US Dollar regained its strength while EUR and GBP crosses started to get in a very indecisive moment. On the Indices there was nothing but countertrend moves for the whole week. On the commodities side, Gold and Oil also dropped and are now both within the tight range of the last months.
New Zealand Official Cash Rate was reduced to 3.25% and the gap on most crosses was apparent giving an extra boost to the ongoing trends while on USDJPY the pullback finally happened. On the Indices the countertrend moves continued. On the commodities side, absolutely nothing new from the past 6 weeks.
Remaining indecision around the Greek debt kept all EUR crosses in the same range from previous weeks. The big moves came from a reinforced Sterling and a continuously weak New Zealand Dollar. On the Stock Market, US Indices ended the week with a strong bullish signal after a couple of weeks of clear weakness and indecision although remaining below previous highs.
EUR crosses stayed within the range of previous weeks as the British Sterling seems to be picking up its strength across all crosses. Same goes for the New Zealand Dollar weakness as price continued to drop. As far as the Indices go, Nikkei went back to the now very normal uptrend and broke the all-time highs again this time reaching 20934.
Best Trades in May
- GBPAUD (Daily Chart) – Continuation Long – 04.06.2015 – A perfect pullback to the moving averages and the bounce of the low test bar at the previous support level at 1.96 was the perfect trend basis trade. Triggered on the 4th this is now around +5% in profit.
Current opportunities – these are hypothetical trade setups and not all trades will trigger or setup. It is important to seek guidance on trading these setups before risking your own money. Below is the current Gold weekly chart.