G’day Surfers – great start to week.
Only News could move the market yesterday, but in two very different ways. Good News from Germany, curiously sent EUR/USD 65 pips South! It served only to give us the opportunity we were waiting for – to get LONG. Our entry came on the back of a classic Surfing The Pips Secret Candle Pattern, as a lead up to the day’s second red News. Fervent buying created beautiful acceleration right through to our Resistance Trendline, where we exited for a scrumptious 45 pip total. It was a virtual replica of our Play of the Day http://clip2net.com/s/5DURJX . Curiosly again, the subsequent News release had very little reaction to a good US Consumer Confidence number??
As a result of the “2 move” market yesterday, very little has changed. Daily/Weekly Pivots remain in close proximity, yet in mixed formation. Price Action is yet to test DP and sits poised to break the consolidation Pennant #1 in which it once again sits. Again it’s tough to call but our 1.3390 Daily Critical Zone continues to deny EUR/USD unhindered passage North – perhaps a longer runup is required?
The Day Ahead
With that in mind, I’m suggesting some selling might be today’s first move again. It may take some patience before PA reaches a Hotspot but it could be a worthwhile wait, if the Bullish trend is to resume.
High Impact News
|1:45pm||GBP||BOE Gov Carney Speaks|
|4:00pm||USD||Pending Home Sales m/m|
Wonderful Wednesday All.