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Thomson Reuters
Aug 01 - 11:00 AM
G10FX: Fade Rallies In DXY & USD/JPY; Buy Dips In EUR/USD - TD
First appeared on eFXplus on Aug 01 - 09:07 AM

TD Research summarizes its trading strategies for DXY, USD/JPY, and EUR/USD.

"We note that the Consensus Bullish Sentiment USD index sits at 75%, which dovetails with our positioning indicators. Technically, the DXY has failed to break the crucial 96 level in a handful of tries over the past few months. We like the risk/reward of selling near 95.

Also noteworthy is the spike in the 10y JGB yield and the steepening of the yield curve (2s10s). Perhaps it is a delayed reaction to the BoJ policy tweak, which is designed to steepen the curve. We continue to like fading USDJPY rallies ahead of the recent highs and like a break lower in the coming weeks. We also like buying EURUSD dips towards the figure at 1.16," TD advises. 

Source:
TD Bank Research/Market Commentary

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