FROM HERE: pre-Yellen speech, play the range 0.7760 – 0.7850
BUT:if range broken, square up and leave it for next week.Don’t chase loses.
COMMENT: Still bearish view for the day as long as 0.7900 holds.
FROM HERE: buy at market or on dips around 119.00 to test 120.00 and above
BUT: square up below 118.30 and re-assess. However 118.30 should hold depends on Yellen speech.
COMMENT: “hammer” is first sign of reversal but need more confirmation as day goes on
FROM HERE: sell around 1.0906 to target 1.0820 then 1.0750
BUT: square up and re-assess if 1.0960 breaks on top side
COMMENT: bearish engulfing and RSI suggests bears back in play. Stay on the short side.
FROM HERE: hard to call other than stay long above 1.4720
BUT: can consider reversing below 1.4720 and try for at least 50pips on down move for start.
COMMENT: 1.5000 tested and failed. Might have another crack today (next 24hrs)