Yet another early european morning with an unclear view as to whether the early bank traders will try and create a move or let the market languish; as mentioned earlier the is no catalyst likely from any data and no politic-ing that I know of.
So, what might be going through those sneaky minds ?
- the EURUSD is locked in a H4 triangle; I remain neutral to mildly bullish on a break
- the USDJPY has seen some nervous traders grabbing some profits, hedge fund sellers exacerbated the move yesterday but I retain my strong bullish view to buy any dips; 95.40-60 should hold, a break below should be a caution to the intra-day guys
- GBPUSD has settled above 1.4900 but I suggest the downside will be tested until it fails; perhaps consolidation 1.48-1.50 ?
- USDCHF is doing what it does bearing in mind the peg; EURCHF will be bid on dips and so downside limited, in fact a buy probably on dips then for the USDCHF (both pairs in fact so no change0
- Aussie, aussie, aussie ! hmmm…with yen weakness downside is limited and the market is eyeing 100 + for AUDJPY: conclusion, aussie stays bid and a buy on dips. Likely topside for the moment 1.03 50-70, and a break above targets 1.0425 ish
- Kiwi ? well this currency tests my patience; don’t care what anyone says I want to sell rallies moreso on crosses BUT I am biased !! I am however buying AUD?NZD on decent dips
- EURGBP and EURJPY I am still of the same buy dips/stay long for the next rally view
And please remember my ongoing caution in my comments: anything I suggest that I am doing is bigger picture.
Keep your risk management tight and trade well: stay in the game, don’t get knocked out.
