Today’s video focuses on trade ideas for the EURUSD and AUDUSD (as well as what to do tonight following the release of the RBA minutes).
The EURUSD and AUDUSD rallies are corrective. While larger corrections are possible, the goal is to sell rallies.
Metals and equties reversed violently in the US session and the US dollar strengthened. Risk on the EURUSD short can be moved to 13400. I also favor shorting the AUDUSD at 9870.
With the EURUSD failing to break down, we must consider the potential for a move closer to 13600 before the larger decline resumes. I also focus on AUDUSD levels for tonight’s GDP.
Look to short the EURUSD and AUDUSD on bounces. EURUSD resistance comes in at 14120 and 14190. AUDUSD resistance is 10565 and 10590-10610.
ForexCT’s Afternoon Market Thoughts for 1 June 2011
DXY closed strong, eur/usd 100 pips off its highs, stock market closed strong. something has to give. Think we double bottom in DXY and have a rally into bernanke next wed.
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