G’day, Surfers – The News giveth after the News taketh away!
You had to be on your toes again yesterday but it paid off, if you were. Second candle into London session, setup a Long for us but Red news dictated we close the not triggered order, prior to the announcement. some brisk selling on the back of the news was short lived and once the fireworks settled, it was game back on. Under our 4 candle expiration rule, we re-opened our order and were taken to target which again proved the perfect exit as Price Action (PA) turned around once our 1.3030 Daily Critical Zone (DCZ) was tested.
We’re back in the DCZ range (1.3030 – 1.3115) as the breakout appears to have been false. A re-test & bounce off the now broken Resistance Trendline #1 and/ or 1.3030 will confirm that and these levels should be key to today’s direction. The untested Daily Pivot (DP) remains between Weekly & Monthly so market remains mixed. To test Daily Pivot today, PA must once again leave the DCZ range – I’m not certain it will!
The Day Ahead
I still have no trend and more questions than answers as the market continues to bob & weave around 1.3030. As mentioned, the re-test of the Resistance Trendline #1 will provide compelling evidence & hopefully, an entry.
Giorno Festivo Italians