I wish I knew what was going where!
- I’m still sitting with a core long position in USD/CHF but I haven’t been able to get into the rhythm of the market at all and am getting close to pulling the pin on this one.
- I’m also still long of EUR/AUD with an excellent average on the trade, so this is one trade I’m comfortable with.
- I’ve been struggling to get into the swings on the Yen crosses, and although there is plenty of movement I’m having a lot of trouble in picking the turns.
- The EUR is in pure stop-loss hunting mode and I also can’t pick this one. What I will say, is that the market is short and bearish of EUR/USD yet China was seen buying again near 1.2975 last week!
- Even technicals are pretty much a waste of time in range-bound stop-hunting markets. They work the first time and then trigger stops through the level second time around.
- AUD/USD broke through technical resistance at 1.0360 (on 2nd time of asking) and trying to pick a top in the NZD/USD is looking too risky yet again.
China and Europe closed today for Labour Day, and Japan is still in holiday mode, so I’m not expecting any inspiration from today’s markets.