Weekly Trade Preview: All Eyes on the RBA by Dane Williams

EUR/USD Daily
eu
– Strong daily down trend.
– Retested previous support as resistance last week and nothing to change the bearish view on the charts.
- Still see the chance of some post-QE profit taking and a squeeze back up above pre-news levels in the short term, but rather sell rallies.

GBP/USD Daily
gu
– Still possibly putting in a bit of a bottom down in this support zone.
– Alternatively, sitting at channel resistance and this is what I’d favour in the downtrend we’re in.
- Sell weakness until it’s strength.

AUD/USD Daily
au
– Chart has fallen ridiculously
– All about the RBA on Tuesday.
- Take a punt on whether you think they’ll cut or not and what you think hasn’t been priced in around your view.
- My pre-RBA AUD/USD thoughts here.

USD/JPY Daily
uj
– Short term range in the dotted zone still juicy.
– But remember, not trading this pair due to lack of trust in the BOJ so my opinion on the Yen is void.

Summing it up, How can you buy any of the majors when you look at those charts…? USD strength is all over the market and any technical weakness and every single pair is just punished relentlessly over and over.

Play it while it’s there.

Dane Williams – @danewilliamsau

 

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