The USD managed to regain some poise and there was a flattening out against a number of FX pairs.
Dean's Daily FX Update – 11 August 2016
In the EURUSD, Dean is seeing that the dollar is starting to wrestle back some of the initiative. It turned yesterday at previous resistance and stochastics looking overbought, MACD approaching the waterline and some interesting price action and could be setting up for a short trade.
AUDUSD seems to have topped out a bit of late and if the USD does start to get some grip on things then the commodity currencies like the Aussie, Kiwi, Loonie and ZAR could come under some pressure. In the AUDUSD there is some divergence forming and one of Dean’s favourite Forex trading strategies.
Despite a bounce in the NZDUSD after their rate decision to cut interest rates by 0.25%, Dean believes this could be short lived and still eyeing shorts in this pair. MACD nearly at the waterline and watching for reasons to enter the trade.
In the USDCAD, we got the expected bounce off the 61.8 Fibonacci level and just consolidating at the 50% level.
In the USDJPY, at a level of supported and if the dollar does stage a recovery, then worth keeping an eye on things. Looking oversold at these levels. May be a leading indicator of strength across other pairs.
The rand has been a very strongly performing currency in the last few weeks. Dean expecting a bit of a bounce over the course of the next week.
High Risk Investment Warning: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could sustain a loss in excess of your deposited funds and therefore, you should not speculate with capital that you cannot afford to lose. Before deciding to trade the products offered by BlackStone Futures you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. BlackStone Futures provides general advice that does not take into account your objectives, financial situation or needs. The content of this Website must not be construed as personal advice. BlackStone Futures recommends you seek advice from a separate financial advisor. Please take the time to read our Risk Disclosure Notice.
