I will scalp long USDCAD on a close above 1.2520 until another short play presents itself. I still hold short positions in this pair, but the dollar is looking to head up over the next few days and possibly into next week before turning south. USDCAD has presented itself for a possible long play if we can close above the recent daily high of 1.2520. This opens up...
Long EUR/USD. The dollar index is pulling back today and gives a better entry into the euro long trade, but ultimately the down trend is still in tact for the dollar and euro uptrend is still in tact. My take profit is 1.25 and stop loss 1.17. Sentiment is further backing my long trade as retail throughout is heavily short the EUR/USD pair.
Short DXY. We have broken the upwards channel alongside a head and shoulders and now are in a bearish channel. We are retesting the neckline from current levels to 92.50/92.60 as a good short entry. Retail is long the dollar and are calling bottoms everyday which gives me a further bearish outlook on the dollar index.
USOIL Long. I am looking for USOIL to continue upwards and a break of 62.50 opens the door to low to mid 70s. Big players are buying while retail is still shorting oil on the way up gives me a further bullish outlook.
USD/CAD Short. Short USD/CAD due to the fact the Bank of Canada is looking to raise rates and alongside the with a weaker dollar and stronger oil is putting pressure on this pair. Retail sector is also very bullish this pair even more so from last week which gives me a further bearish outlook. My take profit is going to be 1.10 long term and even lower.
I am long AUD/USD for 2018. I expect commodity prices to surge and the USD DXY to decrease in value. Retail is selling on every rally which gives me further bias to the upside.
Looking to add to my XAU/USD long on a break of this upper channel. Will be holding my gold longs for w while. Stay posted.
Adding short USDCAD on a break of this channel. Looking to 1.10 for take profit. Stay posted.
Adding short DXY at support turned resistance. Holding til mid 80s and will reevaluate there. Stay posted.