Comment: Doing better than we had hoped as the Euro rallies from the bottom of the daily Ichimoku ‘cloud’ chart, supported by the 9-day moving average. This hints at a truncated C wave of an A, B, C-type correction. We continue to watch to see where a new interim low forms, hopefully somewhere between the bottom of the daily ‘cloud’ and trendline support.
Strategy: Attempt longs at 1.4400 adding to 1.4350; stop below 1.4285. First target 1.4450, then 1.4550.
Comment: Yen crosses have hauled themselves off recent lows, this one happening to coincide with 50% retracement support. We favour a slow move back up to recent highs at 117.00/117.90.
Strategy: Possibly attempt small longs at 115.65/115.00; stop below 114.50. Target 117.00.
Comment: A surprisingly vigorous rally yesterday taking Cable back inside the daily Ichimoku ‘cloud’ with a ‘bullish engulfing’ candle. This hints that we might have completed a truncated C wave, which in itself underlines that the long term trend is bullish. Watch to see if price action over the next couple of days confirms that a new interim low has formed.
Strategy: Attempt longs at on a dip to 1.6345; stop below 1.6300. First target 1.6445/1.6475, then 1.6550.
Comment: Tiny daily trading ranges yet all aspects of the daily Ichimoku ‘cloud’ chart point to a short position. We continue to favour a slump some time in thin summer markets.
Strategy: Attempt small shorts at 80.30/80.50; stop above 81.15. Target 79.75 then 79.15.
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