Not much commentary today, preferring to let the charts do the talking. As usual the charts are all 6hr and looking no further than into the next week.
The bands have turned up and price currently testing resistance as support. Long trades here are counter to the longer term downtrend but there are good pips to be had.
The beginning of this chart shows the strong uptrend after the coordinated intervention/manipulation by the G7 after the tsunami. As always after every intervention the market brings it down again.
Faced resistance for a month at the 0.98 area and finally pushed through. Nothing other than look to see if the retest holds this week.
An evident short term downtrend with 1.61 key support and 1.64 above. A lot of pips to be had here but that comes with increased risk.
I rarely use fibs but hard to ignore the confluence here. Monday should set up direction for the rest of the week.
The aussie has held up well and although the short term trend is down, the wider view gives the impression of a consolidating bull flag. But I don’t trade the wider view. Resistance is near.