Mixed open for the week

10:00 GMT

The Forex market opened with a mixes tone on Monday;

USDJPY opened on the strong side, but returned all gains on early trading.

GBPUSD had a quick down run to test its 23 year low around 1.3550-1.3500, however retraced back above 1.3700 in the London trading session opening. Volatility on the pair remains extremely high.

EURUSD is still lucked down in a trading range since Jan 20th basically moving up and down between 1.3 and 1.2860. Some important reports due later this week should have enough steam to break the range.

AUDUSD: another pair that is trading comfortably in a range for the last 6 trading days.
Although with a very bearish sentiment – this pair has basically gone nowhere last week.

Discounting the British pound, it seems that major pairs are becoming less and less sensitive to pure growing fears about global economy – although it is just the beginning of the process.
I think we are past the stage where panic alone can drive us thousands of pips in one direction.

The market needs more meat in order to build up a firm trend, otherwise we are just moving up and down with big steps -
We are still waiting for the “safe heaven” thing to be over with, so we can turn back to fundamental/technical trading approach without getting our trades in a jam every time the stock market is down or investors decide their appetite for risk is running short.

Z.Georgi

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