Rankings: EUR/USD, NZD/USD, AUD/USD, USD/CAD, EUR/AUD, AUD/JPY, CAD/JPY, NZD/JPY, EUR/JPY, AUD/CHF, NZD/CHF, EUR/NZD.
Week 2, USD Vs Non USD drives markets followed again by 2nd wave JPY cross pairs.
No changes since last week except dead markets.
Questionable to EUR/USD as 1st position due to severe range problems. The story for all FX pairs to include USD/EM is severely compressed ranges. Currency prices desperately require ranges and spaces to trade but its not available.
Best pairs next week: AUD/USD, NZD/USD, USD/CAD and EUR/AUD. For USD/EM potential includes USD/BRL, USD/HUF and USD/TRY. Watch USD/TRY 8.3839 to move higher. vast majority of USD/EM are oversold however current prices trade at vital high/ low points. USD/EM could easily fly either way.
The outcast is USD/BRL as longs should easily hold for next week. USD/BRL is a great currency pair in line with PLN,
Unless a decent price move is seen today, we could face a dead and dull markets next week and more dull than normal.
Must be those Fed speakers or maybe yields. Just kidding. Most to what’s written and recommended today can’t be taken seriously.
USD/JPY is oversold but range problems prevail. Shorts anywhere in the 110.55 vicinity. USD/CAD is overbought but not to any degree of excitement.
GBP/USD, GBP/JPY, GBP/CHF, GBP/AUD, GBP/CAD, GBP/NZD.
GBP/USD same story as last week, range problems yet oversold enough to earn longs for 1st position. GBP/CHF also same story as range problems persist while mid range GBP/JPY follows its GBP partners.
GBP/AUD could fly much higher or lower but overbought EUR/AUD will drive GBP/AUD and explains EUR/AUD at the top of ranks and GBP/AUD mid range.
Best and easiest trades: GBP/USD, GBP/CHF and GBP/JPY.
GBP requires a significant move to change current rankings. W want GBP/AUD higher.
EUR/NZD Vs GBP/NZD. Nothing special here for next week.
DXY Vs S&P’s
DXY vs SPX As Written Yesterday
SPX500 Actual Top, 4495.70, Me 4518.68
Bottom Actual 4469.20, Me 4473.70
DXY Actual Top 93.07, Me 93.30
Bottom Actual 92.82, Me 92.36
DXY Range 25 pips
SPX500 Range today, 26 points
Wasn’t today Jackson Hole And Fed Speakers
Yet markets did nothing, 26 pips
S&P’s traded 4 points more than 22 point range while DXY at 47 traded 25 pips.
Currencies remain the only game in town to trade and earn revenue.