Saturday, July 1, 2017

Forex Insider Daily Update 1 July 2017



Major Bank Daily Position

AUD/USD - UOB - LONG Limit Order - Filled - Entry: 0.7690 - Target: 0.7790, Stop: 0.7630 (S/T)
EUR/NZD - Nomura - LONG Limit Order - Filled - Entry: 1.5570 - Target: 1.6190, Stop: 1.5250 (L/T)
GBP/JPY - Morgan Stanley - LONG Position - From 142.20 - Closed at market at 146.48 (TOTW-L/T) +428 pips

Morgan Stanley

EUR/USD long limit order @1.12 , Our expected EUR rally has come early inspired by ECb Draghi’s changing his tone on inflation and pushing European rates higher. We see EUR/USD trading towards 1.157 before retracing to 1.12, providing the opportunity to buy again.
EUR/GBP long limit order @0.852 We like to buy EUR/GBP on dips, waiting for the pair to hit the middle of the trading channel.

CACIB

Hawkish overtones from ECB, BOE, BOC have served as a wake up call, highlighting risk that removal of stimulus before long.
USD was the biggest victim as a result not withstanding the Fed’s steadfast hawkishness of late. Lingering political deadlock in Washington DC and underwhelming US data leads to USD headwinds.
Next week RBA might also send a hawkish signal, we stick with our AUD/NZD long.

BofAML

BofAML expects no big changes next week and sees little risk if hawk surprise.
BofAML maintains its view that AUD/USD will eventually revert towards lower end of its trading range of the past year but argues that we need clearer slowdown in external demand before this is tradeable.

SocGen

The signal from BoC is very clear, rate hike if not in July then September. Our technical strategist has pointed to USD/CAD 1.25 as the target once support 1.3 is broken, as is likely in coming weeks.

Perhaps more interesting from a relative viewpoint is to go short NZD/CAD following its failure to break through 0.98 earlier this month. A decline to NZD/CAD 0.92 by year end seems to be in the cards now. 

0 comments:

Post a Comment