Daily bearish gartley patterns are setting up on cable, FTSE and AUDUSD. USDJPY is stuck in a tighter and tighter wedge.
Spanish debt is the big concern and spreads of Spanish bonds over bunds at record wide spreads and yields at 8 year highs. Today Spain has a visit from the IMF, releases its bank stress test results and has a bond auction of 10 and 30 year bonds which will test market confidence and set the tone for the euro. I am not tempted to buy or sell EURUSD here, but EUR crosses look interesting (EURGBP, EURAUD etc).
Cable is heavy with BP news and anticipated flow of $20 bln from UK pensioners to Obama's slush fund (joke) and news that the FSA will be abolished in yet more financial reform. Sterling news is retail sales at 08:30GMT and CBI Industrial trends at 10:00 GMT.
Futures look heavy and as though we will slide but I am expecting one more push higher before I sell .. US news this morning is employment claims at 12:30GMT and CPI m/m.
Update: Cable breaks channel support ... I am selling sterling
GBPJPY short 1.340 stop 1.3450 PT 1.33 / 1.3250
USDCHF short balance closed 1.1310 (+0.64R)
GBPJPY stopped out (-1R)
AUDCHF closed 50% @3R 0.9630 (+1.5R)
CRUDE long 77.00 stop 76.60 PT 78.50
USDJPY short 91.07 stop 91.47 PT 89.50 / 88.50
CRUDE closed 77.20 - not working (+0.5R)
GBPJPY short 134.50 stop 1.3490 PT 132 / 131
CRUDE short 76.90 stop 77.30 PT 75.00
GBPJPY short stopped out again (-1R)
I have the following positions open:
AUDCHF short 0.9780 stop 0.9830 PT 0.955 / 0.9275 - 1/2
EURCAD long 1.2550 stop 1.2460 PT 1.3330