SG: EURUSD: Not much to add to yesterday’s scenario, as market nicely drifted to 1.1020 after breaking the 1.1050 pivot, and before mean reverting inside the range following poor consumer confidence figures. We do respect the key support at 1.1020 for now as we do not know precisely when some US$ strength will come back into play again. So for the time being, we’re stuck range-playing the 1.1020/1.1080, with another 30-40 pips to capture either way. Our intraday strategy will consist of buying the dips at 1.1020 or sell the 1.1080. Alternate strategies for the quick ones will be to play the breakthroughs either way for very short-term momentum playing (20-30 pips to capture)
GBPUSD: UK GDP came out as expected giving hence no reason to the pair to get out of its consolidation pattern. Levels remain unchanged with 1.5650 on the upside (stops are increasing above) and 1.5450 on the downside. Let’s continue playing the range for the time being until a clear break of the aforementioned levels. As expected yesterday, the bearish trend in EURGBP resumed pretty quickly after the unexpected run towards 0.7160. The cross remains offered but we need 0.7050 to be cleared to see another leg on the downside. We are currently squared, looking to sell around 0.7100-10 area with a stop above 0.7150. A first intermediate target is 0.7050 and then 0.6980
USDJPY: The bearish trend line coming from July 21st has worked pretty well for the last couple of days. USDJPY tested it yesterday around 123.80 before a 50 pips collapse during NY session. Since then the pair recovered but rebounds are limited and worth a play –until FOMC tonight – to sell ahead of that resistance (now around 123.75) with a first intraday target at 123.20.
AUDUSD: reached the level we were expecting to sell the pair comfortably. We are currently short around 0.7350 and look for a move at least towards to 0.7250-75. Our stop is located above 0.7375
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