Evening forex report
Forex NewsThe yen is taking center stage so far with the break of 105 leaving 104 exposed, losses through here leaving 101+ and 100 exposed if seen. The AUD and NZD are getting slapped down as carry trades are being lifted, with the CHF firming sharply across the board as this one is being ‘carried along’ as well. What to do? Yen risk is at key levels here and if 105 is not regained today or if 104 gives up the ghost look for 101+ probes, potential to break below 100 and a lot lower building. Again, the yen story as a ‘buy in case the world ends’ is a tough one to get excited about, and this seems more stop loss driven. The AUD collapse could be different though, see if 0.94+ proves tough to regain now, with a drop to 0.91 at risk here vs the USD. Favoring picking on the CAD, it hasn’t moved and it could be set to push to 1.01 and higher so… In the EUR/USD see if 1.5150 is pressed next, then to 1.5050 as the EUR/YEN cross retreat could see 156 again… EUR/GBP ’should’ be heading to 0.78 on this break, but watch 0.7630 on pullbacks, trigger for 0.7580/lower.
