Here’s to Thursday!

kevinmhughes

The last couple days in the FX have been eventful.  The $USDX has been beaten like a red headed step child with the $JPY waiting in the other bedroom for its turn.  In my opinion, the pairs are taking a breather before their next move.  They are at levels that will dictate the rest of the summer, in any direction.  The $EURUSD on the 30 minute chart (for NY trading) has had a nice 100 pip run which occurred during London.  Based on the chart, I believe we will retrace to the 1.2345 level.  If that level holds, I believe we’ll bounce up and blow through the 1.2400 level onto the 1.2500 level.

$EURJPY is also at a critical level (113.00).  If I were a swing trader, I wouldn’t touch this until it breaks above 113.50 or below 112.50.  It’s a tell tale for the equities.  Based on some of the price action, I do believe we will head higher with this pair…  But then again, wait for some confirmations before making a decision.

$AUDUSD is above it’s critical level.  We may see the .8800 level on this pair which in turn will have $CL_F making another run to the upside.

Watch your stops.  IF $EURJPY is going to break to the downside, so will these other pairs I just spoke about.

Have a great day!!


The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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