An abundance of excellent comments was received last week in relation to analysis, trades, targets, profits, market, education and general commentary published over many years. My audience is eclectic and ranges from everyday retail and bank traders to portfolio managers, hedge funds, academics, central banks, currency analysts, governments, currency owners and partners, exporters, currency sales persons. The list is long, diverse and covers many nations within and across continents.
Typical is unique, excellent, many thank you’s, please continue. And this: Don’t underestimate all the work you’ve done and published over the years. It was solid information that was well thought out, unlike most of the noise out there.
I began as a one man band 18 years ago and remain the same solitary person today performing all the work by pen, calculator and stacks of note books. Topics were addressed as they hit markets from 2006/2008 trade by Charts, indicators, Ichimoku, OIS and interest rates in 2008 upon the market crash, 2012 Greek crisis, yields and yield spreads, EM currencies, money supplies, index creation. Topics are long, broad and well analyzed and researched for understanding, trader education and implications.
As the lightening bolt struck to economic announcements and central bank policy priced into market movements, work continues to streamline and factor day trades, weekly and long term to never watch screens, ease of trades and profits, multiple longs and shorts continuously, target to target trades.
Daily interest rate trades for example are now presented differently as trades run from target to target rather than an entry and exit for a few pips profit. Market prices are married to targets but also to target locations.
If I had my way, I would gladly publish my information to trades and profits but its impossible in today’s environment. If I had my way, I would start a conveyor belt to create profitable traders and as traders leave from profit satisfaction then new sets of trader to come on board. The conveyor belt never ends. And I would do it for practically nothing.
If I had my way, I would become your true currency analyst and again, for practically nothing. My ways are not in the cards so we continue the 18 year passion against continuing high energy levels to truly master the markets and prices.
Please accept my heartfelt thank you’s, my sincere gratitude, my overwhelming appreciation and God’s blessings to all friends, readers, subscribers and followers,
Thank you to the many unnamed persons at FXSTREET for your daily and long term service to traders around the world.
Last week’s focus was highlighted to the massive supports to EUR/USD, GBP/USD, NZD/USD and AUD/USD. As a result, all traded higher but as our pairs traded higher, more supports were built into the price.
EUR/USD supports for example are located at 1.0730, 1.0662 and 1.0556. Higher must cross 1.0766 then monster break at 1.0818. EUR/USD has every ability to challenge 1.0818 this week but not break, yet. Overall range is located from 1.0556, 1.0583 to 1.0818. EUR/USD 1.0500’s are solid across the board. I don’t see a move back to 1.0300’s and not anytime soon.
GBP/USD’s big break remains 1.2790 and a long way to break. GBP/USD like EUR has every chance to break 1.2790 but not this week. In the way is 1.2726. Above 1.2726 and 1.2790 opens the flood gates to a higher GBP/USD in the 1.3000’s to 1.3200’s.
GBP/USD like EUR/USD is solid at 1.2563 and 1.2463 and 1.2400’s across the board. Good target this week is 1.2708. Deeply oversold GBP/CHF and GBP/CAD complies to GBP/USD higher. GBP/NZD and GBP/AUD are in buy drop mode to further assist GBP/USD.
AUD/USD broke 0.7155 and traveled to 0.7166 and current AUD/USD trades above with next targets at 0.7198, 0.7219 then 0.7243. Below AUD/USD is solid at 0.7063 and 0.7043. AUD/USD higher is the result of the break lower at the 5 year average at high 0.7200’sand target achieved at 0.6800’s.
NZD/USD begins the week in a horrible position. Low 0.6400’s remains strong supports and 0.6577 holds as main break for higher to target low 0.6700’s. NZD/USD position reflects the same neutral yet horrible positions to GBP/NZD and EUR/NZD.
Recall EUR/NZD target at 1.6500’s from 1.5900 lows. Took a few weeks but mission accomplished. Watch NZD/USD this week at 1.6451 and supports across the board at 1.6300’s and 1.6200’s.
JPY Cross Pairs
JPY cross pairs short this week offers best trade opportunities beginning with GBP/JPY, EUR/JPY then CAD/JPY as the best 3 currency pairs. Note GBP/JPY closes over the past 4 weeks: 160.45, 159.79, 158.42, 160.99 and 161.27. Not much to JPY cross pairs except trading around ranges without significant breaks. WHY JPY cross pairs is to trade the wide and massive ranges as best trade profits.
No changes to USD/JPY and USD/CAD from Thursday’s post.
DXY sits on strong and solid supports at 101.00’s and 100’s and explains why EUR/USD will struggle to break 1.0800’s. DXY above must break 102.26, 102.94 then 103.23, below 101.62 then 100.81.
SPX ranges expanded from 700 points at 4800 to 4100’s to now 4800 to 3800 or 1000 points. Ranges now hold at 4016, 4063 to 4318. Each must break to target lower or higher prices.
WTI sits from 114’s above to 111’s below. Each must break to target lower or higher prices.
Overall markets this week trade normally, in ranges and without dramatic moves to break significant averages.