EUR/AUD shorts from upper 1.6100’s and target 1.5736 now trades 1.5776. The further target was written 1.5500’s from 1.6100’s. Don’t lose sight. Recall EUR/JPY 128.00’s to 131.00’s and 133.00 tops. Weeks and weeks later, EUR/JPY maintained the previously written range.
Mind the Gaps as this is the new concept derived by the central banks and it is found in the mystery rate. The BOE is the new member to the Mind the Gap strategy as they followed AUD and NZD. All formulated due to the perfection and long history from USD.
The ECB is the laggard but the ECB has been in a deep coma for many years and certainly since they went negative. The ECB settled then lost focus. The BOC by far is brilliant and like me is many miles ahead of the game. The BOC remains market oriented while most central banks seek and achieved exchange rate management.
The daily targets must account for the Gaps in order to hit perfect targets. The point of note is the GBP pairs posted 2 days ago. The lost point of note is the GBP pairs posted 2 days ago.
Given 2 exchange rates on 2 separate days, each contains a far different story. If for example USD/JPY was shown yesterday at 108.84. Yesterday’s 108.84 traded successfully for its significance then its forgotten as it doesn’t hold sway any longer. Today’s 108.84 holds a radically different set of information to trade and contains no information from yesterday.
Monday’s were designed decades ago to remain dead trading days. Technical analysis is impossible to explain this concept.
USD/JPY, Recall Monday 109.97 recommended sell point. USD/JPY as usual week after week brought the price to the brink and traded 110.01. It traded in overnight Asia at 109.19. The overall break point is located at 108.99. Far lower to 107’s on a break. Look for 109.64 and 109.88 to contain for today while 108.99 is blocked by 108.95.
GBP/JPY Contained above at 148.48 and break point at 149.63. Watch 147.22 below.
EUR/USD. Watch above 1.1958 on break 1.1934. Watch below 1.1876 and 1.1859. Overall break point 1.2078.
GBP/USD. Strong supports at 1.3460’s. Watch 1.3572 above on break of 1.3542. New Risk/ Reward definition, perfect.