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Greetings, Everyone and a Fine Saturday to You!
Writing-Time is about 9 a.m… so 16:00 GMT.
We end the Trading Week still “Anchored” everywhere by Horizontal Ranges in most Units… Currency and Otherwise… as The Dollar remains weak against Its “Risk Aversion/Appetite Brother,”, The Yen… while remaining largely Rangebound from the Macro-View in most Pairs.
We have large Triangle/Flag/Pennant-Type Formations of Continuation, as Price sees more Deep Breaks on the Horizon soon.
Despite the Speed and “Spotlight” Momentum of The Queen lately… in my Personal View… It is still the Commodity Currencies that see the strongest “Weight” of The Pendulum Swing against The Dollar.
On the “Other Side of the Fence”… The Yen and even the Euro still have Battles of Strength vs. Weakness to deal with in more of an “evenly matched” Scenario with The Dollar.
The Yen Crosses move along nicely, as the “Degree of Disconnect” in Strength and Weakness is usually distinct and wide… so when they Rally…t hey move with Significance. When they Fall… they Depreciate with Significance as well, hence becoming Solid Units with Volume and Liquidity.
In my View, the Euro is a fine Illustration of the “Financial Gridlock and Pressure” we are still dealing with… as the “Weight” from the Macro-Level is still haunting The Pair.
From the Daily View, we do have a Clear Bull Flag Formation in progress, which signifies Continuation, but also a Break to the Upside with “Full Completion”, in this Case, around the 1.5100 Handle…which is certainly not In Favor at this time.
Downside-Risk sees possible Negative EuroZone Data Points taking Price to the 38.2% Fib Variant of the April Upleg Confluence with Dynamic Support.
The some what “Indecisiveness” of The Euro is indicative of overall Market Sentiment, and I really do not see The FOMC next Week changing any real Views of The Dollar as well in terms of Activity…. so we continue Onward with what The markets define for us to Work with, as always!
Have a fine Day, Everyone and please join me tomorrow for another Sunday Post!
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