24-Hour FX Targets

[Dave Floyd]

EUR/USD - we continue to see, from a short-term perspective, a move through 1.3200 towards the 1.3228 & 1.3300 level. Based on the 60-min chart, we are in wave 3 of 5 waves up so a pull-back towards 1.3160-75 cannot be ruled out, thus completing wave 4

GBP/USD - sterling continues to de-couple from the overall direction of DXC - this makes it diffiicult for us to get too interested in trading GBP/USD currently. Based on a very basic view of the charts, 1.9255 is the more likely target than anything on the upside.

USD/JPY - a break back below the 117.22 level (bull trend-line from the 5/17/06 low) would set in motion more downward momentum and push prices towards the 116.65 level

Launch FX Research

Dave

EUR/USD simply will not break to the upside, despite the move lower in the dollar. Luckily, USD/JPY played out as we had expected.

GBP/USD - still a pair that is trading a bit odd.

Dave

 

[Crap Buddist]

EUR/USD simply will not break to the upside, despite the move lower in the dollar. Luckily, USD/JPY played out as we had expected.

GBP/USD - still a pair that is trading a bit odd.
Dave

This is from my FX Analyst, "Well, still closing above 310 at this stage last couple o days. so its closing higher. Will update tomorrow." ~ CB.

 

[Dave Floyd]

GBP/JPY - set to trade lower?

An aggressive trade, but one that has technical merit. Stops just above the 232.21 high. See chart.

Dave

 

[Dave Floyd]

An aggressive trade, but one that has technical merit. Stops just above the 232.21 high. See chart.

Dave

Some decent follow-through lower thus far

Dave

 

[Dave Floyd]

Short-Term Reversal Levels (STRL's)

As noted in a previous posting, I was away on business/pleasure for the last 3 weeks in Europe and the Middle East - so, my postings for the STRL's will resume effective today.

I will post these perhaps 2 times per week, yet they are levels that are calculated each day.

I added NZD/USD to the line-up as well. These levels are valid through 4/16 at 21:00 GMT

STRL's

Regards,

Dave

 

[Dave Floyd]

STRL's

As noted in a previous posting, I was away on business/pleasure for the last 3 weeks in Europe and the Middle East - so, my postings for the STRL's will resume effective today.

I will post these perhaps 2 times per week, yet they are levels that are calculated each day.

I added NZD/USD to the line-up as well. These levels are valid through 4/16 at 21:00 GMT

STRL's

Regards,

Dave

Correct link to
STRL's

 

[Dave Floyd]

STRL Follow-Up

Correct link to
STRL's

short video clip with tips on how to use the STRL's in your trading.

Dave

 

[Dave Floyd]

EUR/NOK - interesting short

EUR/NOK - from a longer-term perspective (several weeks) is an interesting short. While from a technical standpoint it is a bit extended to the downside, it is nothing that is too serious. Where this cross makes for an interesting story is from the macro viewpoint.

Given the markets focus on interest rate differentials (i.e. carry), NOK is poised to offer a better yield relative to EUR in the weeks ahead. With rates currently at 4% and the central bank (Norges Bank) ready to hike in 25 bp intervals, rates at 5% by year end are not out of the question.

Higher oil prices will also benefit NOK as Norway is the world's third largest oil exporter.

So while the charts currently are somewhat neutral to modestly EUR bullish, this is a cross we need to monitor for shorting opportunities.

Target price: 8.03 & 7.92

 

[Dave Floyd]

Chf/sek

Yesterday we cited some macro reasons to be bearish on CHF/SEK - mainly due to widening interest rate differentials. The chart below highlights some technical attributes as well.

We would probably want to see a break below 5.6128 before we were inclined to short CHF/SEK - stay tuned for updates.

Dave