In a nutshell investors are scared of lots of different markets right now so they are trying to figure out the best place to put there money. When that happens it will either benefit the USD or it won't - we'll wait for the charts to tell us. I'm short term bullish for the moment (if you are watching candlesticks entries) while eyeing a medium term resumption of the downtrend but, again, I'm not going to assume anything. I'll let the charts give me direction.
As always check the candlesticks in CP for intraday trading opps and watch out for news events on the forex calendar.
P.S. I'll be releasing Part 2 of the CP strategies article this weekend which should be a good one. Also I'll most likely be opening up CandlePro to more registrations next week. More on that Monday!
Trading Idea: I'm standing aside this Friday (as usual) to avoid the choppy markets, but for those risky souls out there my primary trade would be to wait for a short to develop higher up around 1.2800, with confirmation. Short targets from 1.2800 at 1.2775, 1.2745, 1.2715 and 1.2685 for 115 pips profit.
An aggressive long is basically to wait for a bullish candlestick along the bottom of the rising trend support (see black bottom line on my chart above) and to keep riding them up until 1.2790 or so.
Happy Pipping everyone and see you on Monday!