AUD/USD seems to be moving gradually lower but its definitely a step-by-step process; the previous 1.0600/1.0850 range has now been supplanted by a slightly lower range between 1.0400/1.0650. EUR/USD has been similarly range bound but it is acting is a classic sideways trading fashion between 1.30/1.33 and similar can be said of cable and USD/CHF. USD/JPY has of course been the only true trend of recent times, but it does now seem to be running out of steam and may well slip back into a broad 82.00/84.25 consolidation phase.

In such markets I find the best opportunities lie in the crosses, where something will always be happening, even if it’s ‘only’ a 200 pip move. (Adam will take over now for a few hours)