Good day forex traders.
It is day 2 of the trading week and have you made any pips yet?
I mentioned in the previous review that we need to monitor closely on shorter time frames. The uncertainty in the markets remain high.
Looking at the 4 hourly chart above, we see a slow creep towards the upside.
It is evident that the bollinger bands are functional at the moment. This sets our possible support and resistance lines at 1.1190 and 1.1070.
The hold on the Australian interest rate brought little surprise to the markets. As US traders return from the 4th of July holidays, we may see more momentum.
We are due for an appearance by the ECB president on Wednesday. US FOMC meeting minutes will be due too. Caution is advised due to the emphasis placed on these by the markets.