Milan

Milan Updated 

Negative RSI divergence on H4 and overbought conditions on the L/T charts suggest that the USD/CAD rally is very likely to stall in the near-term. WTI is bound for a recovery, and the US Dollar is currently weaker across the board. Target 1.33.

Milan

- I'm looking to establish a short USD/JPY position at 119.20 - The stop will be placed at 119.65 and the target will be 118.10 - Failure to sustain momentum above 120 and sharp decline back to 118.30 support suggests further weakness ahead in the near-term - Price bounced off 118.30 support, but price action still looks weak - USD positioning crowded; Greenback...

Milan

Good bids reported into 1.2050 and down to 1.2040. Unlikely we'll see a breach of that level, especially as risk sentiment is improving and tech suggest more EUR upside likely in the near-term. Long at 1.2064 with a stop at 1.2035 and 1.2125 target.

Milan

I have started building a long position at GBP/CAD based on two fundamental views: 1) With the UK economy maintaining impressive momentum, I expect further upbeat data releases this week in form of CPI and employment change, highlighting the fact that the Bank of England could be the second DM central bank to hike interest rates after the RBNZ. 2) The Canadian...

Milan

Despite continuous effort from various ECB members to talk it lower, the Euro remains strong. This led ECB President Draghi to state over the weekend that “the European Central Bank will ease monetary policy further if the euro keeps strengthening”. EUR/USD gapped 50 pips lower on the open as a result of this, but is now back above 1.3850. Traders have been...

Milan

Key intraday support in AUD/USD is located in the 0.9240/50 area with confluences of technical support and solid bids reported in interbank market. Risk appetite has slightly decreased amid renewed tensions in Ukraine, but unless the situation escalates, the Antipodean currencies are likely to remain bid. A break of the aforementioned support area would pave the...

Milan

A move back to the 0.8680 resistance area is likely after Friday's NFP release. Last week's decline to a low of 0.8512 was mostly flow-driven, as the long Kiwi position was crowded and the Fonterra story provided an excuse for a washout in the pair. I expect the Antipodean currencies to remain bid amid solid risk-sentiment, especially the Kiwi, given the lack of...

Milan

The USDX is approaching major trendline resistance on the Daily chart and a breakout could pave the way for a test of the 11000 level, which is the 2013 high. MACD has recently posted a positive signal and technicals seem supportive overall.