On a fundamental stand point, there are only three (3) major highlights to be concerned about namely, the Australian Unemployment report, the Bank of England rate decision and again, Friday's University of Michigan Confidence numbers. Other than the back-drop of news surrounding the Foreign Exchange and the commodities markets particularly the oil and precious metals has had no immediate impact to the deteriorating US Dollar.
Whereas, the USDX has remained above the achieved target level of 76.80/90 range as mentioned in our market view analysis last week that a re-test would be attempted. Currently at 77.84; its indecision to move in either direction have shown that market sentiments is on a wait and see attitude. However, the previous week's candlestick configuration indicates a corrective move upwards as expected by most traders. The FX market price movements have been favorable to most mid-term trade strategies rather than for day traders who would be more impatient to find the next big trading range. Thus making short-term traders do more by scalping the market with a few 10-20 pips and surprising making retail brokers make more than usual. No problem with that, its how they make their revenue from.
Whereas, the USDX has remained above the achieved target level of 76.80/90 range as mentioned in our market view analysis last week that a re-test would be attempted. Currently at 77.84; its indecision to move in either direction have shown that market sentiments is on a wait and see attitude. However, the previous week's candlestick configuration indicates a corrective move upwards as expected by most traders. The FX market price movements have been favorable to most mid-term trade strategies rather than for day traders who would be more impatient to find the next big trading range. Thus making short-term traders do more by scalping the market with a few 10-20 pips and surprising making retail brokers make more than usual. No problem with that, its how they make their revenue from.
However, the general outlook for the Euro and Pound other than fundamentals would still be the continuing efforts made by the current players on the EURGBP cross rate. Currently, breathing a positive tone of 0.8442 as compared with the EURUSD at 1.3639 and 1.6149 for the GBPUSD respectively. The previous week's capped of 1.3880 as indicated is still the numbers to watch for the Euro which is supporting the cross rate as of this writing.
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