G’day Surfers – topsy turvey Land.
We expected early News to provide market direction yesterday but it wasn’t really the case. Initial reaction to good numbers from France & Germany created a new High but New York opened with vigorous selling which, after some see sawing, continued. We were not afforded an opportunity to enter into a market that closed a mere 21 pips off its open.
An already tested Daily Pivot (DP) has edged a little further away from its counterparts and their formation continues to be mixed. The Higher HI & LO sequence remains intact but the intraday appearance of a Double Top at Resistance #1 may have Seller’s attention. I would like to see that confirmed by at least a meaningful Lower Hi, before sharing their interest but M30 does have a “flaggish” http://clip2net.com/s/5rShwB look about it!
The Day Ahead
I confess to being a little Pip hungry in a so far “dry” week. It won’t change the way I trade however, so until the lower Hi appears, I’ll be looking Long. After a Lower Hi however, there are a few reasons to think Short and it may be the way to go?
High Impact News – C.E.T.
|10:00am||EUR||German Ifo Business Climate|
|2:30pm||USD||Core Durable Goods Orders m/m|