September 12th 2014 – Good morning. The mood music continues to be about Dollar strength across the board. Also it may be worth noting that the polls are swinging back and forth in Scotland with the latest showing a majority in favour of keeping the Union however it’s too tight to call.
USDCAD continues to perform well and should we finish above 1.10 this week I forecast further upside in the weeks to come and will likely remain long.
AUDUSD has definitively broken out of its range and has weakened substantially this week. I have said all along that key resistance was at 0.9504 and on a break below key support of 0.92 watch for a continuation lower towards 0.88. We are on our way. Key resistance now becomes 0.92.
EURUSD I’ve sold this market short this morning as a scalping trade but we must be very mindful of how oversold we now are and I do foresee a correction in the sessions to come. The weekly lower top now comes in all the way higher at 1.3680!
Have a good weekend.
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