The slide in oil prices continue on the back of surging supply and faltering demand.
Crude prices has already come off over 25 percent since early October.
To recap, there are a few things propping up the dollar: good data (for as long as it continues to be good), interest rates on the way up, and slumping equities.
EURUSD has bounced off 1.1235 as expected and is now stalling between 1.1290-1.1330 dollars.
Scalpers may want to short here but for intraday players we think better EUR shorts can be taken nearer to 1.1370.
GBPUSD bounced off 1.2855 from yesterday to test the obvious big figure level of 1.3000.
In the absence of REAL news, we expect cable to respect the pivot around 1.2945 dollars.
Aussie did attempt to make it past resistance at 72.30 cents but is coming off in aimless trade. Scalpers selling strength from yesterday should have done well.
Boring USDJPY is still respecting the pivot at 113.80 yen.
In the background: continual Brexit horse trading in UK PM May’s cabinet, crude price bloodbath, and US interest rate expectations.
In the meantime, #TradeAtYourOwnRisk with #Mocaz at #RealTraderCommunity.