FX Pairs Setting Up For A Trend

No surprises yesterday… On the whole, the vast majority of the pairs behaved themselves in exemplary fashion, initially taking things easy in the expected consolidation and later a taste of what should come. There are still a few minor hurdles to overcome – particularly in EUR/USD that seems to have lagged the other pairs – but in general we saw some steady development.

It is also clear that we still have to challenge the hourly & 4-hour Price Equilibrium Clouds. In general we are seeing heads poke beyond the hourly Cloud highs/lows but we still have the 4-hour Price Equilibrium Clouds that need to cross the final hurdle. Certainly this will keep us in a range for at least half of the day but I suspect that as the 4-hour Clouds begin to flatten out that we’ll eventually see follow-through. Thus, the early part of the day will be pretty dull but by mid-European day and into North America we should begin to see a more sustained move.

The two pairs that have frustrated are AUD/USD and EUR/JPY. Perhaps Oz is taking a nap. Two working days and less than 100-points spread. I’ve been awaiting a move higher but it’s taken so long I’ve gone back to sleep. It certainly needs a kick up the backside – and I don’t mind where it goes.

As for EUR/JPY, I’m not surprised with the boredom. It’ll probably take USD/JPY to take up the slack today but I reckon that over the next few days this will turn round. Patience here – a trend will develop shortly…

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