Steady Day Ahead, But Aussie Could Have Surprise Gains

I was going to add an additional ‘quick’ but I didn’t think it was justified. What’s more, I don’t think the pace will change its tempo. However, the general consensus across the majority of pairs suggests a dollar bullish day – not that I foresee any excessive progress that would spark any excitement…

Whew… it’s hard to actually provide any comprehensive outlook these days with such narrow ranges and a market that doesn’t seem to have any confidence in carrying price in even a modest trend. If there is any pair that could provide a firmer trending move, it’s probably USD/JPY. There’s still the puzzle with EUR/JPY that appears to need a minor new high but it’s pretty much done and within this type of price development, there is a tendency for this position to see the target fall short. So while I can’t point to a definite outcome, it may be worth keeping this in mind.

As for the Aussie, it seems to have found its legs for further gains and could be the surprise for the day. The initial target is pretty clear.

That’s about as much as I can suggest for the day. Basically likely to be steady without much zip to the Europeans, but keep in mind the two that may have potential for a decent move.

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