FX Update
FX Update
I think if you squint you can see Bernanke’s middle finger on the spoos chart. Anyway, some interesting moves on the FX front – let’s dive right in:
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Charts and commentary below for anyone donning a secret decoder ring. If you are interested in becoming a Gold member then don’t waste time and sign up here. And if you are a Zero subscriber it includes access to all Gold posts, so you actually get double the bang for your buck.
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NZD/USD – seems to be holding its daily NLSL – at least that push above looks pretty encouraging on the hourly. I think being long here is not a bad setup and I would set my stop below the hourly NLSL at 0.802.
EUR/USD – busted higher along with equities, despite all the doom and gloom over the weekend. That daily NLSL also seems to be holding and the NLSLs on the hourly are a mile away. So we are talking buffer for the longs here to potentially stage a bit of a retracement. If it happens I would keep my eye on the hourly NLSLs (both, 1.4184 and 1.4167) and take long trades until they are breached to the downside. Going long right now is a bit late for my book, especially since my first target would be at 1.434.
Cheers,
Mole
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