Trading has been very slow the past couple of weeks with tight ranges and light volumes. It’s been difficult to be rewarded for more than 10 or 15 pips trading the majors.
It seems like the market is waiting on it’s next big move…perhaps a favourable completions to the U.S. – China trade tariff talks, continued stronger than expected U.S. growth, signs of inflation in the E.U. or a resolution between the E.U. and Britain regarding Brexit will get it going again. The latter two scenarios are long shots at the moment.
The NZDUSD and AUDUSD have been moving lock-step lately but on Wednesday the NZDUSD dropped heavily and has been unable to recover… as it makes lower highs. It set up for a short trade today risking 11 pips for a potential 42 pips to our daily target at .6672.
Price moved down through the first half of the U.K. session and continued down as the U.S. session got underway – falling just short of our target as we exited the trade at the U.K. close.
I continue to remain USD bullish.
Enjoy the Easter long weekend. I am extending mine until Tuesday.
Good luck with your trading!
