Today's Canadian GDP and Thursday's ECB & Initial Jobless Claims
September 30th 2014. The USD run has at this point probably gone too far, too fast and yet the pressure remains on the likes of EURUSD which is a key driver of many other pairs. The catalyst for a further move lower could come via Thursday’s ECB meeting and Initial Jobless claims from the States.
NZDUSD – This pair has done exactly what I expected it to do and then went further still. I am waiting to add to my long position here on a compelling move higher. I still think this market goes lower over the course of 2014 but with some rallies along the way.
EURUSD – Again Thursday’s ECB meeting and Initial Jobless Claims will be the driver. At this point I would not want to be selling EURUSD but I would be interested in buying it on a move above last week’s high at 1.29 even.
USDJPY I reckon this market will be a lot like NZDUSD, that is to say we will get what we expect and then more. Resistance comes via 110.50’s but I expect us to take that out and then proceed to crush the traders who begin shorting it.
USDCAD – Canadian GDP today provides a catalyst for some moves. Initial support come just under 1.10 and key multi-year support via rising trend support at 1.0750. I expect a challenge of February’s highs of 1.12 in the coming sessions.
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