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Market Dull, Won't Commit To Direction

ByIan Copsey
Published 06/16/2015, 11:59 PM
Updated 07/09/2023, 06:31 AM

Boring. Drab. Dreary. Dull. Lacklustre. Lifeless. Slow. Sluggish. Tedious. Trapped. Wearisome.

I think you get the drift.

It also makes life difficult trying to provide some useful information that will provide guidance on the next move of the market. As much as I have attempted over the past two days to make sense of the structures in the charts, the market has found a way not to commit to a direction. To put that in another way, it basically means consolidation. What does consolidation mean?

Boring. Drab. Dreary. Dull. Lacklustre. Lifeless. Slow. Sluggish. Tedious. Trapped. Wearisome.

Perhaps the only currency pair that has any moderately decent structure is GBP/USD, which is maintaining its stiff upper lip and making steady upward progress, although the lower degree development is rather introverted and therefore makes the forecasting process a little more hazardous. However, overall, this pattern of gains should continue. There is a solid 4-hour bearish divergence, but price continues to bounce from the supportive 4-hour Price Equilibrium Cloud. Until that pattern breaks, the risk remains higher.

Elsewhere, the claustrophobic nature of development is numbing, but we all know that once the bomb has been dropped, we’re going to suffer bedlam.

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