Good morning/afternoon to you all.
I don’t trade Fridays but here is a brief for you for today….
Context
With yesterday’s fundamental news providing a whole lot of nothing, the market may start and come back to a more technical basis.
Yesterday's Report
Yesterday price behaved largely as predicted and after an attempt to test the daily pivot, it floated around in a range..
Technical Analysis
This looks a little more like it to me….
Note that our channel has been broken to the short side for a second time, which makes it redundant.
A second less steep channel has been established, and generally less steep channels are more reliable.
But price action hints at a break of the bottom of this channel as well, with consistent lower highs and lows. Note also the speed of the sell off after he early test of Daily Pivot.
The Day Ahead –
I expect to see a solid move down today.
No long options for me today
For the short I would be happy to trade the break out of the channel if I got a chart pattern I liked. The safer option, of course is to wait for the break, and the retracement that gives us our first lower high, at or below the channel line. That would be my play of the day. Target is our support line.
News Today GMT
1:30pm USD Trade Balance -49.4B -51.8B
All the best
PLB
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