Hearing news Greece needs 3rd bailout? Boy, not too sure about you but I am getting quite sick already!!!
On the technical side.....
A bearish piercing pattern on the weekly chart increases the probability of further pressure in the E$ this week. But the easy money on the short side is nearing the tail end.
Expect early weakness toward 1.3150/60 but reckon this level to hold for now (1.3070/90 news induced). Maybe firmer price action into Europe/NY. However, 1.3230/50 1.3250/80 to cap for today.
Note that this whole week will be dotted with noteworthy events throughout, so do take note of the timing of the announcements lest getting caught in news induced volatility.
I have taken profit on all positions ahead of targets.
Weak heart? Go for tighter range trade (don't get too ambitious) BUT with stop loss at all times!
All the best and have a great week ahead!!
Will provide updates (if any), throughout the day if new signals emerge.
PS: Have not forgotten the magnitude of the sell-off in the precious metals last week. Will be wary as this can be tell-tale of something bigger to come..... either way! Before I end, take note that it is a full moon week, so expect the unexpected! (wolves howling in the background) ;)
Update1: NZDUSD looking relatively more vulnerable for 0.8150 (Put on radar)
E$ stop loss orders below 1.3180 to 70 and above 1.3250
Have a bad feeling we may have a spike in risk aversion in the near future.
Update1: NZDUSD looking relatively more vulnerable for 0.8150 (Put on radar)
E$ stop loss orders below 1.3180 to 70 and above 1.3250
Have a bad feeling we may have a spike in risk aversion in the near future.
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