Both the AUD and NZD were down during the session. The RBA minutes for July left the door open for an August rate cut and weighed on the AUD. The Q2 CPI due next week will be influential.
On the technical side, we are looking at two consecutive sessions that rejected a key weekly level and 200 MA. There is room ...
The euro has been relatively quiet due to the lack of data coming out of the euro zone. The pair seems to be consolidating with bears in control. US equity markets have shown decent gains after joining the "helicopter-money" rally in Europe. JP Morgan had stronger than expected earnings with Citi and Wells Fargo ...
After the Brexit, the pair has consolidated for awhile. The bears look to be back in control and looking to push prices lower after rejecting a short-term level at 1.1125. Bank reports show support at 1.0833 currently.
Rejection of short-term resistance
Rejection of MA's
A break and close above the .7500 would open the doors for higher prices. Nice inside bar + bullish combo at a key level.
There is a cause for concern since the UK will be electing a nice prime minister May 7th. This may or may not cause volatile market conditions in GBP.
Today the pair created a large bearish pin rejecting a key level of resistance. There is some "air" below which allows price to correct after the recent bullish momentum. Looking to short at the break of the pin and target target the 1.01 area.
Countertrend trade - rejected a key resistance level at 91.80 multiple times to create a false breakout. Looking for a weak close and short term downtrend correction.
Target 89.30 area but taking a half position at 90.08. S/L is currently at 1R (90.86).