The US dollar is weakening a bit, it has been overtaken by CHF in the rankings, and also lost some ground to GBP. This sort of puts CHF, USD and GBP in the middle of the matrix with EUR and JPY, AUD at the extreme ends of the scale.
Equity markets had a small up-day yesterday. Gold gained about $30-$35 – first big green candle in a while.
Pairs with S1/S2 setups that have strength/weakness combinations
EURGBP – Retracement is occurring. No bullish PA yet.
EURJPY – Retracement is occurring. Wait for bullish PA on 4H or D chart.
USJPY – Very messy price action. No setup to go long at this point.
CHFJPY – Waiting for bullish PA. Look for Corn Trade on 4H chart. I would be trading a break-out here – price would have to make highs not since mid 2011 in order to be profitable.
Note that GBPUSD is currently no longer a S1 setup due to Cable continuing to rally the last few sessions.
Action for today:
Check the closing of the 4H candles on EURJPY and CHFJPY for Corn Trade setups. No new orders to enter into the market at this point in time.
executed as normal. 3 days to go….