John J Hardy
Saxo Bank’s head of FX strategy John Hardy takes a closer look at trends and moves in today’s forex charts, including EURUSD, USDJPY, AUDUSD, and EURSEK.
Article / 30 January 2018 at 15:09 GMT

FX Board: Whiplash as USD bears pile on again — #SaxoStrats

Head of FX Strategy / Saxo Bank
  • USD actions whipsaws as bears take control
  • AUDUSD returns to near cycle highs
  • State of the Union in focus
Trump and the dollar
USD bears are leading the charge ahead of President Trump's first State of the Union address.
Photo: TradingFloor/Shutterstock

By John J Hardy

Please see today's FX Board PDF attached to this post for the latest Notes of Interest, Trend and Trend Heat readings, as well as a few thoughts on key chart developments below.

Charts: EURUSD

Today saw a violent momentum shift in the tactical action with the USD suddenly back on the ropes after a bit of consolidation recently, while the euro was one of the major currencies leading the charge higher versus the suddenly defensive greenback. A close near current levels (1.2450) would be the highest close for the cycle and could open up for a 1.3000 shot in coming sessions.


Source: Saxo Bank


AUDUSD action was also notable as the consolidation never managed to even threaten 0.8000 before USD weakness took the action back higher to within reach of the cycle highs. Recent rate spread moves have been meaningless for AUDUSD traders as US rates have risen above their Australian counterparts in the two- to five-year portion of the curve, so it is questionable whether tonight's Australia CPI release will carry much weight as the focus may be more on USD direction in the wake of US President Trump's State of the Union address.

Source: Saxo Bank

— Edited by Michael McKenna

John J Hardy is head of FX strategy at Saxo Bank 
Download document

FX Board for Tuesday, January 30, 2018

30 January
Ysur Ysur
Thanku sir


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