In today’s briefing:
- Softbank Short Resistance
- USD Rally Resumption
Softbank Short Resistance
- Softbank (9982 JP) is knocking on 6,000 compelling resistance that sets up a short trade just under this barrier. 5,300 lower pattern support is the level to test/break.
- RSI is also building energy for a powerful breakout from the triangle/flat range with a bear spin.
- 6,000 is a stiff barrier and if it caps will set in motion a higher degree decline to retest the 4,200-macro support line.
USD Rally Resumption
- DXY 105 was the level to hold and 106.50 the resistance to clear for a dollar green light from our 105.50 buy in point with a near target of 110.50.
- Euro and INR have been long USD picks and more recently bought back the USD/THB and NZD (short). USD/CNH has cleared breakout resistance.
- Conviction: High. USD macro bull to (109.50 met) 110.50 and 111.25. 119 attracts in 2023. USD vs EM FX showing signs of a big risk move. Watch USD/MYR above 4.50.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
