The US$ has edged higher and the stock melt up continues but there isn’t much momentum across on Forex markets. Some of the chart patterns have been revised but they still reflect potential for some broad-based consolidation.

The US$ is higher ahead of today’s Fed Meeting Minutes and this has triggered some sharp reversal moves across Forex pairs. Key horizontal levels are back in focus for some pairs and I will be revising chart patterns, if necessary, after the Fed Meeting Minutes are digested.

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.

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.