After the turnaround in US Dollar sentiment traders are waiting to see what's next 4 May
All quiet on the forex front right now after the fun n games of the past 24 hours. This time yesterday it was all about USD supply but now, after the reversal/correction, it's a case of seeing whether that move is fully done or has more left in the tank.
Nothing of note has changed and these moves/change in sentiment show just how fragile these markets are.
In my post yesterday I warned again about the dangers of over-cooking your analysis and suggested instead that you look up and feel the moves by watching the price actions.
That advice is relevant again this morning ( indeed always) as we wait for European trading to get underway. There's plenty of data to cause some trigger reactions but we'll be keeping an eye on equities and commodities as ever too.
Longer term traders will just view the last 24 hours as a small blip on the bigger landscape but for intra-day/short-term traders every pip can bring pain or pleasure and that's why these moves matter.
So remember, don't get greedy and assume nothing. Go with the flow may be a pithy mantra to some but right now it's almost all you need.
