It was far from decisive and dependant on brokers but for most, last Week could best be described as NOT negative. In truth a Doji week it was and Friday’s 29 pip gain, enough to prevent the cross recording an historic ninth successive negative week.
As a doji week would suggest, PA remains in consolidation after the eight week 700 pip crash. Last week’s ever popular DCZ 1.2945 is where we begin the third week of September. Somewhat surprisingly, Pivots are mixed after the doji week and the question remains, is there any momentum left in the down side. The confluence of 1.2945 and our Weekly Support Trendline #1 may well be influential in determining the answer. My expectation is that it should provide some Support, how much – I’ll watch with interest.
The Day Ahead
Above the confluence area, I’m thinking Pullback. Below it, 1.2800 here we come!
High Impact News
Magic Monday everyone.