Very quiet in Asia and morning London trade

All fairly quiet today. Retracement is still underway. If anything,  looking  at  the  charts I think  we  may see  the  Dollar retrace back a  little  higher first,  before a  resumption  of  the  main daily retrace, thus, you could  look to play  both sides.

I would be carefull with counter trend trades today, as the data cupboard is quite heavy out  of  the  US -  ForexLive Eco Calendar. Dont get caught.


Technically, Eur and cable  hourly charts  have turned over -ve so looking  for  a  dip there  back  toward  1.3700 and 1.5700. Usd/Chf  has bounced nicely and looks  to  tgt  the 220 sma hrly. Aud and Canada continue to consolidate at  or  close to the  61.8 fib in  miniscule ranges with indicators not much help.

On the Yen front, am watching minor up channel res at 90.70 just  above  the 90.67 the  78.6 fib reatracement level. Previous retrace saw price reverse off  the  78.6. Watch the  slow stoch 13,5,5 and RSI 14 for  a  confirmation of a  short trade. Aud/Jpy and Eur/Jpy are both pretty similar here, possibly a  little  higher  before  a  minor retracement lower back  into  the  up channel  support  located  at  80.56 and Eur/Jpy heading  back  to  the  hrly 300 lwma. Gbp/Jpy continues in its drift northward with the channel 140.80/143.20 and  currently  sits  just above  the  4 hrly 100/90 ema  bands.

As far as open trades go we have  not  much on presently  having personally  missed  the  start of  this  retrace with  the ma´s gettin blown apart with  little  or  no  pullback whatsoever.

Open Trades

Usd/Chf - short 1/4 unit @ 1.0785 stop 1.0785


Eur/Chf - long 1.4575 stop 1.4620
Closed 1/4 @ 1.4703
Working 1/4 tp @ 1.4750

Closed Trades

Xag/Usd   Spot Silver - SQR
Closed 1/4 @ 16.25.
Closed 1/4 @ 15.65.
Closed 1/4 @ 15.45 Reversed @ 15.40
Reversed to 1/2 unit long @ 15.70 Closed at 15.75