Mid week review

Good Evening Dynamic Traders

We're already mid trading week! I'm having troubles updating images tonight but hopefully you can follow my comments. I'm checking in on my previous blogs on GBP, SGD, ZAR and AUDJPY.

Looking at GBPUSD, price yet again failed the BOB and rebounded off the support area where buyers obviously stepped in. What looked like a possible BOB yesterday morning, ended up very differently by close of the trading day. This is a great example of being patient and waiting for the market to make it's final move! You can see price is simply ranging between this VI R and S area, clearly telling us buyers and sellers are battling it out - who will win? Could we see a TT at the VI and a move down? Or will price continue to seek comfort near the VI for a while? Patience is key whatever the case.

SGD has had a bearish couple of days and on first glance we may think the breather is over. But of course as Dynamic Traders, we know this breather isn't complete without the BOB of the low. So again patience is needed to enter a possible trade here.

ZAR is also testing the support level tonight and should there be a BOB, remember we have the channel TL looming close below as the next barrier.

AUDJPY today has tagged the previous high and retreated slightly. Remember we have the RN clustered with the R, so we may see some indecision here before a potential BOB. Again wait for the confirmation and then take your action.

Remember, standing aside is also holding a position. You might be ready to trade, but the markets might not be ready for you. So be patient and wait for the correct signals to enter.

Please always carry out your own analysis.
Here's to great trading!

Sonia Molina