Trading Video: Dollar Reversal Still Lacking Drive, Pound Makes a Move
• USDollar continues to carve out a pattern that fits the 'reversal' requirements
• Follow through however continues to allude the currency without a fundamental catalyst to get it moving
• Both the Pound and Aussie made strong moves this past session, but only certain pairs look primed
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Global equities are flirting with multi-year - and in some cases record - highs and the Dollar slowly carves out a potential reversal pattern. However, follow through on both themes is lacking. Conviction is difficult to muster without a definitive catalyst to move the market and a banner to keep momentum building behind it. With a FOMC rate decision and 1Q US GDP next week, the boundary for drive is that much higher. However, that doesn't mean we are without sparks. This past session should some sharp rally in Asian equities, a volatile Aussie Dollar and a notable break for a range of Pound pairs. Is there any potential in any of these pairs and how do we draw it out? I discuss that in today's Trading Video.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.