Yesterday’s broad US Dollar strength was ignored by the the Aussie Dollar, as it bounced off lows.
Price action like this can be put down to intraday technicals, not having broken any major levels along the way and most importantly still respecting the higher time frame resistance level we have been following on the daily chart.
My longer term bias has been to play for a breakout as the thick blue line is weekly support, but this little bout of Yellen inspired excitement means we might have to wait a little longer yet.
I wanted to include this AUD/USD hourly chart just to highlight the intraday price action. Retail traders often love to blame ‘broker stop hunting’ when they get taken out of a trade, but any of you who were short should have cleaned up.
Looking at the Vantage FX client sentiment sliders on our homepage and currently that’s 61% of our book. Nice!
Continuing to tick through the majors and this GBP/USD level just won’t go away.
There isn’t any point in including a higher time frame Cable chart, because of the Brexit drop to new lows. We’re trading in the era of ‘AB’ now. This is the new dawn.
Finally, I just wanted to include that Fed interest rate futures are only pricing in a 36% chance of a September rate hike, and following it up with a 61% chance in December. Friday’s NFP is going to be HUGE!
See you on the @VantageFX Twitter account!
On the Calendar Tuesday:
AUD Building Approvals m/m
USD CB Consumer Confidence
Take advantage of the market narrative on a Forex trading account with Vantage FX.
Dane Williams – @VantageFX
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