While not a lot happened yesterday there were a couple of pairs, the GBP/USD and AUD/USD, which developed pretty well perfectly and perhaps provide a pointer to the Continental Europeans. I wouldn’t say things are cut and dried, or even dried and dusted, but it adds a little extra piece of evidence to the outcome I have been looking for. Still, even then we need a more definitive statement from the EUR/USD and USD/CHF to begin to judge the next larger move. Certainly the latter two do not have particularly crystal clear momentum conditions although, once again, the 4-hour Price Equilibrium Clouds have approached current price levels so a decision has to be made soon. A new high in the Dollar or a reversal?
While the GBP/USD and AUD/USD hits targets within 1-2 points each, we still have the hourly & 4-hour Price Equilibrium Clouds pointing lower. The hourly Clouds can flatten out but with the 4-hour Clouds still on a quite a steep trajectory the prospect of any significant gains, in the first half of the day at least, will be limited.
No surprises in either the USD/JPY of EUR/JPY. There is an interesting divergence in terms of expectations from this point in terms of degree of movement. The cross could easily make a new high but it shouldn’t be too robust. On the other hand, the USD/JPY is in one of those positions where it could deepen further or just resume the uptrend. The limited nature of the upside in the EUR/JPY tends to suggest, because I’m not yet convinced with any significantly bullish rally in the EUR/USD, that USD/JPY could remain fairly dormant today.
It all tends to suggest a limiting first half of the day, and possibly even whole day. We just have to understand where key levels will change the game plan
I’m on a break next week to try and get some sleep. I wish you a successful week.
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The Evidence We Have Been Looking For
Published 08/01/2014, 12:52 AM
Updated 07/09/2023, 06:31 AM
The Evidence We Have Been Looking For
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