The US Dollar Index (DXY) bounced around 95 level as expected, but right now the move doesn’t look impulsive, so more downside is favored towards 94 level.
Trading strategy DXY
If you went long at 95.30 as suggested in the last analysis, I now suggest covering your profits or moving stop loss to break even. Look to buy lower.
Euro-US Dollar (EUR/USD)
In the last analysis, I suggested selling between 1.1500/75 against 1.1815. As expected, we got a bearish reaction at 1.1570 and have moved lower, but the move doesn’t look impulsive and we could do one more high towards 1.1600/50 before lower.
Trading strategy EUR/USD
If you went short at as suggested in the last analysis, I now suggest covering your profits or moving stop loss to break even. Look to sell higher.
British Pound US Dollar (GBP/USD)
In the last analysis, I suggested selling rallies between 1.26 and 1.27 against 1.2816. We broke the invalidation level at 1.2816 and now we have to look for another count. It looks likely that we a doing a flat and could go towards 1.33/35 area before lower.
Trading strategy GBP/USD
Buy against 1.2660 for a move up towards 1.33 or 1.35.
Canadian Dollar US Dollar
This pair has more downside potential. A break below January low (1.317) should be sold against January high (1.367) for a move towards 1.20 in the coming months ahead.
Trading strategy USD/CAD:
Sell at 1.3170
SL at 1.3670
TP1 at 1.20
TP2 at 1.05
New Zealand Dollar US Dollar
This pair could still go lower towards 0.65 level by doing a flat correction. But short term it looks bullish.
Trading strategy NZD/USD:
Buy against 0.6425 for a move higher, but be aware that this correction might still drag on for a bit.
Gold Spot US Dollar (XAU/USD)
XAUUSD has been moving sideways and it looks like we will see a pop above 1300 level before any bearish reaction.
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