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September 16th 2014 Hi all. It feels like we are waiting for the next move higher for the USD. If we look across the board the likes of USDJPY and USDCAD are now digesting their previous moves and may look to move higher in the coming sessions again. On the other hand the NZDUSD move lower is beginning to look a bit exhausted, however this market may not find much of a bid without a significant move in EURUSD and GBPUSD and I think both of those markets are likely waiting on the outcome of the Scottish referendum.
EURUSD – Looks to be trying to form a meaningful base here and we have not recently challenged 1.2850 in a number of days. Last week’s weekly candle is a hammer with the high’s at 1.2979. An hourly close above this level would be interesting.
GBPUSD – Quite correlated to EURUSD and it too put in a weekly hammer last week with the high at 1.6275. The problem here is that the Scottish referendum on Thursday looms large so actually I would favour avoiding this market
AUDUSD – Almost below 0.90 this morning after taking out 0.92 support and closing below. This market could easily be in the 0.88’s in the coming weeks. Any rally’s should now be well capped ahead of 0.92
USDJPY – Putting in a series of pivots and flags likely all the way to 110. Actually 110.23 is a previous level from 2008 and may form meaningful resistance.
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