G’day Surfers – they’ve tried the Bottom……..now for the Top!
We anticipated EUR/USD breaking the Continuation Flag http://clip2net.com/s/4ZQh1Y to the North yesterday and were hopeful for a second test of Daily Pivot (DP) to facilitate an entry. No such opportunity arrived, the break occurring early into the session, without warning. Not surprisingly, the top of our much talked about Daily Critical Zone (DCZ) Range (1.3030 – 1.3115) provided enough Resistance to halt the rally and ensure Price Action (PA) didn’t escape. No entries for us.
Late Asia Session buying sees PA again testing 1.3115 and squeezing past yesterday’s High. With our Pivots now confirmed Bullish that may be the pre-cursor to the day ahead. Certainly, if the 1.3128 Right Shoulder #1 doesn’t hold, some aggressive buying could ensue. With DP untested below PA I again, would like to see a pullback prior to finding an entry however.
The Day Ahead
|4:00pm||USD||CB Consumer Confidence|
Enjoy the final day of April everyone.