Recap-Wednesday into Thursday-be aware of Non-Farm/Unemployment this Friday
Recap from Yesterday's Blog into Today's action:
GBP/USD: asked you to look for a 180 with significant power for a swing...you got a swing short
EUR/USD: told you I wanted it to fail and that if it popped and remained above 1.40 we might not get the play....guess what. It popped and couldn't hold 1.40...you got the play short that we wanted.
USD/CHF: told you that if we could hold above 1.05 you might be able to work a swing trade out of it...low today was 1.0498 and it pushed higher for the swing we wanted marking highs at 1.06 today.
USD/JPY: remarked for I believe a 3rd day the range of 90/91, we ran the range today and popped above 91 only to the 91.27 level, this may be able to lead us into a direction to the long side if we can hover at/around 91 and push again with USD strength tonight. You still want to be aware of the range.
USD/CAD: I told you that I wanted to see this one rally off of the 1.0550s...your low today was 1.0545. It pushed highs today at 1.0630. Gave us exactly what I wanted.
AUD/USD: I told you that I wanted this one to come up for us and it did early in the session. I also mentioned that in order for it to really get going it would have to really come above the 0.89 level...it breached it by 15 pips and found its failure.
Tonight into Tomorrow: Always wait for the appropriate charts!
GBP/JPY: Stalk this one like mad!!! It has been a number of days that I've been saying this and I will continue to say it until it gives us a worthy break. It is starting to show a preference to the long side. We have to stay above 145 if we want it to grow. Pay close attention.
GBP/USD: This one is still annoying. 1.59 is an important number to hold or to break. If we break down, be careful around 1.5830s. I would prefer scalping or active opportunities on this one. It hasn't really chosen a trend.
EUR/USD: We broke a trend line on the 180 with the Short swing that we wanted that came to be. It could develop a bit lower, but 1.39 is an issue for us at the moment and of course on the high end of things we still need to watch the 1.40. Your trading range may narrow itself a bit, I would evaluate scalping/active trades and then build into swing if the market allows you to. If 39 holds then you may end up with some risky long side scalps as well.
USD/CHF: 1.06 is the number to beat for this pair. If it can't breach it well and maintain above that level it wouldn't surprise me to see some failure of the trend. Super Active/Active...build into swing only if it is paying you.
USD/JPY: See summation above.
USD/CAD: This one was bullish today which was what I wanted but now it is respecting some prior resistance levels. Key chart for me on this one is the 60 minute chart. The 720 also comes into play as is does not look strong enough to hold. I almost want this one to fail again, but it looks a little confused at the moment so I may not watch it all that closely.
AUD/USD: For a second day I would like to see this pull up again. Same rules apply as did yesterday. Please review yesterday's blog post for details. You have a couple of key levels on this one...0.8850 ballpark support and 0.8900 ballpark resistance. Regardless of which direction this goes, you need to probably remain in an active trading mindset as you have additional secondary levels that aren't too far away.
That's it for today...be careful tonight and remember that we are pulling into the Thursday before Non-Farm/Unemployment....things could get a little weird in advance of what should be major news Friday.
Wishing you all the PIPs you can handle!
Lindsay Hall
