Good Ranging Day..

Hi All,

So all the crosses traded in a nice range today and there was some good breakout in GBPUSD....The last few days have been good to trade. Hope all of you made some good money. I had anticipated some of the currency pairs to breakout in a either direction as a lot of news was released today but the pairs did not show too much volatility today in reaction to the news.


The GBP had some positive and some expecte news and hence there was not too much fluctuation in it as well as in GBPJPY. The USD also had some good as well as bad news and i guess they balanced out each other. So not too much volatility was seen in the crosses and they held within range.

The fact that the crosses held on to their supports inspite of good pressure shows that there is a good chance of them to keep going up. There might be some retracement when the Japan markets open tomorrow but still, i think the longs would be favored.

Tomorrow, some more news from GB and US are to be released which would liven up the day. And then, the FOMC minutes would be released which would tell what the US banks are planning to do in the near future. These are the major event risks for tomorrow. I am on the lookout for some trigger news from GB which would tell that the weak dollar is weighing on the economy (which would in turn lead to a correction in GB and strength in USD) but so far, the news are related to the past months when the effect of a weak dollar would not have been felt. The next month would be the time when news related to this month would be released which might show the economy being affected by the weak USD.

So be on the lookout for any weak news from any country and keep your stop losses and take profits good and tight.

Happy Trading!!!