Yesterday’s trading provided some challenges but also some end results. However, I’m not sure that all pairs managed that just yet. The most challenging has been in EURUSD due to the very direct gains following the break above 1.1677. I’d really like to see another rally but we’re close to a (downside) break level and with an hourly bearish divergence. Therefore, watch carefully and be aware of this duality I have.
Both USDJPY and USDCHF saw losses and in USDJPY it came as quite a surprise. I had begun to give up the downside for an irregular consolidation but somehow the downside all came together. Having said that, GBPUSD is still ensnarled in a consolidation but this appears to be in a triangle that still needs to complete the final stages.
Therefore, we should see general coming together over today and tomorrow, I suspect.
I note that EURJPY has seen a sharp decline – but one that needs a pullback. Will that be triggered by EURUSD or USDJPY – the latter having a stronger argument. However, that pullback is in the 5-minute market so the overall risk is lower.
As for AUDUSD down under, it has managed to extend losses and we should see further but the risk is a more choppy route…
Good trading
Ian Copsey
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