G’day Surfers – it’s back to the eighties – again!
This market truly is like watching a black & white 18” monitor back in 1980 with that ground breaking “Pong” doing its thing in front of our eyes. Price action continues to bounce off key levels, reversing any momentum build up and giving very little in the way of tradeable setups. Yesterday’s bullish mood was negated by bad Manufacturing figures coming out of Europe and the market returned to the very strong 1.3115 level where it found support and once again bounced straight back to our Daily Pivot where it has consolidated throughout Asia Session
Well little has changed from yesterday really – market is still making higher highs and lows on smaller time frames (our trading charts) so I still feel there’s room to the upside. We are of course still in a no trend, mixed situation with Daily Pivot sandwiched between Weekly and Monthly. Technically, we are in No Man’s Land!
The Day Ahead
Not surprisingly, my sentiment is still with the bulls but I would like to see them get a move on! As I write this, price action is leaving Daily Pivot behind and headed straight to our Daily Resistance level 1. We have a clear Resistance and a clear Support line to play with today so the situation is normal in that regard: wait for price action to come to our Hotspots and let’s go surfing!
Have a good one,
Geoff Pyne | Certified SurfingThePips.com Trader