Torn Between Losers And Big Winners

The U.S. dollar trended higher against its other counterparts Wednesday as the minutes of the Federal Reserve’s March meeting signaled that the central bank is considering half-point rate increases and reducing its balance sheet by more than $1 trillion a year.

However, choppy swings haven’t served us well during the last two days which is why we had to record three losing trades in the EUR/USD and GBP/USD. In the DAX, we were able to compensate previous losses with a final winning sell order that provided a 100-point profit.

DAX: Technically we favor a bearish bias as long as the index remains below 14500. If 13900 breaks we will set lower targets at around 13700 and 13300.

EUR/USD: If the euro remains above 1.0850, we may see some small rebound towards 1.11 but if 1.0840 breaks, we brace for further losses towards 1.08 and 1.07.

GBP/USD: As long as the cable trades below 1.3130, we expect further losses. Sterling bulls will wait for a sustained break above 1.3210 in order to buy sterling towards 1.34.


Disclaimer: All trading ideas and expressions of opinion made in the articles are the personal opinion and assumption of MaiMarFX traders. They are not meant to be a solicitation or recommendation to buy or sell a specific financial instrument.

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