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The Trader Advantage: Interest Rate Pairs Are Keen To Move
Excerpts taken from The Trader Advantage Program
Swissy:
Price action continues to post important gains compared to the Eur, something that may force the Swiss National Bank to intervene once again in the valuation of Eur/Chf, as has been the case previously when the pair traded at sub-1.5000 levels. Regarding Usd/Chf, the pair is caught between the 50 and the 200-day moving averages.
Going forward, the outlook of Usd/Chf depends on the market’s aversion, or tolerance, to risk. Lower equity trade will force the long side of the pair onto the market.
Elliot Wave: Downward double zig-zag correction from 1.0897 in process. Near-term Long turning point expected. Best moves after 3am ET. Daily range 115 pips. Weekly range 230 pips. RSI is Neutral. SMA is @ 1.0790. 12-month -93% correlation to S&P and Oil moves. Will be pulled around as Treasury yields move each day.
Yen:
The yen had an effective range of only 80 pips over the last two weeks of trading. The Jpy fundamentals are very poor right now, supporting an upward break for the Usd/Jpy. To the upside, the next major resistances are in the 92.50 and then in the 94.00 areas. The daily trend and momentum reads remain neutral.
Elliot Wave: Upward price action is in process, and expected to continue toward 92.00 once 91.10 is taken out, while 89.60 support holds. Best moves after 8pm ET. U/J RSI is Neutral. U/J 12-month -69% correlation to Gold moves. E/J and G/J will move hard when U/J finds momentum.
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