We have three pairs today that offer solid set-ups over the next 24-48 hours,
those being USD/JPY, USD/CHF and NZD/USD - a couple of footnotes:
- entries for 24-Hour Target Trades are typically made at the time of posting
(i.e. 5:05 AM PDT for today)
- given that there has been a big move overnight, prices still may pullback a
bit more before resuming their path towards our projected target prices. Hence,
traders may wish to scale into these trades at current levels and at the levels
noted below
USD/JPY - 112.30
USD/CHF - 1.2155
NZD/USD - .6375
Looking at the Dollar Index (DXC) from a longer-term perspective, the long
holiday weekend ushered in more selling in the dollar (DXC). In fact, the
sell-off that began on Monday has now resulted in an outright sell signal based
on our weekly model. While our weekly model has been quite effective with
signals over the last year, it is key to remember that these signals project out
price direction that may last several weeks/months.
On a short-term basis, DXC is finding support on the 60-min chart at 84.27 and
appears poised to rally towards 84.45-50 before resuming the downtrend.
Tuesday's FX Targets & Technical Levels
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As always, feel free to send me your comments and questions.
Dave
Aspen Trading Group
