As suggested Friday, we got a final push in risk on the Sunday open. Expectations are for a bearish week but probably for a partial retracement of the rally from the lows. I’ll stick with the bear side as long as prices remain below their Sunday night highs. Areas of interest on the downside are EURUSD 12410/30, AUDUSD 9745/95, and SPX 1290.
Trading wise, I’m still short AUDUSD from 9960 and exiting USDJPY longs (entry was on 6/1 NFP day).
The morning piece expands on where risk is at the current juncture.
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Jamie is the author of Sentiment in the Forex Market.
