Dean sees most of the pairs trading between our ranges that we put in place yesterday. It will be interesting to see how the GBP pairs react after their PM, Teresa May said she would trigger Article 50 before March 2017.
Dean's Daily FX Update – 03 October 2016
In the EURUSD, we are seeing a very tight range forming. Not much happening on the price action front but if we look on the stochastics we are starting to get to an overbought position. Our MA’s are starting to turn and Dean will be looking for a downward reversal. Dean is a bit hesitant because of the very tight Bollinger bands in this FX pair.
The GBPUSD is looking quite oversold at this point in time. The stochastics are oversold but there seems to be very little volatility as indicated by the MACD. Dean would prefer to be short this pair but from around 1.3057. For longs he would need to see it get down to 1.28- 1.2865 before considering his next move.
The AUDUSD is on Dean’s radar. His levels are between 0.7650 and 0.77. On the daily chart, the forex pair seems to be heavily overbought. Still feels there is a bit of room on the top side before he will be looking for a short trade.
Very frustratingly, the NZDUSD, USDCAD and the USDJPY seem to giving Dean conflicting stories and so he will likely be sitting out for now. There is no point in forcing a trade if nothing setting up.
Good luck for the week ahead!
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.
