Equity markets are holding. Gold is retracing a little bit. Oil is holding.
On completion of today’s matrix – I see EUR and CHF as strength and AUD and JPY as weakness. GBP and USD are neutral but closer to weakness than to strength.
Pairs with S1/S2 setups and strength/weakness combinations
- EURAUD – a retracement has now formed thanks to the RBA rate announcement. Watch for bullish PA
- EURJPY – bullish PA on 4H chart? Well it looked like there was, but price has just pulled back over the last 45 minutes. Would I have seriously considered putting in an order if the 4H chart still looked bullish? Notice that the chart made a lower high on D chart (just like CHFJPY). The D chart currently looks like a pin bar, but that candle is only 1/3rd of the way to completion, so I cannot base any decision on this bar for now. Reconsider things later in the day/evening.
- GBPCHF – open position – price moved down to 4200 overnight but then bounced back. When entering the order for the trade last night, I had failed to see that the momentum was looking like it was going to change from bearish to bullish (but it was bearish at the end of last week).
- AUDCHF – now I feel very lucky that my short order was missed by a magnitude of 1.8 pips. The pair rallied on the RBA announcement, and is now trading very near to where my stop would have been. Price is now consolidating a little. No bearish price action for now.
- EURGBP – Still waiting for bullish PA
- CHFJPY – Still waiting for bullish PA
Check again tonight (if possible and available) on EURJPY, CHFJPY, EURAUD and AUDCHF.