Well, that was strange… No NFP and several messages saying that it occurred on April 1st during my Spring Break. Seriously, I never look at fundamentals, but allow for the NFP reluctantly as a volatile distraction. I also know that the NFP release is not normally announced on the 1st of the month:
“On the first Friday of every month (or sometimes on the second Friday when the first Friday is the first of the month).”
An April Fools joke it seems…
In many ways, it hasn’t made any impact and I remain with the analysis that I have been detailing. However, it is about time that EUR/USD and USD/CHF break out of the range of the past 8 days. Even GBP/USD joined the “Oh bother, who cares a damn” attitude. It leaves us with a neutral status quo and awaiting a break. However, that may well occur if forex follows a break from a similar sideways range in the U.S. indices.
The Aussie rallied as expected, but not how I had expected. It leaves a slight doubt in my mind as to the next outcome. I suspect it will start the day on a bearish basis but should end back on the upside. Only after the next move will there be some resolution to the outcome…
In the JPY pairs we saw the expected rally. Having completed one leg, both pairs appear to require a correction and another rally, or possibly a correction in the form of a sideways move and another rally. It doesn’t really scream out “I want a trend” at this point…