BofAML’s technical strategist, MacNeil Curry, remains bullish and long the US$ but advocates caution for a potential correction against JPY and EUR in the near term aiming to use such a corrective move to position for a larger US$ bull trend. MacNeil sees EUR$ potentially retracing to 1.3445 zone with GBP$ potentially correcting to 1.6772/1.6852. Pullbacks in $JPY should be limited to 103.00 and coincides with significant off-shore interest levels. As an aside MacNeil notes that the US$ also looks set to rally against the Mexican Peso. While $/MXN could see a deeper probe of 13.0163/12.8818 support, this should be a significant base before the pair turns sharply higher for the 13.6072 Jan’14 highs, potentially 13.8319 and extensively beyond.
Talk of USDCAD stops thru 1.1030, cable stops 1.6610….and japanese demand for AUDJPY