EUR/USD in the 1.1830’s is located in a horrible location as must break for higher is located at 1.1869., above targets easily 1.1923 and 1.1932. Not only is 1.1869 a big hurdle today but day trades must break 1.1862 before consideration of 1.1869. Day trade highs today are located at 1.1892 and 1.1884. As usual, a bank is slated to send readers down the road of losses.
Today’s 1.1847 to 1.1854 is crucial to EUR/USD as 1.1851 and 1.1854 is also located in the reversal zone and could see EUR/USD trade much lower. Bottom levels are located at 1.1787 and 1.1772.
Heed the Sunday warning, this week as well as last week are tough markets due to price positions and trade selection was imperative. Much easier trades exist than fight with an uncertain EUR/IUSD. The same story applies to AUD/USD.
NZD/USD short as written Sunday for the week’s best trade already traveled 62 pips lower and the trade was a breeze with guaranteed profits.
GBP/NZD as first position rankings for GBP currencies traveled 97 pips higher to 1.9447. GBP/NZD is in long drop mode to target easily 1.9520 then 1.9535. GBP/NZD trades much higher when NZD/USD breaks below 0.7061.
GBP/USD at 1.3756 is oversold and faces a brick wall at 1.3825 to trade higher.
USD/JPY as written Sunday targets 110.34 and 110.41 then short to target 109.89. USD/JPY highs traded to 110.43 and now traded lows at 110.13. Longs traded 76 up and 30 pips down and totals 106 pips. Hopefully all are running at least 80 and 90 pips and much more when 109.89 trades.
Watch USD/JPY 109.64 to trade lower and 109.64 coincides to EUR/USD at 1.1869.
EUR/GBP as written Sunday long 0.8530 and 0.8538 to target 0.8573.The entry price never traded yet highs achieved target at 0.8573. Highs for the week traded 0.8612. Impossible to trade a currency or any market price if entry fails to trade. Only option is no trade available.
USD/CAD is overbought and shorts are the only way forward. USD/CAD is the best trade available for all G28 currencies to target easily 12625 and 1.2609. CAD/CHF and CAD/JPY sits oversold. CAD/CHF is the wild card to the CAD cross pair complex as it doesn’t know to attach to CAD/JPY or USD/CAD.
This is partly what tough markets mean. Better markets exist when price and cross pairs are in agreement. Off kilter throws markets way off the correct price path. Trade selection becomes crucial.
EUR/AUD and GBP/AUD, not much happening here today. Not much was happening Sunday. Both were last or near the end on the weekly rankings.
USD/CHF sits at richter scale overbought. Best to trade USD/CAD short.
Watch CHF/JPY at 119.88. Lower assist USD/JPY to achieve target.
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