Forex Plays

Judging by the participation in the comment section you guys aren’t amused by today’s tape and I can’t really blame you. So let’s mosey over to the Forex side as it’s looking a lot more tantalizing.

The Dollar is taking it on the chin today and the DX is now back at the 100-hour SMA. That’s actually rather healthy as I prefer it see take a breather and shake out some weak hands as opposed to snapping higher and painting a blow off top. Let’s see what happens here – a close today below the daily NLSL could lead to more downside – however, I would watch the 100-hour, if it holds this may be contained. Next support zone is near 82.13.

I’m short the EUR/USD right now just before its daily NLBL. That is an excellent entry until it clears that 100-hour SMA. Not averse to flipping if being stopped out. It’s been an extended sell off for this pair and if it manages to finally clear a daily NLBL we could see a little jump higher shedding some of the fat.

AUD/USD – very nice formation here and also consider that juicy Bollinger compression on the daily. I want to be long above that NLBL with a stop below today’s lows.

Finally AUD/JPY – this is an hourly play on a breach above the current NLBL. If it does then we could see an extended squeeze here, which would not be out of the norm for a currency pair. Many top callers here and although I’m only going to drop 1/2R into this it may pay off well if it catches some traction.

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Cheers,