In general, I was quite content with yesterday’s development. We still have the same directional bias as yesterday but without too much oomph today. For several pairs, there are now more swings in the lower degree but still basically in a Dollar bullish outlook. Therefore, don’t attempt to run trends for the moment. Indeed, as we approach a larger reversal point it will tend to generate more noise. Thus, take more short-term trades for now.
Of all, EURUSD should be the pair that can see a modestly decent follow-through although there is a need for early (minor) swings and this may well work in GBPUSD also. These two pairs will likely provide the firmer moves.
Even after the more than decent rally in EURJPY, it will still suffer the same problem of swings but more likely in a staggered move higher. We’ll have to judge through EURUSD and USDJPY to try and navigate the process in the cross.
As for AUDUSD, “walkabout” is probably the most appropriate description. Yesterday’s break of 0.7779 finally confirmed that it wasn’t going to be a single impulsive set of moves but more of a correctional development. This tends to make the process a little more challenging so it may be best to sit out until stronger structures develop.
Good trading
Ian Copsey
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