I had blogged a few times already about anticipating some Dollar weakness. I expect the week to continue the moves that we saw on Thursday / Friday.
There is a good technical case to be made for most of the USD pairs, whether you're using trendlines and viewing the fakeout of the daily trendline on USDJPY, or using moving averages supporting NZDUSD, or Fibonacci levels in the EURUSD, there are just too many signals pointing to further bearishness in the USD.
The confluence of these signals across many pairs give the bias that much more conviction.
I'm out of all of my positions in the contest, but will be looking to re enter the exact same trades again, USD/NOK, & EURUSD. I also like the USDCHF quite a bit but with the heavy correlation it is essentially the same trade as EURUSD.
I'm not looking at many crosses at this point. But GBPCAD I'm still expecting one big leg down. EURAUD is also at interesting levels as it has completed the daily H&S that has been in play for many months now.
There is a good technical case to be made for most of the USD pairs, whether you're using trendlines and viewing the fakeout of the daily trendline on USDJPY, or using moving averages supporting NZDUSD, or Fibonacci levels in the EURUSD, there are just too many signals pointing to further bearishness in the USD.
The confluence of these signals across many pairs give the bias that much more conviction.
I'm out of all of my positions in the contest, but will be looking to re enter the exact same trades again, USD/NOK, & EURUSD. I also like the USDCHF quite a bit but with the heavy correlation it is essentially the same trade as EURUSD.
I'm not looking at many crosses at this point. But GBPCAD I'm still expecting one big leg down. EURAUD is also at interesting levels as it has completed the daily H&S that has been in play for many months now.
