EUR/USD

Last week's rejection of 1.5912 lasted for a few days however after Friday's move above that price point we have to assume a new high above 1.6020 is possible. What is recommended here in trading a currency that is this volatile is to actually have more patients and enter only when absolutely all your conditions for a  trade have been met. In short, when things are this crazy one needs even more patients.

AUD/USD

Last week I wrote about this pair looking to make one last high before a potentially very strong reversal. We have approached that tipping point now. We should see a little more up-side before the blow-off top appears. (100 to 200 pips). If we see a strong reversal pattern in this current price range, we need to see this as a signal that a top may very well be in place. So be patient but vigilant on this pair as the risk/reward is very attractive.

Cheers and have a good trading week.

Pierre