Forex moves still largely based around the USD but the dynamics may be changing with BOE and ECB set to raise rates!!
Currency action still largely based around the USD which may have run into a resistance/offer zone after the Fed dampened expectations for aggressive rate rises. The ECB and BOE are also set to follow suit and raise rates which will see currency pairs adjust accordingly as the interest rate differentials narrow (difference in yield for each currency)…especially after the US Fed Reserve is now expected raise rates slower than initially thought. USDJPY could be a great trade in the making as there is potential for divergence and a major corrective move lower. I think the long is very extended so bulls will all have to rush to the exit at the same time…and it will get a very crowded exit if the Bank Of Japan finally intervenes. New to the list in the Members Area is GBPAUD and EURAUD.
On Watch – AUDCAD, AUDJPY, AUDUSD, EURAUD, EURUSD, GBPAUD, GBPUSD, USDJPY and the USD Index.
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