The EUR was among a host of currencies today that spent most of the session in a range. EURAUD here was constrained mostly to a 30 pip boundary, making entries difficult. USDCAD was a sell around lunch time, but I was away from the desk at the break point. It looks like the pair has given back the post CPI gains. USDJPY is a notable exception at the time of writing, pushing up towards 149.800 on an extended move that is yet to pull back to the 9 EMA. The most looked extended as it broke the HoD though, so I wasn't particularly interested in getting involved.
With all that said, I'm still favouring EURAUD for the watch list tomorrow given the breakout on Thursday. With just under an hour left in the session, that could change if we see a sustained flush below 1.66400 and close near the breakout level of 1.66160, which we could do given the expected daily move.
I am a little disappointed by this break out given how lucrative a similar move was on CADJPY a few weeks back. There we saw several follow through days of buying which lead to multiple entries and an overnight hold. So I really do want to see the bulls step in soon here or I think this may be a dud.
With all that said, I'm still favouring EURAUD for the watch list tomorrow given the breakout on Thursday. With just under an hour left in the session, that could change if we see a sustained flush below 1.66400 and close near the breakout level of 1.66160, which we could do given the expected daily move.
I am a little disappointed by this break out given how lucrative a similar move was on CADJPY a few weeks back. There we saw several follow through days of buying which lead to multiple entries and an overnight hold. So I really do want to see the bulls step in soon here or I think this may be a dud.
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We've push back into the wedge in Asia trading, so I'm calling this one toast for now. Possibly flip short, but we'd need to see a break of the wedge low. Will keep you posted.
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