Ric' Game Plan for Week 24 (June 8-12)

Last week was characterized by a broad dollar rally punctuated by the US Non-Farm Payrolls' announcement which came out significantly better than expected. I believe that the euphoria over last friday nights' NFP announcement will spill-over early on this week. But with good news starting to come out of the US, risk appetite will come back and grip the market and put an end to the dollar's strength.

EUR/USD

With good news coming out of the US and better news expected from the Eurozone, I am long-term dollar bearish. I see short-term support at 1.3776 then 1.3606. Pair is currently testing 20-day MVA near 1.3933.

Strategy: Go LONG on setups and if fundamentals support. However, there is a possibility that the selling momentum over last friday's NFP has not yet abated. So, I will be looking for opportunities to go short on monday.


GBP/USD

The Gondon Brown saga will continue to weigh-in on the Pound. A 'shooting star' formed up on the weekly chart, suggesting that buying for this pair has ended that momentum exists for continued downward trend.

Strategy: Go SHORT on setups and if fundamentals support.

Converging fibonacci levels see support at 1.5696 and then 1.5438. Looking to go LONG if pair bounces on these levels.


USD/JPY

Trade in progress, gunning for 101.00. Three sets of lot are in currentlt doing +234, +258 and +196, respectively.


USD/CAD

With continued rise is crude prices, the CAD could continue to strngthen against the USD. Pair is currently testing 1.2000 support. If this does not hold, next support levels are at 1.1302 and 1.4246.

Strategy: Go SHORT if pair fails off 1.1180 or 1.1302 and if fundamentals support.


AUD/USD

A 'shooting star' also formed up on the weekly chart, suggesting that buying for this pair has ended and there is continued momentum for a downtrend. I see support at 0.7859 and then 0.7764.

Strategy: Go SHORT on setups and if fundamentals support.


NZD/USD

Pair currently testing 0.6211 (50% of fibonacci and 20-period MVA) on the daily charts. Pair could recover with risk appetite in the market in force.

Strategy: Go LONG on setups and if fundamentals support.


That's my gameplans for the major pairs this week.