Richard Perry
Independent Analyst
With this sideways trading range play continuing, it is difficult to get any real traction in positions that are left open for longer than a day or so. The daily chart from yesterday has shown a fairly weak candle with a minor recovery that was choked off. I still find the intraday hourly chart far more insightful with the pivot level at 119.40 once again acting as a barrier for a rally. I must have said that countless times over the past few weeks, but it continues to be the case. Whilst below 119.40 the bulls are struggling to gain a foothold. The near term momentum is rather neutral now as the latest rally has lost its way. With another lower high in place around 119.40 the pressure remains to the downside on support at 118.50 and possibly 118.30. The truth is that the pair is likely to remain fairly subdued in front of the FOMC now after which we may be able to muster some direction.
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