EURUSD started the week looking to break the initial resistance at 1.1610, a negative technical sign for the pair, which reinforces my belief the Euro will continue to fall as we head into the ECB meeting. Therefore I will be keeping my short at 1.1645 up until that point and then reassess my position as we reach the meeting. Even afterwards currently I do not expect to see anything particularly hawkish and so if we see any Euro rally coming from the meeting I will be looking to sell into it.
Events to look out for this week:
- USD Durable Good Orders
- GER Unemployment Rate
- EUR Consumer Confidence
- ECB Meeting
More to come Thursday.
This blog is a personal view and not advise or the views of the Corellian Academy.
Read the latest from Tommy.
January 20, 2022
Wednesday i was stopped out in AUDGBP at 0.5300 still locking in a small profit, this was mainly due to strong employment figures coming out of Australia. I do believe this pair is still vulnerable to the downside however i will now wait to see what the UK Retail Sales are like tomorrow morning before I potentially look […]
January 17, 2022
AUDGBP starts this week trading at 0.5275 after a contained fall from lasts weeks high of 0.5325 on Thursday. This is a data heavy week for sterling leading me to lower my stop loss to 0.5300 to lock in profit already created and tighten up my parameters ahead of these events. On the other hand Australia are still […]
January 13, 2022
On Tuesday we saw very strong AUD Retail Sales which led to a nice climb in AUDGBP through the week up towards 0.5320. This provided a good opportunity to sell the pair, as I mentioned on Monday. Fortunately i managed to sell up here at the weeks high with my stop loss set at 0.5355, […]
January 10, 2022
It’s been a very quiet start to the year regarding FX with many pairs stuck in a range. However, hopefully this begins to change as we move through Q1, especially with more central bank activity such as further rate hikes. Richard highlighted how weak the AUD looked technically, especially with Australia struggling with lockdowns still […]
December 13, 2021
This week is full of economic data and events taking place across the board, including the Fed, ECB and BoE meetings. However, with omicron almost doubling each day in the UK and muddying the waters here, my attention has now moved towards the AUD. I favour a stronger AUD as commodities re on the rise, […]
December 9, 2021
Yesterday I took healthy profit in cable at 1.3210 and will remain all square as we head into the weekend. The 1.3200 level has been tested various times this week and has held thus far, so if we close lower on Friday downside momentum is likely to pick up. With further lockdown restrictions in the U.K. i […]
December 6, 2021
The pound still looks weaker compared to other currencies, especially the US, as MPC members continue to doubt the timing of the first rate hike. I remain short of GBPUSD at 1.3330 from last week but have locked in some profit by moving my stop loss down to 1.3290. The next key resistance of 1.3202 […]
December 2, 2021
GBPUSD is still trading within its range this week, between 1.3250 and 1.3350, and I have remained short of the pair at 1.3330 as i do like it to break lower out of this range soon . I have a tight stop at 1.3360 as a break of trend upwards could see it accelerate through the figure, so more cautious […]
November 29, 2021
Uncertainty is creeping back into markets as a new Covid variant Omicron has been identified, so a spike in volatility is to be expected. While its still very early days, this variant seems to be spreading quickly within the U.K. which is now reporting more and more cases. On top of this Richard was also […]
November 18, 2021
I still remain all square as we move into the latter part of the week. However, I still see a lower euro even though it is substantially down across the board this week. Yesterday we saw EURGBP break below 0.8400 for the first time since February 2020, exacerbated by very strong UK CPI figures released […]
November 15, 2021
USD still looking the strongest out of the G10. However, , I bought back the rest of my cable at 1.3440 because, as was mentioned in the SNPMO, Sterling’s technicals have seen a slight improvement and we could see a correction this week (Especially when you also take into consideration a more hawkish Bailey yesterday , saying a hike in December is […]
November 11, 2021
A very volatile week up to this point with cable falling down below 1.3400, breaking through key support of 1.3412 (However it will need to close below this level for further bearish sentiment to continue.) This is mainly due to US CPI jumping 6.2% in October which is the largest increase since 1990. These figures alone speak […]