Slight deviations were seen in the Continental Europeans, but not too much, and followed by the corrections I anticipated. These should continue for a while longer, but of course, with some initial two-way movement in the first half of the day (that could be quite a nice time to get extra sleep.) The completion of these corrections could sell last into the North American session but no doubt without much vigour which tends to point to a stifling day of range trading within a general dollar bearish bias.
On the other hand the GBP/USD is poised to place a coin to be flipped. This continues to refer to the fine balance between follow-through higher or break lower. I still feel the logic remains on the downside with such a fine margin between the 1.7095 and 1.7099 lows. Even then it’ll be best to confirm the outcome – whether bullish or bearish. I do note that price has slipped just below the 4-hour Price Equilibrium Cloud but not yet by a sufficient margin to confirm a reversal.
The AUD/USD began its correction higher as expected. It has been slow progress and could still see some further upside but is making heavy work of the shallow gradient. The outlook remains the same as yesterday so keep this in mind.
The ambiguous nature of the USD/JPY remains, but with the EUR/JPY having confirmed the downside the risk does appear lower. The bigger question is how deep any correction higher can progress. As mentioned above, with the EUR/USD expected to spend half the day (at least) wandering around in a daze, this opens up a few short term options for consolidation/correction and as such there’s no clear immediate outcome although I feel both USD/JPY and EUR/JPY are due to extend losses.
So, another cagey day it seems. This tends to rule out home runs with the emphasis on snatching bases.
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GBP/USD: Is The Coin About To Flip?
Published 07/08/2014, 12:50 AM
Updated 07/09/2023, 06:31 AM
GBP/USD: Is The Coin About To Flip?
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