To quote it from the "A-Team" movie, I like it when the plan comes together. It is great to be bearish at the right time. All the signs of weakness in FX and equity markets were there. We took our cue from it and are benefitting immensely. Shorts are still on.
GBPUSD: 4h H&S width is approximately 175 pip. From 1.58, minimum target is 1.5625. Short intraday bounce to 1.5734. Initial profit target is 1.5655/62 area. This swing low presents a strong support.
EURUSD: uptrendline is broken. Short any bounce to 1.3157 and 1.3167 in particular. The most obvious initial target is 1.3023/30
USDCAD: may fall to 0.9995 to test the broken downtrendline where longs can be established
AUDUSD: this gal is real weak. China signalling low growth (7.5%, low that is) means Ozzie and commodities will have a hard time. The pair is below the bull flag and the uptrendline. Short any bounce to 1.0595. Next target is 1.0450
GBPUSD: 4h H&S width is approximately 175 pip. From 1.58, minimum target is 1.5625. Short intraday bounce to 1.5734. Initial profit target is 1.5655/62 area. This swing low presents a strong support.
EURUSD: uptrendline is broken. Short any bounce to 1.3157 and 1.3167 in particular. The most obvious initial target is 1.3023/30
USDCAD: may fall to 0.9995 to test the broken downtrendline where longs can be established
AUDUSD: this gal is real weak. China signalling low growth (7.5%, low that is) means Ozzie and commodities will have a hard time. The pair is below the bull flag and the uptrendline. Short any bounce to 1.0595. Next target is 1.0450
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