Currency Playbook - Blue Line FX Rundown
FX Rundown

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Euro (June)

Fundamentals:A weaker risk-environment at the onset of U.S hours abated, and the Euro recovered from a two and a half week low. Volatility between Friday and today was very low signaling that traders are waiting for the next catalyst to either driver prices through a long-tested level of support or find value for yet another bounce. Brexit, Italy and global trade all hang in the balance. Tonight, Fed Chair Powell speaks at 6:00 pm CT. This is the highlight of a quieter calendar day that only boasted a weaker than expected Chicago National Fed Activity read and no major comments from Fed speakers earlier. Tomorrow, we look to Existing Home Sales and comments from Chicago Fed President Evans and Boston Fed President Rosengren, both 2019 voters.

Technicals:Price action still has yet to close out above major three-star resistance at ...Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

Yen (June)

Fundamentals:Today was certainly a time where one would not only think the Yen was higher but expect it to be. Overall, today was disappointing for the currency given rising tensions between U.S and China on tech and the tech-centric NQ losing 1.5% all the while the Dollar did not trade higher. To top things off, GDP data from Japan last night was much better than expected. However, the previous quarter was revised lower which buoys the more recent QoQ beat. There is no data out of Japan tonight. If risk-sentiment worsens from here, the Yen better respond, but given todays action if stocks bounce back, we would expect pressures on the currency.

Technicals:The more immediate trend has been favorable and despite lower action early last night, the Yen finished off that low and still settled above the 200-day moving average. In our videos last week, we advised that traders cannot chase price action into major three-star resistance at ...Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

Aussie (June)

Fundamentals:The Aussie was overdue for a bounce, and here it was today after the incumbent PM Scott Morrison surprisingly won reelection. His win brings less uncertainty to the countrys landscape and he promised fiscal reforms that are expected to boost growth. The recovery or dead-cat bounce in the currency comes ahead of the release of the RBAs Minutes tonight; shorts are likely de-risking a bit after piling on the bearish technical breakdown.

Technicals:Price action fell precipitously through last week and directly tested major three-star support at .6809-.6861 with a low of .6869. Right now, this has the makings of a dead-cat bounce and strong major three-star resistance comes in at ...Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.

Canadian (June)

Fundamentals:The Canadian is being buoyed by both progress on USMCA and strength in Crude Oil. On Friday the White House removed steel and aluminum tariffs on Mexico and Canada. These expectations were put in place on reports earlier in the week and helped keep the Canadian from slipping amidst a broadly weaker risk-environment. Today was a holiday in Canada and tomorrow there is not data.

Technicals:Major three-star support at ....Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.



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Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.