- The Federal Reserve cut rates by 25 basis points and the move higher following the decision looked like exhaustion.
- After temporarily breaking the May swing highs, sellers came in force as price produced a fake out.
- Phase 2 on the daily is now in full swing. Wait for this to complete before another potential push to the upside.
- Following the opposite direction to the dollar, price fell to levels last seen in May 2017 before eventually pushing up into what looks like a Daily Phase 2 move.
- Expect this move up to continue before another move to the downside.
- August is the second best month for JPY and seasonal strength came in right on queue last week.
- Sellers have broken through the bottom daily channel. Look for intraday sell setups all this week including all the JPY crosses.
- Big trendline break last week as JPY dominated all the crosses.
- Look for core setups on smaller time frames all this week.
- We are looking to sell JPY crosses.
- Looking for selling opportunities on AUDCHF, AUDCAD, AUDCHF and NZDCHF, keeping targets small.
- Buying EURAUD and EURNZD, like the above keeping our targets small
- Intraday sell on Indices.