It’s been a tough month – and the timing hasn’t been great.
Usually I’ve got more to say than most people care to hear, and rattle off trade ideas like nobody’s business – but considering I jumped off the short JPY train some time ago ( and have been looking for a weaker USD) there really hasn’t been alot to talk about.
When trading Forex it’s not at all unusual to go for weeks without seeing a decent move, and considering the current state of affairs (with such Central Bank participation) it’s a much better idea being “inactive” than getting caught on the wrong side of something bad.
We can all agree that the market fundamentals have already jumped off a cliff – and from a purely technical standpoint we are sitting in a precarious spot.
Both AUD and NZD are really at the low end vs USD – and are either gonna hang on to long term areas of support – or get ugly. The Aussie (being a pretty nice proxy for risk) really needs to show some strength here.
The next two sessions will really be key as USD ( safe haven ) pushes against large overhead resistance.
We’ve waited this long – what’s another day er two?
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