This week, we will probably start to see some weekly phase changes as the Dollar seasonal bullish period looks to come to an end. There might be that one final push before the change so be wary of your targets and entering any new trades.We are approaching that time of the year where other majors start fighting back and this week will give us more clarity on the moves to watch out for over the next few weeks.
On the trading floor we will be looking for:
- Dollar buy trades should buyers come in very quickly, keeping targets small. After this move, we will then look for a strong reversal confirmation to sell dollar.
- Selling Gold after a daily pullback.
- Buying JPY in the crosses. There is still room left for price to drop on some of these charts. My preference will be EURJPY, GBPJPY and CHFJPY over the other three pairs.
- Selling GBP in the crosses. Last week I mentioned about GBP crosses hitting resistance levels and we finally started to see these sell off at the back end of last week. I will look for intraday sell opportunities. Keep in mind the crucial Brexit votes taking place this week which will cause a lot of volatility in price.