MXN, MYR, PHP, TRY, CNY V USD and EUR

USD/MXN. At current lifetime highs as is BRL. Banxico Mexico just raised rates as Carstens outlines an uncertain economic situation moving forward particularly Inflation. USD/MXN from current 18.13 is way way overbought, next points 17.56 and 17.87. EUR/MXN from current 20.00, next vitals 19.13 and 19.71, currently overbought.

USD/MYR. From current 4.2169, next points 4.2827 and 4.2221. Bank Negara is currently revamping its overnight rate in line with most central banks around the world. EUR/MYR from current 4.6500, next 4.6618, 4.6550, big point break 4.4621.

USD/PHP. From current 47.63, next 47.37, 47.35. Big point break below 45.95. EUR/PHP from current 52.53, next 52.22 and 51.57, big point break above 55.87. Current price is well balanced.

USD/TRY. From current 2.9244, next 2.9405 and 2.9409. EUR/TRY from current 3.2248, next 3.2015 and 3.2429. Both paisra are severely overbought by something in the vicinity of 500 – 1000 pips literally. TRY has severe problems.

USD/CNY. From current 6.5317, next 6.4897 and 6.4975, big point break 6.2720. EUR/CNY. From current 7.2026, next points 7.0661 and 7.1649. EUR/CNY is currently way oversold both intraday and long term.

Brian Twomey, Inside the Currency Market, btwomey.com

ILS, IDR, BRL, HRK, BGN V USD and EUR

Bulgarian Lev, Overnight rates LEONIA currently trade negative 0.08 while main money market rates SOFIBID and SIFIBOR also trade negative at minus 0.297 and minus 0.040. Money markets contain a full 26 BPS spread, 5 BPS from LEONIA to SOFIBOR and 22 BPS from LEONIA to SIFIBID.

USD/BGN. From current 1.7736, vital point breaks are located at 1.7740 and 1.7969. Long term USD/BGN is overbought. EUR/BGN from Current 1.9558 sits dead on support at 1.9558.

USD/BRL. From current 3.9473 trades at lifetime highs and is wildly overbought as has been the case for many years. Intraday USD/BRL is oversold. Next vital points 3.9218, 3.9186. EUR/BRL from current 4.3527 next vital points 4.2669 and 4.3245. A giant move is in the works for EUR/BRL as pure noise is located in current prices.

USD/HRK. Croatia Kuna. Current money market rates trade 0.30 – -0.28 on heavy volume. Fitch, Noody’s and S&P’s downgraded Croatia foreign and domestic currencies on Negative watch list at BB ratings. USD/HRK from current 6.9121, next vital points 7.0167 and 6.9189. Currently, overbought. EUR/HRK from current 7.6220, next vital points 7.6371 and 7.6276.

USD/IDR. From current 13410.50 and overbought, next 13748.97 and 13633.49. EUR/IDR from current 14767.76, next points 14967.07 and 15033.08.

USD/ILS. From current 3.9008, next vitals 3.9071 and 3.9030. The Shekel sits comfortable above 3.7119. A big move is in the works for ILS as its current price is pure noise. EUR/ILS from current 4.3015, next 4.2536 and 4.3037 and above 4.7393.

Brian Twomey, Inside the Currency Market, btwomey.com

GBP/USD: Levels, Ranges, Targets

GBP/USD. To consider longs on any sustained basis, 1.4551 must break. Price rises are corrections.

GBP/USD. Bottoms. 1.3891, 1.3856. Range points today only, 1.3838, 1.3823, 1.3745 V 1.4013, 1.4029. Break of 1.3745 targets next range 1.3653 while break 1.4029 targets 1.4109. Overbought sell point None. GBP like AUD and NZD contains serious deficiencies in the curves. GBP is oversold yet this curve is a mess. How about today’s range is 7 pips to offer example of misalignment GBP.
Significant supports are built in at 1.3891, 1.3892 and throughout 1.3800’s at 1.3886, 1.3882, 1.3873.
For GBP, must trade the ranges and caution. I don’t have much more to say about a GBP daily trade, longer term, its going lower but significant supports exists. GBP as well is misaligned to its own pairs like negative GBP/CAD and significant correlation tops in GBP/USD Vs GBP/JPY, GBP/CHF, GBP/NZD and GBP/AUD. Until I view the longer term mechanics in GBP prices, I don’t have much to say. What still offers a clearer picture is EUR and EUR pairs.

Brian Twomey, Inside the Currency Market, btwomey.com