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Stay Bullish USD Vs EUR & JPY; Sell A Gold Rebound - BofA Merrill
USD weakness, particularly against G10 currencies (ex the AUD) should prove limited, projects Bank of America Merrill Lynch "Against 1.3452 in EUR/USD and 96.82 in USD/JPY, STAY bullish USD," BofA advises. In line with this view, BofA maintains 3 tactical long USD/JPY positions from 98.00, 97.50, and 97.00 with a revised stop at 96.80, and a target at 105.80/106. BofA also maintains a short AUD/NZD position from 1.1430, with a stop at 1.1535, and a target at 1.1092. Meanwhile, BofA thinks that any Gold gains from here will prove temporary and should be viewed as a selling opportunity. "The trend has turned ... (full story)
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