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Dollar Lows Broken

Dollar Lows Broken

We did see the follow-through but it all developed more directly than I had hoped. We’ve seen some dollar lows broken although in some cases this doesn’t really make too much of a difference and in others it has generated more complications. The momentum was strong enough in most pairs to end the day still pointing dollar bearish and leaving us hovering in mid-air. In summary it’s all a bit of a mess. Anyone would think that today is Friday the 13th…

I have dutifully gone through the inpidual analyses and want to call the dollar higher again but there are just no clear reversal signals and a range of alternative expectations that appear conflicting or just plain confusing. I have tentative preferences but without hard and fast entry levels, particularly as we move into the weekend, I have a feeling that we’re not going to get very far. Therefore, today it will be best to take the day off in order to see what develops today and what information we get from it to establish a more meaningful game plan.

It was all too much for EUR/JPY to cope with the prospect of pointing in a new direction and this still appears to retain the sideways consolidation that – assuming it completes the consolidation – will imply losses but within a larger corrective move. Assuming this occurs, it doesn’t really suggest that EUR/USD and USD/JPY are going to be doing very much today although, in the end, it should imply further slippage.

The Aussie has been as difficult as at its worst. It still looks as if it can make further upside progress but, I think, limited. Of all the pairs it may be the best vehicle but even then the momentum conditions in the 4-hour chart are hardly pointing to the downside yet…

Time for a cuppa and getting back into bed to be ready for the weekend…

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