Hopefully, you managed to catch Dean’s Weekly Forex Prep Video yesterday. If not, then click here and see the levels he is watching for the week. A bit of a slow start this morning and the FX markets appear to start the week off in a measured fashion.
Dean's Daily FX Update – 26 September 2016
In GBPUSD, there seems to be major support at 1.2865. This is where Dean would look to enter longs but will sit tight with all the Brexit chatter about. Little bit nervous for the time being. 1.2970 has held but not enough for Dean and will look at higher probability trades.
The AUDUSD, the market seems to have stalled in quite a tight range. Dean is going to trade this off the daily chart. He sees the market moving up a bit but would prefer to trade this one from the short side. May have to wait a day or two before looking at this one again.
The Kiwi (NZDUSD) looks be very oversold at these levels. There were a number of reasons for the sell-off with weak GDT numbers and dovish Bank of New Zealand comments. A few factors are giving Dean a reason to look for longs and this is one of his preferred options today. Stochastics are oversold, EMA’s are turning and the MACD is approaching the waterline.
Dean also likes the USDCAD from the short side. We had a big move in the Loonie on Friday evening and similar action playing out as above in terms of indicators. Keep an eye on this one.
The Yen (USDJPY) and Rand (USDZAR) are at tricky levels for Dean. He would prefer to sit these out until a little more clarity emerges as to the next move.
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