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Riding the EUR/USD lower is the story of trading a pair firing on both cylinders; with the USD strength comes the EUR weakness. Currently, the daily is trying to re-transition into the downtrend that the market saw starting in early May.
The New Zealand dollar has already discounted the expectations for a "one (more) and done" statement from the RBNZ. The reaction to the news will be about the delivery; the reasons for the pause will dictate the next move.
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The U.S. Dollar Index has continued to chop. Despite my aversion to committing to a longer-term buy, the dollar could get tired up here.
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The market is off to a rough start here on Monday morning. After gapping down to open the day it has continued to sell off. I decided to look at other times during long-term uptrends that ES left an unfilled gap down on a Monday after having risen the day before. The overnight results were interesting. Below is a look at the stats table.
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In my previous update I outlined my favorite JPY shorts. Today I am going to follow up on which are best positioned to capitalize on the weakness in the JPY as well as which currencies are strength stories that can extend their gains.
With the Dow making a U-turn from an early sell-off, JPY shorts are getting eager and active. While the chatter about the USD/JPY will begin, that’s not the pair I am looking to sell JPY with. Rather I am looking to the CAD/JPY, NZD/JPY, and GBP/JPY.
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