GBP/AUD cont, , ,

The 5 min and 15 min Bossilators are now complete.
The 39 min is now open.

Dollar Suffers

This morning the risk takers got some encouragement from overseas reports.  In China, retail sales, were up 18.4% over last year, and easily out pacing the US  shoppers, where tomorrow's anticipated m/m increase is expected be only 0.3%.  Evidence the Chinese economy remains quite healthy was confirmed by a report of Chinese Industrial Production, up 13.9%. 

With Asian equities buoyant, this was a positive input for the euro exchanges.  Then, bank regulators in Basil decided that euro banks, short of capital, would have up to eight years to replace the money.  Bank stocks rallied, and euro stocks climbed to a four month high.

Today in early trade, the EURUSD traded as low as 1.2703.  Our weekly commitment of trader report revealed the large spec has been building a  short position at the futures exchange.  The total short positions by the large traders climbed to almost 76,000 contracts, although there is also 54,395 contracts of shorts.  Bloomberg, perhaps carrying the message for the large hedge funds short, featured a euro article today, touting the merits of the short side versus the USD  But for today, a weaker euro is not in the cards.

GBP/AUD 5 M Boss setting up

GBP/AUD 5 min Boss setting up.



I just entered the 5 m Boss on GBP/AUD
Although it has not yet met my usual requirements, the are a few reasons why
I entered now.
Good Risk to Reward: The pair is near a low on the wekly chart as well as a
recent low. If it prints a new low, I am out.
I have just sen a reversal on the 1 minute TF. And there was a 1 min Boss on
the 1 min which cmpleted successfully
I only take 1 min Boss’s on G/J, But I still like it. I have not been
trading the GBP/AUD very long but mat add the 1 min Boss
to my tool kit.
When/if the 5 m completes the 15 m will open, then the 30 m . . .


Here;s the charts: