Matt Simpson, CFTe, MSTA
CityIndex
A refreshingly volatile Asia session follows on where NYLON left off.
I had been expecting a retracement on the USD Index as price action had appeared very similar to the interim top throughout May-June. Yet the bullish, momentum seen from yesterday’s NYLON session has spilled over to Asia and lies likely to continue right through to the European and London sessions today.
This means we can consider bullish setups on GBPUSD, USDCHF and USDCAD and beariosh setups on EURUSD, AUDUSD and NZDUSD.
Whilst the USD Index is fastly approaching a likely zone of resistance, its recent bullish breakout from the sideways consolidation does provide a much more directly bullish structure for the week/s ahead. The improvement of volatillity will be welcomed by traders and hopefully this will be set to continue going into September and beyond.
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