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.
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals