What’s Up And What’s Down This Morning?
This morning's forex price action seems chaotic. Though that´s normal since the market hasn’t positioned itself yet and each pair is following different paths rather than moving in correlated waves as a unified market.
We see that USD/JPY has slipped about 40 pips lower. We got sa signal on Friday evening as this forex pair started moving lower again after the 50 pip gap higher. I have yet to understand Friday's gap. The gap was in the safe haven currencies JPY and CHF, but I didn’t hear any risk related events.
Speaking of safe haven currencies, the Swissy is going the other direction this morning. That means that the slide in USD/JPY is not risk related because EUR/CHF is moving higher as well.
Safe haven currencies are also on the retreat today, with AUD/USD and NZD/USD being marginally lower, while USD/CAD is about 50 pips higher, bouncing from 1.2550.
USD/CAD is trending up this morning, but this looks like a retrace of the bigger downtrend
My colleague Shain highlighted this level on Friday as this forex pair was moving lower after the mildly positive Canadian inflation report. He mentioned a trade going long against this level. If you followed his advice, you would be sitting on a 50 pip profit by now.
There´s no clear direction in the market this morning and the economic calendar is very light today, so don’t expect to see a normal market. It's better to try to spot individual chart setups for each pair and pull some small trades against them.
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