It must be NFP week – the market is giving very little away and seems to be playing a “broker’s game”. Monday’s crash was covered by Tuesday’s Rally which was countered in a 90 minute sell off yesterday, closely followed by a pip for pip response from buyers. Our only order was a Long on M30 that took 4hours to reach TP-1, just prior to Red News which triggered the tumble so a Break even trade resulted.
Some late Asia Session buying has taken Price Action (PA) a fair distance from an untested Daily Pivot (DP), giving me Short Term direction guidance – SHORT. The move has created a new High however, suggesting more Bullish action is to come. PA remains contained within the rising Channel and without substantial fundamentals today, will probably still be there when NFP is announced tomorrow.
The Day Ahead
No change – DP Test, then Long………or Short, if the Channel bottom sets up!! Take care – it’s NFP Eve.
High Impact News
|1:45pm||EUR||Minimum Bid Rate|
|EUR||ECB Press Conference|
|USD||Prelim GDP q/q|
Have a great day.
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