The flip flop news from the Brexit negotiations trickling into the market has made trading this pair difficult. The latest is that, Boris Johnson has gotten the backing of the UK Parliament to negotiate, but the EU leaders appears poised to reject his latest proposals. Giving him one more week to improve this Brexit plans.
This GBPJPY trade triggered over 2 weeks ago finally hit the intended TP1. Closed off half a position with a +225pips profits. Looking towards the next target for a 400pip gain.
After the RBA 25bps rate cuts, the AUDUSD dipped and got support at the 2019 lows. Since it has bounced up over 100 pips from the lows.
The Bearish Bat Pattern on CADCHF is still intact, targeting for 0.7380. This bearish bias lets us look to sell on any rallies.
As the clock ticks down towards the 31st Oct deadline, the market is becoming less optimistic that the UK government can negotiate a deal. The idea of a possible ‘No Deal’ scenario is alive.
The Euro Zone was bombarded by a slew of poorer than expected Manufacturing and Services figures last week. Then the pair started to strengthen towards the end of the week.