Dollar Driven
This afternoons (Europewise) action has been driven by the stronger dollar following Bernanke's testimony.
This can be seen in the green wide ranged semi marubozo at 14:00 GMT when price moved up more than 50 pips, breaking above last Friday's high of 103.30. This tick volume of 51,000 was the highest this year and that must be important as it was > 40% higher than any other hourly bar.....I found the similar action on other brokers.
Since then the action has been on greatly reduced volumes - and thus IMO - the PA is less important.
AMT - via the right side histogram - tells us the expect the 102.90 or even 102.50 areas to be revisited in any continuing rally.
However as the main US traders now think about finishing their day, attention will shift to the Australasian markets, especially Tokyo and their reaction will hopefully give clues as to any possible end to this Yen weakness - although we may have to wait for Mr Kuroda's next utterances early on Friday morning....TWT
This afternoons (Europewise) action has been driven by the stronger dollar following Bernanke's testimony.
This can be seen in the green wide ranged semi marubozo at 14:00 GMT when price moved up more than 50 pips, breaking above last Friday's high of 103.30. This tick volume of 51,000 was the highest this year and that must be important as it was > 40% higher than any other hourly bar.....I found the similar action on other brokers.
Since then the action has been on greatly reduced volumes - and thus IMO - the PA is less important.
AMT - via the right side histogram - tells us the expect the 102.90 or even 102.50 areas to be revisited in any continuing rally.
However as the main US traders now think about finishing their day, attention will shift to the Australasian markets, especially Tokyo and their reaction will hopefully give clues as to any possible end to this Yen weakness - although we may have to wait for Mr Kuroda's next utterances early on Friday morning....TWT
Trading Levels with WRBs