G’day Surfers – Bungee Day with weak FOMC.
Yesterday’s Report
The recent Bearish Trend looked set to continue yesterday on the back of News from the States. Just as it looked likely to crash, EUR/USD rebounded to recover most of the lost ground. Again, our strategy spotted a Long setup but the DP test never came so flat we remained. Our GBP/JPY S&R trade from Tuesday is performing quite well however with TP1 banked and Stops sitting at entry.
Technical Analysis
PA has planted itself squarely on DP and looks as comfortable as a Lord as we begin NFP Eve. Indeed an interesting double test of DP has a slightly Bullish look about it. Add the News induced Triple Bottom from yesterday and things start to get interesting. Today is the final day of a (so far) 330 pip Monthly fall for EUR/USD – the biggest correction since January 2013. With NFP tomorrow, I’m expecting very little to change.
The Day Ahead
| 11:00am | EUR | CPI Flash Estimate y/y |
| 2:30pm USD | Unemployment Claims |
Thrilling Thursday everyone.
CERTIFIED TRADER
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