Updated chart with new channel to take into account the LOW of yesterday (I continually look for what others can see as I want to be the same). Duplicated the channels to take into account yesterdays HIGH and all looks within acceptable bounds atm. The 5 day AvDaRa is plotted up and down from the current H and L (these positions will change throughout the day as more PRICE action is plotted). I'm a BUYER so am waiting for intraday BUY signals of which there are none presently. The 30M 100SMA (blue line) acted as SUPPORT yesterday and I'll look to BUY if PRICE returns to these levels and given the go ahead. If PRICE lingers too long at this area it will be further supported at the 200SMA (green line) which is also the 60M 200SMA (not shown) giving it added strength. SMAs are currently heading north which is a good sign. Most business on the shorter time frames has been done at the 117.60 +- range, although where we are now is also good. Wait and see for me . . . the 10/20 EMAs (black/red) are flat lining but still positive which also a positive sign. News for the day GBP and EUR 9.30 and 10.00 GMT with FOMC minutes later this evening at 7PM
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The SELLERS got the upper hand today and there is a 200 point range battle going on from 116.5+- to 118.5+- dating back to mid December. The fundamentals are still hugely in favour of the USD but at "perceived" lofty levels and some traders will wobble like your average Joe does. Perceived VALUE needs to return to keep momentum going if we are going to have some weak hands here. That would mean PRICE retracing to the 115.00 +- level or thereabouts at today's calculations. I may go NEUTRAL for a few days until the battle is decided :)
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Edit - That should read 116.00+- to 118.50+- . . . 250+- point range
