Daily thread to exchange ideas and to share your thoughts
Happy Friday, everyone! Hope you’re all doing well as we things going in the session ahead.
For now, the dollar is on the back foot as US futures are racing higher while yen pairs have also risen though gains have been pared back a little. Can this good mood last?
That is the key question as we look towards the weekend. Headline risks are everything right now so let’s see how the market will navigate through the sessions ahead.
I want to be leaning on the skeptical side of things but you can’t argue with price action and the chart. Among the notable moves, gold is back under its 100-hour moving average while AUD/USD and AUD/JPY are both running above their key hourly moving averages.
There’s also the case of cable upside stalling at its 100-hour moving average and USD/JPY staying in between its key hourly moving averages with the topside limited at 108.00.
It feels like the market is hoping for yet another headline kick to really give it the impetus it needs so let’s see if that will come by later in the day.
What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.