The dollar has huffed and puffed over the course of this week but apart from USD/JPY the rest of the bunch have been confined to a relatively shallow sideways consolidation. I feel we may see a breach today but most likely only briefly, before moving back into range. Thus, the outcome should be Dollar bullish but lacking in any robust momentum. Perhaps out of all the pairs, the clearest appears to be in AUD/USD that has a clear cut target that should be hit within a few points – or hopefully, on the dot. There is no other alternative because the lower degree development cannot support it.
So overall, across the Europeans, it will be better to wait for the expected outcome and look to confirm trade entries as the sequence develops.
I caught the USD/JPY low nicely yesterday but was flummoxed with the marginal new high. It was only by around 3 points and with any luck it may well provide a double top. That would certainly help the “cause” in seeing further losses… The only slight problem is the unusual move in EUR/JPY that – on face value – looks like a new high but not in the right structure. It tends to suggest that we may well see a limited range today. Just what the doctor didn’t order.
I sense we’re going to have a quiet end to the week…
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