• GBP: there have been plenty of reports from the professional market of bigger players booking profits in pairs like GBP/CAD and GBP/JPY. Remember that we’ve come 20 big figures in the cable from 1.50! Up-trend still in play but it looks like we will see more profit-taking consolidation.
  • The .9150/.9450 range in AUD/USD is still all-powerful and until the market can find some strong momentum, this range will be tough to crack. I’m still very strongly in the buy-AUD-dip camp but patience is absolutely essential.
  • EUR/USD is stuck like glue to 1.3600.
  • USD/JPY is also stuck in a range between 100/104 and shorter-term moves are likely to be influenced by the crosses. If we see heavy profit taking emerge in GBP/JPY and EUR/JPY then the next move in USD/JPY will be down.