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October 21st 2014. Good morning, I scalped NZDUSD overnight and added another 1% after Chinese data. Also based on the moves in Kiwi and many of the dollars pairs across the board I’ve just literally bought EURUSD, again as a scalping trade. I’ve got a number of Gold positions open right now too and the medium term correction in overstretched Dollar pairs continues.
EURUSD – My bias is to buy and I have done so this morning. Look of a break of last week’s high and a continuation into the 1.30’s in the weeks to come.
USDCAD – It’s been relatively quiet but the 1.11 handle should provide some medium term support and may represent another chance to add to a position trade executed in the 1.06’s back in July.
NZDUSD – Chinese data provided the means with which to break back into the 80’s overnight though we are back below right now. I would likely be looking to buy again except I’ve bought EURUSD instead and since they are so correlated there is no point in having both.
USDCHF – Inversely correlated to EURUSD so as we see weekly EURUSD technical studies show the market move out of oversold territory we see USDCHF move out of overbought territory. Watch for weekly lower lows.
USDRUB – This one is tricky. A corporate default may come out of nowhere and oil prices and punishing the Russians too.
Frau Merkel seems to be softening her stance. Any political agreement over sanctions may offer us a weekly lower low and an opportunity to sell into a market that has almost gone parabolic higher. Be careful here obviously because the trend is strongly higher and just selling blindly into this is like standing in front of a train. We must wait for at least RSI and the Candles to tell us it is a good bet along with a less harsh political situation.
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