SaxoTV

Hardy: How best to trade USD at this time of uncertainty

553 views
March 25, 2015 aud, aud usd, audusd, aussie, aussie dollar, aussie economy, australia, australian dollar, dollar, dollar euro, dollar federal reserve, dollar growth, dollar high, dollar index, dollar outlook, dollar rise, dollar strength, dollar trading, dollar value, dollar weakening, dollars, eur, euro, euro area, euro dollar, eurodollar, europe, european, european economy, eurozone, eurozone economy, eurusd, foreign exchange, forex, forex buying, forex eurusd, forex market, forex markets, forex trading, forextrading, fx, fx crosses, fx forex, fx market, fx markets, fx options, fx spot, fx strategy, fx trade, fx traders, fx trades, fx trading, fx volatility, fxmarkets, german, german economic data, german economy, germany, ifo, ifo index, saxo bank, saxo tv, trading, tradingfloor.com, united states, us, us dollar, us economy, usa economy, usd, usd index
Saxo's John Hardy says the US dollar is in a pivot area. Following last week's FOMC meeting, it had been consolidating. But after Tuesday's US CPI figure, it appeared to return to strength. Hardy says it's still too early to say if this is the case.

He says if you choose to trade, it's important to limit the risk reward. The Aussie Dollar hit a two month high on Tuesday. So Hardy has has been looking at shorting AUDUSD below 0.79 with a tight stop. If there is no follow through and it closes above 0.79, he says there may be the possibility of a long trade in coming days.

As for EURUSD, John says it's confronting the 1.10 area which it tried to cross yesterday but was pushed back. Despite stronger than expected German IFO business sentiment data (107.9 for March), he says it's questionable how much the market puts on these figures. US data is still more interesting, he says.