Price action decided to test the support areas we spoke of on Monday & yesterday, breaking through the bottom of our bullish channel, before coming to rest on, you guessed it, our DCZ. It languished there until today’s Asia session during which it has recovered around 50% of yesterday’s move to the South. We therefore now have a break of the bullish channel, with the prospect of a re-test during today’s webinar. If they come back into the channel and then re-test it’s boundary from above, we might be fortunate enough to catch us the Shark we were looking for & some pips to boot. If they don’t re-enter, we may see the 1.3000 level tested before today’s end.
Price has recently tested our resistance trendline from above, having broken it in the previous hour. We will of course watch this Warm Spot with interest. Once again we have some nice Hotspots to play with, should price action come to play with us. Not much by way of support – except a Beta intraday trendline forming. We need to keep in mind of course it’s NFP week, pivots are mixed and we are now outside of the Bullish Channel. My sentiment is still slightly bullish however, given the setups on the higher time frames. However, if there’s no re-entry into the channel during London Session, my allegiance will probably swing to the bears – we’ll see.
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