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Currency Playbook - Blue Line FX Rundown

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FX Rundown

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Euro (June)

Session close:Settled at 1.1310, up 27 ticks

Fundamentals:The Euro dove below 1.13 for the third instance since the beginning of March but prices were buoyed through U.S hours today after Chicago Fed National Activity and Existing Home Sales both missed. Europe was closed for Easter Monday Holiday and the volume was overall light. A sharp increase in the price of Crude after the White House announced it will not renew waivers on sanctions for importing Iranian oil helped lift risk-sentiment across commodities and we dont doubt that this helped lift the Euro at least a bit. The otherwise quiet start to the week continues tomorrow and Eurozone Consumer Confidence is due at 9:00 am CT. New Home sales and Richmond Fed Manufacturing are due from the U.S at 9:00 am CT.

Technicals:Major three-star resistance at 1.1362 won the battle last week but with major three-star support at ...Please sign up for a Free Trial at Blue Line Future to view our entire technical outlook and proprietary bias and levels.

Yen (June)

Session close:Settled at .89735, up 3.5 ticks

Fundamentals:The Yen traded in less than a 10-tick range today as much of the world was on holiday and there was no data. Overall, risk-assets finished stronger which pressures the Yen, but the Dollar lost some ground which offset such. The market remains fundamentally and technically weak. Japan Manufacturing PMI is due at 7:30 pm CT and Bank of Japan Core CPI is due at midnight.

Technicals:Only a close back above .8991-.9002 will neutralize recent weakness, although this will not eliminate the downtrend. Major three-star support comes in at ....Please sign up for a Free Trial at Blue Line Future to view our entire technical outlook and proprietary bias and levels

Aussie (June)

Session close:Settled at .7144, down 2 ticks

Fundamentals:Weakness in the Aussie from the highs on Friday carried into this week but the currency held ground. And it did so despite unfavorable news in the form that China is likely to reduce stimulus efforts amidst their economy firming-up. Overall, it was a quiet holiday session. Tonight, we look to Manufacturing and Services PMI data at 6:00 pm CT

Technicals:We were Bullish in Bias here one week ago and price action ran headfirst into our major three-star resistance target at .7217-.7227. We went outright Neutral after such on Wednesday but there is strong support at ...Please sign up for a Free Trial at Blue Line Future to view our entire technical outlook and proprietary bias and levels

Canadian (June)

Session close:Settled at .7504, up 24 ticks

Fundamentals:The Canadian was lifted by Crude Oil gaining more than 2%. This was just another meager gain for the currency piggybacking tremendous gains for Oil. We maintain the belief that the Canadians failure to sustain gains in a Crude bull market really exemplifies its internal weakness and therefore we continue to hold a negative bias.

Technicals:Price action is back above the .7500 mark and this works to neutralize the immediate edge. However, we still hold an overall slight Bearish Bias until the Canadian closes out above ...Please sign up for a Free Trial at Blue Line Future to view our entire technical outlook and proprietary bias and levels

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Bill Baruch is President and founder of Blue Line Futures a leading futures and commodities brokerage firm located at the Chicago Board of Trade. Blue Line’s mission is to put the customer first and bring YOU the best customer service, consistent and reliable research and state of the art technology. Bill has more than a decade of trading experience. Working with clients he focuses on developing trading strategies that present a clear objective for both long and short-term trading approaches. He believes that in order to properly execute a trading strategy, there must be a well-balanced approach to risk and reward.

Prior to Blue Line, Bill was the Chief Market Strategist at iiTRADER which followed running a trade desk at Lind Waldock and MF Global.

Bill is a featured expert on CNBC, Bloomberg and the Wall Street Journal as well as other top tier publications.

Contributing author since 10/6/17 

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