Aloha traders! It seems as though we’ve hit the summer doldrums early in forex-land. There’s not a lot going on as the big traders make up their mind as to just how important the data showing the U.S. economy contracted in the previous quarter. Of course, as I write this, we could see big moves in the market this week. There was an ongoing move lower with the AUD/USD and a continuation entry on NZD/USD at the beginning of the week. Not a lot was happening with EUR/USD or GBP/USD as far as solid entry signals go. Let’s take a look.
EUR/USD D1 Chart
The euro is at a major decision point again at 1.1000. It may pop up an test the demand for euros above 1.1000 and then drop OR it could test above and continue higher after and retest of 1.1000. I’m open to either scenario as long it gives us a solid entry signal.
GBP/USD D1 Chart
The pound has been coming down off it’s recent run up to 1.5800. There’s not a lot to go on here for an entry. It’s best to wait and see what shows up.
There are another two charts to view in the Member Analysis area.
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