G’day Surfers – 2 attempts ; 2 refusals.
With only 43 pips of range to play with, PA still managed to avoid our entry levels yesterday. We were keen to play the DP Test but the market waited until both our Long orders expired before completing it’s almost daily duty.
The change today is minimal but nonetheless significant……or is it? DP has crossed both WP & MP to change formations from Bullish to Bullsh##…..I mean Mixed. As we noted yesterday, the market and Pivots are so compressed, there is probably not a lot to read into that. Indeed the indecisive market existed yesterday, as much as it does today. DP is tested so no edge to be had there. Have I mentioned 1.3815 before?……..yep, it’s still the yardstick – Bullish while PA stays above it. The tiny intraday, inverted H/S #1 won’t hurt either.
The Day Ahead
Favouring Longs but if PA gets a sniff below 1.3815 – the slide could continue.
High Impact News – CET
|6:15pm||USD||Fed Chair Yellen Speaks|
Wonderful Wednesday all.
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