Hi guys, price action has been fairly 'normal' over the past several days, so there hasn't been a lot to report on via the Currency Barometer. All of the over extensions were happening on short time frames. This is excellent for day trading, but hard to post a report (i.e. the timing to enter the trade is pretty quick on shorter time frames).
JPY - the JPY has a nice double top now and should weaken over the next few days. Some of the JPY pairs have already begun to turn. Watch for key price level breaks that support a weak JPY.
AUD - the AUD has been bouncing in weakness for a couple of weeks now. A consolidation is long over due. Keep an eye on the AUD pairs for key price level breaks that support an AUD consolidation into strength. Do NOT try to fade any of the AUD pairs until you have key price level confirmation. These bearish trends could continue awhile longer. The sideways bouncing on the Long Term Barometer show a healthy pattern of short term consolidation with each move down.
This is not investment advice, just my opinion(s). Please trade accordingly.
Trade safe and keep an eye on news.
JPY - the JPY has a nice double top now and should weaken over the next few days. Some of the JPY pairs have already begun to turn. Watch for key price level breaks that support a weak JPY.
AUD - the AUD has been bouncing in weakness for a couple of weeks now. A consolidation is long over due. Keep an eye on the AUD pairs for key price level breaks that support an AUD consolidation into strength. Do NOT try to fade any of the AUD pairs until you have key price level confirmation. These bearish trends could continue awhile longer. The sideways bouncing on the Long Term Barometer show a healthy pattern of short term consolidation with each move down.
This is not investment advice, just my opinion(s). Please trade accordingly.
Trade safe and keep an eye on news.