Happy Friday all! And what an interesting week it has been, hasn’t it?
I must admit that the erratic movements in the markets have had me a little on edge. Which way to go? Am I making the right decisions? It’s been a mixed bag of results to tell you the truth. In a prolonged rolling market, leaving trades unmonitored is not the wisest decision. You have to be literally implanted in your chair, eyes glued to the computer screen to avoid getting yourself into a precarious situation.
Anyway, I will keep this post as short and pain-free as possible! 😉
Let’s take a look at the chart for GBP/USD:
Over the course of the past day, around 7am PST yesterday til now, the pair has moved nearly 300 pips to the upside. It has made the most significant moves of practically all the other pairs but if you look at the entire chart, it is basically rendered trendless/rolling. We have been trendless since the beginning of June and will have to wait for a significant breakout or breakdown to be back on track again. In my opinion, a break to the downside may be the most plausible. The pair has already hit its highest point three times during this month, the highest it has been since Oct. 30th, 2008….8 months ago! So, like I said, a breakdown most likely will be coming and we should keep an eye out for that.
We are 3 trading days away from the end of the month and no real critical data will be out until mid-next week.
USD: ISM Manufacturing PMI
USD: Unemployment Rate
USD: Pending Home Sales
USD: Consumer Confidence
EUR: Interest Rate Decision
JPY: Tankan Manufacturing Index
AUD: Retail Sales
AUD: Trade Balance
GBP: Manufacturing PMI
Just a few important data releases to be aware of.
Hope everyone enjoys the weekend! Until next week…! 😀