It is of little surprise that it has been a relatively slow start to the trading week given the US 4ht July holiday Monday. Today is RBA rate update day so watch for any impact on the $AUD and XJO.

Last week: There were a number of small trend line breakout trades last week and new all-time closing highs again for the S&P500, DJIA and NASDAQ following NFP and ahead of the 4th July holiday weekend. The US jobs report was somewhat mixed with the biggest jobs gain since August 2020 but yet the headline […]

There hasn’t been a lot of change ahead of today’s US jobs report and I have revised trend lines on most charts to reflect this lack of activity. Remember there is the 4th July weekend ahead too.

The stock melt up has continued to start the week with the S&P500 and NASDAQ closing again at new Highs. The DXY remains range-bound and so there has been little change across most Forex pairs. Caution is needed as this relative quiet may well continue until the release of Friday’s NFP.

Last week:  I had warned last week to watch the descending wedges setting up across many Forex pairs for potential mean-reversion activity. This proved to be sage advice as many of these wedges triggered and delivered significant gains: the AUD/JPY for 160 pips, the GBP/USD for 190 pips, the Kiwi for 110 pips and the […]