There is clear resistance at 1.5600 in the form of a triple top, however there is a rising trend line below. I am waiting for a break with the trend before I play Cable.
Chart below
Aussie / USD
This pair has made higher highs and I should be looking for longs, however price continually stalls at the physiologically important level of 1.000. I am therefore waiting for a break before attempting a position on this pair.
Chart below.
Cad / JPY
This is very much like Cable in so much as there is a clear double top at 78.00 with consistent higher lows below, forming a rising trend line.
I will wait for the market to show direction before trading Cad / JPY.
Chart below
With price trapped in like this, and with Spanish rates at almost records highs, and a Greek election on Sunday. I am sure there will be some action before the month is out.
I just need to stay sharp and wait for the market to move. I prefer to sit on my hands than get chopped up in a sideways market.
I trust you all agree.
Best Regards
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