G’day Surfers – NO motion!
The See Saw was on full display yesterday as EUR/USD could neither break free of our 1.3115 Daily Critical Zone, nor make it’s way to test Daily Pivot (DP). Rather, the cross simply traded Bullish Candle for Bearish until late in US Session when the only move of the day, saw Price Action (PA) fall short of testing DP before settling once again, into consolidation. We attempted to play a rally to DP but our order timed out. Our Swing & Relax Strategy saw an opportunity on EUR/JPY but this cross was similarly moving in “NO MOTION” and we cancelled the order and went to bed.
Hovering just above DP through Asia Session, PA remains locked on to our DCZ which again shapes as the day’s key level. With our Pivots mixed and offering no directional assistance, we can but speculate whether we are at the bottom of a retracement or the second leg of reversal. Very little by way of chart patterns to assist, with the possible exception of a double bottom on H4 #1, suggesting Longs may be the play of the day. It would be nice if DP is tested first!
The Day Ahead
Until PA shows us something, it’s a little tough to have a bias – so I haven’t! What happens at our Hotspots will determine (as always) which direction I trade – over to you PA!
High Impact News
|2:30pm||USD||Core Durable Goods Orders m/m|
|4:00pm||USD||CB Consumer Confidence|
|USD||New Home Sales|
Terrific Tuesday all.