More of a bookmark entry here than anything else: it's 9:30pm EST and the PA across the fx board is intriguing indeed. GY is in zigzag range pattern that looks downward oriented for the Asia session: is making lower lows & lower highs - going upwards it looked like it'd bounce up over the DPP @ 135.88, but it got pushed back down. The EURUSD is 10 pips away from it's yearly low - it truly is in the crapper thanks to the lack of direction being provided by the muddling leaders and wanna-be-the-big-guy leaders of the EU. GU's not looking good and has just broken below 1.5 - GY isn't trading in sync because UJ is holding it up. Mind you, EJ is doing a tank job too, given the euro is out of favour for this session at least. The really interesting play could be over in EURCHF - SnB is expected to intervene (when they awake?) if it gets to it's 1.5 yr low somewhere about 1.42 - that should be good for at least a 300 pip pop in the first few hours, and hopefully more to come after that - I will have it on audio alert for a potential buy.
There's a big bull vs. bear fight within each of sterling & the euro - some have said sterling's being bought over the EUR, which 1) is ominous for the EUR & I'd expect 1.32 to be next given it's PA and 2) doesn't sound believable, that one crappy currency is the option to another crappy currency. I believe the bears will win in the short term, getting each to yearly lows, this month.
Indeterminate TA aside, GJ fundamentals are not good - if there's any (fake) rally upwards in early London trading, I can only imagine a scenario around the UK budget release that sends it downwards. Note the UK budget info looks to coincide with influential US data to be released @ 8:30 EST, so that may be the start of our GJ's unwinding, up or down.
Overall, am expecting at least 135 before London, or as part of the games London will give us, with a reasonable chance of 133.x. GL to all!
There's a big bull vs. bear fight within each of sterling & the euro - some have said sterling's being bought over the EUR, which 1) is ominous for the EUR & I'd expect 1.32 to be next given it's PA and 2) doesn't sound believable, that one crappy currency is the option to another crappy currency. I believe the bears will win in the short term, getting each to yearly lows, this month.
Indeterminate TA aside, GJ fundamentals are not good - if there's any (fake) rally upwards in early London trading, I can only imagine a scenario around the UK budget release that sends it downwards. Note the UK budget info looks to coincide with influential US data to be released @ 8:30 EST, so that may be the start of our GJ's unwinding, up or down.
Overall, am expecting at least 135 before London, or as part of the games London will give us, with a reasonable chance of 133.x. GL to all!