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
Down day for NZD and USD , rest of the market near even for the day
Big up day for all Yen pairs, lead by CAD with AUD and USD close behind
Here is the correct rank order
Here is my weekly market review video
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As expected Euro has over taken USD for the #8 spot, so I hope everyone is short Euro
Follow up to my Feb 7th post
EURUSD has moved away from the 6 week old price channel and is clearly moving lower. as long as we stay below that 34 dma I will be looking for short entries, I would like to see first some fresh new lows in the sub 1.0400 area, if we clear that then 1.000 comes into play
Short EURAUD might be something to look at too
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Strong up day for US dollar
Good day for NZD and AUD, weakness in GBP and USD
The play remains shorting EURAUD, down 10 of the last 11 trading days
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AUD run might be over for the short term
Reversal in EURAUD, I will be watching for this counter trend move to fail and get short
Market review video, short term reversal in Aussie, I still like Euro to go lower. US stocks remain the hot market
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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
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