Dean grappling with a great deal of news flow all around the World and has forgotten one of his golden rules … trade what is in front of you!
Dean's Daily FX Update – 10 August 2016
It seems the bounce in the EURUSD may be running out of some steam. The Price Action, Stochastics and Fibonacci levels would suggest that this move may be completing and Dean is starting to look at short positions.
Still staying out of the GBPUSD Forex pair. There has been some consolidation after the Bank of England decision last week but still no level of comfort trading this market.
The AUDUSD has been on a bit of a tear. Really pushing upwards and Dean has been looking at getting short of this for some time. Has not quite turned but looking for signs.
The NZDUSD, is where Dean is looking today. A bit fearful of the rate decision early tomorrow morning but all indications are that they may cut rates and weaken the currency. Previous tops and levels of resistance all in play.
Support in the USDJPY starting to come into play and Dean looking for a turn in the USDZAR.
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