As expected, Friday did not repeat the stronger moves seen the day before. It seems as if the market wasn’t prepared to make any stronger statement and pulled back following the break of the range of the past 3 weeks. So, just the week ended on a quiet note, the first day or two of this week should also remain relatively range bound. I say ‘relatively’ because there should be some widening, but not any stronger directional move at this point. It’s almost like the market still has a hangover from February.
So, the Europeans should begin the week fairly quietly. Out of the three, if there is any possible stronger mover it could be GBP/USD that needs to make further upside progress soon else it will end up sinking into a mire. It needs a catalyst maybe, whether that be fundamental or a break of key levels.
The Aussie matched the languid development as seen in the Europeans. It’s still very much in no-man’s land – hasn’t confirmed a reversal lower, nor provided any intent to move to new highs. I’m favoring the downside but there is a need to have a form of confirmation through breaks of key support. Watch for that…
As for the JPY pairs, well… it didn’t go quite to plan but I think I missed one kink that should imply that we’ll still see USD/JPY move higher. This should provide a lackadaisical day today in EUR/JPY – up a bit, down a bit, but not necessarily in that order.
In summary, it doesn’t look like a particularly strong directional day and thus concentrate on short term “take your profits early” day.
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Slow Start To The Week? Concentrate On The Short Term
Published 03/01/2015, 11:22 PM
Updated 07/09/2023, 06:31 AM
Slow Start To The Week? Concentrate On The Short Term
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