- We saw some volatility on Friday following tariff announcements and sellers came in strongly.
- A daily low has now been formed and price closed below the daily trendline.
- Look for ways to sell dollar this week but keep in mind that these moves are knee jerk reactions to news. Whether it is a full-on change in sentiment remains to be seen so keep trade targets realistic.
- Buyers kept on pushing price higher, breaking the previous daily high.
- Look for buy setup should price stay above 1.2210.
- A move below this level will tilt the bias in favour of sellers.
- The Loonie is starting to look very interesting.
- Still in a Weekly Phase 2 and trapped between the Monthly R2 pivot and Yearly pivot, a break above and price could reach the long term trendline. Any sell trades should initially target the yearly pivot.
- A clean break of the yearly pivot would open up to more selling.
- The watchlist below is based on risk off sentiment to continue this week.
- Looking to buy EURUSD, EURAUD.
- Short on USDJPY & USDCHF.
- Buying GBPCAD, GBPAUD, GBPNZD
- Buy Gold.
- Selling JPY Crosses.
- Sell AUDCHF, NZDCHF, CADCHF