Quiet start to the FX trading week by Sean Lee

The USD is King again and all us non-believers have been sent scurrying for cover yet again. No point in trying to fight the tide for now.

The EUR continues to look the most vulnerable to steep losses and technical targets near 1.2050 in EUR/USD look achievable. Resistance will be firm now ahead of 1.2700.
The market tried to buy cable ahead of 1.6000 according to PB positioning reports but these positions were targeted in thin Friday trade. I am still prepared to buy dips in this pair but we could well see levels near 1.57 this week.
USD/JPY proved the dip-buyers right yet again but there is strong long-term technical resistance to overcome between 110.50/111.00.
The AUD/USD has made fresh lows below .8660 but trade should be subdued ahead of the RBA tomorrow.

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