Review of Yesterday’s Blog thoughts and Heads up for tonight
Yesterday-Recap:
GBP/USD: -I asked you to watch support at 1.59 as it was holding us up...guess what your low for today was? 1.5902
-Iasked you to pay attention to small opportunities with local breaks of the 1.5960s and 70s....guess where our current bid is 1.5966
EUR/USD: -I gave you a key to evaluate additional buying pressure around 1.3900...High today 1.39711, Low 1.3886.
USD/JPY: -I asked you to keep on eye on this one as it was ranging between 90 and 91 and sitting in the middle of the range...current bid is 90.38 with a High for today at 90.90 and a Low at 90.26.
AUD/USD: -I told you that the pair really needed to break 0.8930 to evaluate buying pressure...guess what your High was...0.8926, and what did it do? Sold off.
There is no way to be accurate with all that we talk about and evaluate and there will always be losses in addition to the winners, but I hope that following along helps each of you to establish your own observation patterns as well as gain a bit of insight from my perspective.
Today is rather boring to me and nothing jumps out as phenomenal.
Tonight I would really enjoy seeing failure of the EUR/USD and a return to trend, however if it pops and remains above 1.40 then we may not get that play just yet.
Keep an eye on the USD/CHF. If 1.0500 holds us up then you may be able to work a swing trade out of it.
The GBP/USD is boring me to tears...Watch the 180 for significant power and if you are playing ranges keep it tight. Lack of direction prevails and if you get the right charts then either side may be a swing trade opportunity.
USD/JPY: See yesterday and the 90/91 issue....needs to break one way or another.
USD/CAD: Trying to develop a third cycle down on the 180, but personally I would like to see this one rally off of support. Watch the 1.0550s and key on the 720 Minute light.
AUD/USD: Now that rate information has been absorbed, my preference here is Long, but we have to wait for the right charts to try and make a move. It needs to come above the 0.89 level to feel its oats but at the same time you have to be careful of 0.90 as a psychological. This one may need to have a couple of days to figure itself out.
My favorite to watch and stalk right now is the GBP/JPY...the Long term month offers us nothing. The Mid term week gives us slight selling pressure with ascending lows. The Short term day is where I start to key in...no real direction for about a week...a lot of action and comfort in the 144s but this needs to be broken and that's what I want to see. I don't care what direction it goes, but a swing is what I'm looking for...the 180 and 720 will be key. Start small and grow into it b/c you don't have a lot of support for a true direction.
Wishing you all the PIPs you can handle!
Lindsay
