Welcome to May. You know what to do. If you still want to trade though here are the news:
EURUSD – range trading between 1.37 and 1.39. Enjoy. Its trading around 1.3880 now…so you know what to do. In a tighter range it has been trading between 1.3780 and 1.39 for about three weeks now. If the NFP disappoints tomorrow then we expect to see it go up to 1.40. Otherwise down it goes. If you do want to be short EUR just like last week and the week before we suggest you sell it against the sterling. EURGBP is now around 0.82 and 80 points lower since we started telling you to sell it.
GBPUSD – talking about the sterling it is at the highest level since 2009 and has gone above 1.69 this morning. What are the chances that we will see Cable back at 2.0 any time soon and EURGBP at 0.70? As we all know once the sterling gets going one way or another it can’t be stopped. It is likely that we might see those figures again in the next few years. The NFP tomorrow is important as a good number will take it well bellow 1.69 again and it will be a false break. If you are long then the next realistic target could be 1.76 and if we break that we can see where we go from there.
USDJPY – I might talk about every pair and talk about it being in a range and its once again true regarding the dollar – yen. It went down to 102 on weak US GDP data and just like clockwork everyone bought the dip back up. If anything can move it out if this range it will be the NFP tomorrow.
AUDUSD – Another range? You don’t say. It is trading between 0.92 and 0.93 for a few weeks and between 0.92 and 0.945 for a month now. AUD once again ignores weakening Chinese data with PMI ticking slightly lower having limited impact as AUD squeezes through 0.9300. It is now bellow it again trading around 0.9275. Buy on dips and sell on rallies. Wait for NFP. Pretty much same as everything else. If you are interested in a range trading strategy our co-founder and partner Sachin Shah has developed an in house one which has been bringing everyone on our floor good profits. We are loving this range trading thing. Want to find out more? Contact me at email@example.com
USDCAD – In line Canadian GDP and much weaker US GDP yesterday did not have much impact on USDCAD, which remains sandwiched between 1.0945 and 1.0980. With no majaor data out today expect the pair to remain range bound. A break of 1.0940 could see a move towards 1.0920 and 1.0900 while a break of 1.0980 could trigger some momentum buying with 1.10 and 1.1020 next resistances. Oh yeah and did I tell you there is also the NFP tomorrow?
That is it. Have a good holiday if you are having one and if you are always trading and waiting for the US Open then good luck trading.
If you like volatility and want to trade volatility please contact firstname.lastname@example.org