AUD/USD
FROM HERE: Looking very bearish, sell at resistance below to target below 0.7560 (timing unsure)
BUT: major resistance is at 0.7730-40 area . Ideal level to go short with tight stops.
COMMENT: Probably won’t mention “retracement” until 0.7740 breaks on top. Looking very bearish indeed.
USD/JPY
FROM HERE: play the range 120.45 to 122.00 with upside bias.
BUT: square up and re-assess if the range is broken. How and when it is broken will help with direction and strength of next move.
COMMENT: at this point, looks like the pair is creeping up ever so slowly to make new year’s highs.
EUR/USD
FROM HERE: sell around 1.0490 to target 1.0330 then 1.0200 (may happen this week)
BUT: square up and re-assess if 1.0520 breaks on upside because not sure to short at this level or reverse at this point
COMMENT: Looking very bearish and on track to attend the ‘parity party’
GBP/USD
FROM HERE: remain short and sell around 1.4800 to target 1.4700 and lower
BUT: square all position and re-assess if 1.4850 breaks. Possibly reverse and go long but need see how it is broken first.
COMMENT: Wouldn’t want to guess where the bottom is for GBP/USD. Trail your stops to lock in profits.
