Best described as a lack lustre day in FX Land, Tuesday’s Market ranged a mere 42 pips, moving only briefly around News releases. We spotted an opportunity to benefit from a break Short but consolidation lasted longer than our order, which timed out.
Virtually a carbon copy of yesterday with Price Action (PA) lingering above a tested Daily Pivot (DP) and range bound. With intraday support & Resistance Trendlines “closing in” a break is imminent. The direction of that break is unclear with Pivots Mixed, an open Gap and a Chart Pattern that resembles Superman’s Badge #1 more than it does a direction finder.
The absence of a reversal pattern on any Chart, keeps me slightly Bullish but the consolidation may not be over.
The Day Ahead
|FOMC Economic Projections
|FOMC Press Conference
Wonderful Wednesday all.