There is one powerful trend noticeable across Forex majors at present, being; very tight & quiet trading ranges.
An eerie holding pattern seems to have set in across key FX majors & commodities as follows:
USD/JPY – Just above 109
EUR/USD – Just above 1.10
AUD/USD – Just around 0.6780
GOLD – Firmly at $1,460
My most noticeable exception is Oil making a run up above $58 last night as the OPEC agreement around Oil output CUTS helped to lift WTI (Oil), as well as the continued slide lower for GBP/USD.
- GBP/USD, now dealing at 1.2850, after a brave rally towards 1.2920 to kick-start this trading week.
I must say, the UK election seems to be sailing directly into the “hung parliament” storm, which in the near-term will drag GBP/USD LOWER.
- Looking at the 4-hourly GBP/USD chart, the Bollinger bands indicating changes in volatility are steady – which is better compared to most FX majors where volatility has all but disappeared.
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