I guess this should be considered bullish for the main USD pairings and for the JPY crosses. Consolidation at highs usually means that they’re not highs, yet. AUD/USD ran into some sizeable offers yesterday at .8475 and we are likely to test this level again this morning. Support is now firming at the previous .8345/75 resistance band. Cable is still struggling to break above 1.70 but the pullback has been poor, a dead-cat dip if you like. USD/JPY was the most surprising one in the European session. It gapped lower on a few occasions and was quite volatile but still didn’t manage to fill any of the rumoured bids at 94.00/25. It is starting to look like it might be ready for a pop higher.
Sammy will guide you through the morning session. Good luck today.
