After breaching the $100 level, DXY is still remaining strong today. Price action on major USD pairs has been considerably volatile since the Asian session last night and futures market this morning. Here are some USD pairs to watch this week as the world remains in uncertainty around geopolitical events and hawkish stances around monetary policy.
This pair continues to move higher as higher highs and lows are made the 1D timeframe. A couple levels of support could help keep price running higher should price touch down to the 0.93720s. Although the dollar looks overbought right now, it doesn't look like the momentum is ceasing. This strong move to the upside could continue throughout the week.
COT: Institutions are increasing both their long and short positions on the USD. However, the number of short contracts on the Franc have jumped from the previous week while the number of long contracts are shrinking.
EURUSD largely moves close to the performance of the US and UK equities markets. When stocks are bullish, so is EU and vice versa. Now, stocks have been down for the most part in regard to the rising interest rate, record inflation, higher bond yields, etc. investors are less attracted to the riskier Euro investment and flock to the safe haven currency.
Price looks like it might retrace from the lows and make a move upward. If so, the pair might go to the 1.09200s to test resistance. This could be a good short entry on the pair. If price fails to move higher, we can expect lower moves towards the 1.07330s.
COT suggests that price could move up this week due to the spike in long contracts from last Friday's report. However, price has yet to reflect that move.
This pair comes in a mixed bag as both gold and USD's performance have been mostly bullish in the past month. The conflict in eastern Europe is raising demand for the gold bullion while the inflation fears around the world is helping the USD.
On the 1D timeframe, price has come down to clean support on a rising trend line and the 50 DMA which could serve as a great long entry. However, a potential stronger USD throughout the week could cause a break in this level and take price to the 0.72860s.
Big money has upped their stakes in long contracts on both the precious metal and on the Aussie. So, we may in fact see another run to a higher high.
Save time looking for setups with the EdgeFinder's watchlist! In a glance, see the EdgeFinder's current top buys and top sells.
Considerably dovish news from central banks in the US and New Zealand has caused a major stir in the markets. Governor Orr and Vice Chairman Powell both released some reassuring news for the economy in the long term. But what does this mean for USD and NZD? EdgeFinder Analysis GBPNZD is a pair that should […]
As we trade into a broad news week covering the economic status of multiple countries, there are several scenarios we should consider. Although it is impossible to predict the future, we can at least prepare for the news events set to come this week for kiwi, dollar and the pound. EdgeFinder Analysis GBPJPY still maintains […]
Unemployment claims came in less than expected this morning showing healthy signs for the US economy. Stocks have been on a tear since then as the NAS100 is up over 1% and SPX500 up 0.2%. Tech stocks look to be having the strongest day in the market. EdgeFinder Analysis JP225 is now a strong buy […]
DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here