Watch For Speakers in Quiet New Week

A relatively quiet Monday provided some form of a late bounce in the USD, as crosses found some support.
Various speakers are up this week with the potential to cause some rebuttal or possibly some form of clarification on Bernanke's comments. Various European commentators including Draghi have been penciled in for some comments.It is key to watch for comments after aggressive moves as they tend to add fuel to the fire or to control it slightly. This can result in some rather volatile periods in low volume conditions.
Price action on Monday was relatively dull. The USD really struggled to push higher, which resulted in a slight move lower as the day wore on.

EUR/USD
We held short in the euro, although we still expect this pair to bounce before moving lower. Ideally we would like to see higher moves capped by the 1.3200 handle.

The pair continued to find further Retail Buyers, which bodes well for a further leg lower.
Intraday we looked for higher stochastic crosses to enter this pair short.

GBP/USD
On Monday, the pound put in a slightly stronger performance against the USD but struggled to break the 1.5450 mark.
Like the euro, we prefer this pair short for the time being, but expect it to bounce higher before making a much larger move lower.
The pair found further Retail Sellers, which is normally a sign of a potential for a higher move.

Our short stance remained below the 1.5500 mark, anything aboveand we would need to take another look at the pair.
Like the euro, higher stochastic crosses offered good set-ups for short term plays.

AUD/USD
After a poor start, the Aussie recovered later in the day, although it struggled to get back above the 0.9300 level.
We continue to play short term moves in the Aussie and currently remain long, although this can change rapidly due to the extremes in the order book.

We now really need to see some of the long positions closed for this pair to bounce, otherwise we could easily test the 0.9000 level soon.

USD/CHF
The pair continued to look heavy on Monday without really falling or going anywhere.
We remain short due to order book positioning, but suspect a breach of the 0.9400 level or a new move lower could clear out the extreme long positioning of some Retail Traders to give us our opportunity to buy.

If we do push lower, the 0.9300 then 0.9200 levels will be key to see if we find some support.

EUR/AUD
From extreme short positions in the order book, this pair managed to find some buyers, and reversed its long position by booking a small profit for a short position instead.
If we continue to find some buyers in this pair, we could see a correctional move lower. We would look for a test of the 1.4000 / 1.3895 level as potential initial targets.

This is a good pair to watch on the Daily charts, as the short EUR/AUD could point to some chop or a move higher in the Aussie, with a push lower in the euro.Since April, the pair has continued to pull back to around the 55/60 reading in RSI before pushing higher, so it will need a big push in the order for us to see more than a small correctional move again. Should we see this soon, there is a real possibility with the euro failing and the Aussie chopping sideways.
























EUR/CHF
The pair has been pushing lower as of late, yet we hit a key level again in the order book, right around the 200 day SMA .
For those willing to play some wide stops, there is a relatively easy long trade on this pair with stops below 1.2000, with the strategy of buying on dips down towards this level.
However, the 200 day SMA has provided good support previously and the +80% reading in the order book is also a good sign for value in long positions.