We are certainly seeing some consolidation because if I’m not mistaken, this is the third morning in a row where Asia wakes up to exactly the same levels in the majors. Cable and EUR/USD made new highs overnight but with momentum lacking for the moment, they slipped back into their short-term ranges. AUD/USD is stuck between significant selling interest at .8475/.8520 and short covering bids at .8345/75. USD/JPY is also in a quandry, caught between the desire to sell USD and the yen to buy the JPY crosses (and I suspect the latter will win out meaning a buy-dip strategy here).
Good luck today.
