What the heck…
USD/JPY – down. EUR/USD – down. USD/CHF – down. GBP/USD – down. EUR/JPY – down. AUD/USD – down.
It must have been a very sad day yesterday…
I was expecting losses in USD/JPY, USD/CHF and EUR/JPY – the latter far stronger than I had expected, but that was because I hadn’t considered EUR/USD as bearish. GBP/USD – well, that surprised also – and I was in three minds about AUD/USD. So overall, it was a very strange day. So strange it was rather eerie.
However, I don’t think we’re going to see that anomaly again today… I suspect that we may well see some spider tracks in the charts again but overall the outcome should be as I expect. The most confusing is the Aussie – close to a double top – or perhaps a triangle could develop. I’d rather suggest being neutral and noting how it reacts vis-à-vis the rest of the pairs.
EUR/JPY still appears to have some downside but not too much – and this could be the impact of EUR/USD reversing yesterday’s decline.
All in all, I feel we’re going to see steady but cautious trading.