USD bulls in charge but could reverse anytime for these pairs
The common feature for all pairs below is how easy they could switch from a USD bull at the moment to a reversal mode.
- Non-farm payroll this Friday could be high impact news or not, it is possible that yesterday’s significant move by most forex pairs will not have follow through between now to Friday if traders decide to stay put.
- China is enjoying National Day Golden Week so do not expect movers and shakers until the holiday is over.
- USDCNH and USDSGD at 2-month and 3-month resistance respectively.
- EURUSD at 5-month support. This duration is significant and failure to break down could easily switch to bullish reversal play.
- For committed USD bears, focus on GBPUSD. ‘Potential reversal’ describes the other pairs but GBPUSD already has the basis for a long continuation.
Director, TerraSeeds Market Technician Pte Ltd. Trader, investor. @sohtionghum was picked ‘Top 70 Forex Twitter in 2015’. Operates multiple strategies.
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