Currency markets this week trade by ranges and the same exact range points as last week.
Long and short entries from last week sit at the same levels this week. Holding progress to wider trade ranges is the same EUR/USD and DXY story to average compression. DXY traded + 100 pip weeks in 3 of the past 9 weeks. Since January and 20 weeks, DXY traded +100 pip weeks in 9 of the 20 weeks and just under 50%. DXY traded 103.00 to 106.00 for the past 9 weeks and progressed higher by 30 pips per week at 6 pips per day for 45 trade days. EUR/USD 5 year average at 1.1121=DXY 99.00. EUR/USD 1.
The EUR Universe trades overbought EUR/USD, EUR/JPY, EUR/CHF and EUR/CAD Vs oversold EUR/NZD, EUR/AUD and EUR/GBP. GBP/USD trades 1.2619, 1.2629 Vs 1.2779 and 1.2803 at the 5 year average. GBP/USD begins the week overbought and trades to close to the 5 year average. GBP/USD's universe trades as overbought GBP/USD, GBP/JPY, GBP/CHF, GBP/CAD, GBP/AUD Vs Oversold GBP/NZD. EUR/AUD massive supports are located at 1.6153 and 1.6005. Continued Shorts must hold below 1.6395.
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