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Posts Tagged ‘USDHF’

After shorting the NZDUSD at 0.7000, I decided to collect profits at pivot support at 0.6845. As of late, the 20-day SMA has crossed over above the 50-day SMA, while the pair looks to be supported by a rising trend on the 1 hour/30 day chart. As my overall bias is to the downside, I will look to reenter this pair in the short term. With regards to the GBPUSD, I am collecting profits at 1.5190 after going long at 1.50624. Similar to the NZDUSD, I will to re enter this pair at a better price. It is worth noting that my decision today comes on the back of daily studies nearing overbought territories, while the BOE rate decision and asset purchase target is scheduled to be released later on this week. I am keeping a close eye on the USDCHF and will wait for further developments before entering a long position. From a technical aspect, daily studies are deep in oversold territory, while price action looks destined to rebound off of the 200-day SMA. However, our speculative sentiment index signals for further declines as short positions are 10.5 percent higher than yesterday.

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