tells us other wise
USD extends its lead over the rest of market
Top SW trade NZDUSD extends its losing steak which is a win if you follow my SW rankings and are short this pair
USD remains strong but it was the Euro with biggest daily move
Top S/W trade short NZDUSD extends its winning streak to 5 days
Euro is our strongest currency for the first time since Feb 9th of 2016, this is a counter trend move but it has a lot of short term upside room without violating it’s long term down trend
NZDUSD ends its run as top trade with a gain of 140 pips, maybe after little pull back and we can get back in this one,
New top SW trade EURNZD has already put in a big move higher, it did top the 200 dma, so if it holds above 1.5250 I would stay long, just note the long term trend is still down on most Euro trades
Here is my weekly review of the markets I follow, NFP beats, Bitcoin ETF rejected, Oil breaks support, interest rate hike likely this coming week, a lot of outside forces driving this market
not much movement today with GBP strong and Euro weakest on the day, Euro still held on to it’s top ranking and I see today as nothing but a small pullback of an extended move.
Top S/W trade EURNZD is was down 32 pips on the day
