Currency call summary 10 08 2021:
AUDUSD & NZDUSD was also featured in today's call with the AUDUSD offering selling opportunities with a pull back to 0.7340 with an entry short at 0.7330 with a 30 pip stop loss and 60 pip take profit. Careful attention should be paid to the recent low's at 0.7290 which had strong buyer interest when managing your trade if it breaks below 0.7300. NZDUSD is a potential sell trade if price can pull back to 0.6990 and a possible entry at 0.6970 using a 30 pip stop loss and 50 pip take profit. Finally the EURUSD is also setting up for a sell trade waiting for a test of 1.17600 with an entry at 1.7400 using a 30 pip stop loss and 80 to 120 pip take profit. AUDUSD is the prefered option short given the RBA's more dovish tone compared with the RBNZ's in regards to tapering of their quantitative easing program. The economic news for the DXY is tomorrow's Core CPI (MoM) (July) expected at 0.4% if this comes in higher the likely result will be the DXY held up and a test of 93.00 in bound. Another point to make was that FOMC member Bostic mentioned last night in his speech that tapering of QE was looking in the closer term then preciously anticipated. This is due to the faster uptick in employment and rising inflation pressures leaving the Fed with few options it seems but to reduce the money printing.
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