Back from a short CNY break, you will notice the narrow range which the market is trading in for today, primarily due to the Chinese and US market being closed today. Since my last analysis, we saw the USD strengthen against the major currency pairs, as the S&P 500 shows signs of reversing its recent gains.
Due to a lack of major economic drivers, I’ll not be anticipating any major moves today. Looking for short term trend following trades, with an eye on upcoming events over the next couple of days.
If we see the AUDUSD break through 0.7900 because of tomorrow’s Meeting Minutes, we could see a retest of the 0.7800 .