Three currencies in focus in the London forex trading session, and as European markets opened it was the overnight news from China and Australia which helped to send the AUD sharply lower on weak employment data. This was reflected across the Aussie complex, and one in particular was the GBP/AUD which rose strongly breaking away from the longer term congestion phase which Anna explains in detail on the MT5 platform.
From there we moved to the Euro on NinjaTrader, and in particular against the US dollar. Once again it was the fundamentals which provided a short term boost for the single currency as the EU avoided a technical recession, but only just. This was sufficient to give the currency a short term boost higher and an intraday long, against the backdrop or the longer term bearish sentiment for the pair. And it was interesting to see the set up develop for a reversal which has continued following the webinar and moving lower again. This was followed on both the futures and spot markets, with the 6E future on Tradestation and the EUR/USD spot on the NinjaTrader platform.
By Anna Coulling
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