E$ eased lower to 1.3029 overnight, albeit in a very corrective manner. What I know is the only fundamental driver for today is the US housing starts and existing home sales data to be released at 2030 and 2200hrs (Sin/HK) respectively. In the days ahead, price action should be consolidative as we have entered the band where somehow the market spent lots of time staying within in the first 4 over months of this year. The easy money in going long E$ is behind us and in the days ahead, one has to switch that mentality to more range trading mode.
Interestingly, I have the latest update on the noteworthy market orders. Stop loss orders can be found at 1.3000/20, 1.3075/80 & 1.3095/100 and limit orders at 1.2850/55, 1.2930/35, 1.2980, 1.3000/20 & 1.3170/75.
Technically, shorter term indicator is at o/s levels with momentum starting to turn from consolidation to up. However, on the daily basis, E$'s recent price action which had gone parabolic would still need some more time to consolidate before it can attempt another sustainable move higher. If not, any sharp rally above the recent high is susceptible to a quick snapback.
Overlaying the order book with the technical tool readings, I would still maintain a range within 1.2990/310 - 1.3150/70 as the highest probability scenario. However, I prefer to trade from the long side for today buying on dips.
All the best!
Update1: Current 1.3010... momentum has turned down and I will hold back buying for now.
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| E$ Daily chart - Comfort zone for E$ |
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