Most important event this week is Time changes in Europe, UK and Switzerland. Time across major nations is broken into March – September and September – March. What changes is 1 hour. So Fix times in American markets go from 8:30 to 9:30 and from 11:00 am to 12:00 noon for the UK. The US remains 12:30. japan goes to 8:50 pm. Canada changed with the US March 13th so Noon day fixings remain the same. CHF I believe goes to 12:00 Noon as well.
EUR/USD Larger range is found 1.1107 – 1.1218. Bottom 1.1107. Shortest term ranges, 1.1179, 1.1265 then below 1.1145, 1.1060, 1.0939 and 1.0861. What’s special about 1.1218 is next above targets becomes 1.1223 and 1.1290. Most important is 1.1290 because then flood gates open for EUR/USD to go far higher. Pip ranges 23 pips.
Strategy is short to first target 1.1135 then 1.1107 and eventual target 1.1061 range point. Big lines above 1.1178, 1.1201 then above falling lines at 1.1413.
NZD/USD. Bottom. 0.6654. Ranges above 0.6770 and 0.6811 then below 0.6605 and 0.6565. Most important points above 0.6695 and 0.6717 because then flood gates open to 0.6800’s. New Zealand 10 year yield is mis aligned, its price should be much lower than current 3.06. The strategy is short to target 06671 then 0.6654 and eventual range bottom at 0.6605.
Brian Twomey, Inside the Currency Market, btwomey.com