Poor Retail Sales numbers out of the US on Friday took the wind out of the sails and the recovery of USD. The numbers came in flat against the expectation of a small rise which caught many traders on the hop. Let’s see what Dean believes is in store for this week’s Forex action.
Dean's Daily FX Update – 15 August 2016
In the EURUSD, there are some big levels of resistance just above where we are trading now and some MA’s (moving averages) that we are currently sitting between so a little in “no-mans” land for Dean to be involved at these levels.
As you know from following these FX updates, Dean is not that keen on trading GBPUSD post Brexit. If you are keen on trading this forex pair, he feels that any rallies up to the 1.30 level could be seen as shorting opportunities.
In the AUDUSD, it looks like previous resistance looks like it is becoming support. Dean believes using an extension on the Fib could be a selling opportunity around 0.7750 while a drop to around 0.7535 could be viewed as a buying opportunity.
The NZDUSD is looking more interesting at the moment. We have bounced off the 61.8 Fib number on the intraday chart and may see some resistance around 0.7235 where we have a number of previous tops in place.
Big moves higher in the oil price have been giving a lot of support to USDCAD and causing it to strengthen against the dollar. Looks like it is targeting an old support line and will wait to see how it reacts at these levels.
The last forex pair to be evaluated is the USDZAR. Dean has placed a new support line at 13.20 to see how the pair reacts at this level. A week to be patient and wait for opportunities! Don’t try and force the trade … wait for it to come to you.
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