G’day Surfers – the consolidation we had to have?
After the fireworks of the latter half of last week, the market simply had to calm down – that is has! Much of Thursday, Friday and of course, yesterday has been spent consolidating between our Daily Critical Zones (DCZ’s) of 1.3030 & 1.3115. We speculated that this would be the case yesterday and apart from a small visit “south of the border” that was the case. A quite boring session resulted and the Long order we placed at London open didn’t look like triggering.
With such a ranging market, no surprise to learn of little change to yesterday’s analysis which saw mixed Pivots and Price Action in No Man’s Land. The one difference is that Daily Pivot (DP) is untested below PA. This gives us a short term target (DP) but still no clue as to an overall direction. Daily Chart (attached) seems to suggest that 1.3030 is still offering strong support so I’m a tiny bit Bullish on that evidence.
The Day Ahead
Thank goodness DP is untested because it gives me a short term plan. If I can find a way to take the pips on offer between PA & DP – that’s the way to go. Thereafter – a Long if on offer.
High Impact News
|11:00am||EUR||German ZEW Economic Sentiment|
|2:30pm||USD||Core CPI m/m|
Tip Top Tuesday all.