Spoilt for choice in the fx session – which pair to choose!!

A great forex session and one where we were truly spoiled for choice, with the US dollar leading the way as safe haven flows saw the currency of first reserve rise strongly as European markets opened. This was countered with equally strong selling in several different currencies including the Australian dollar, the euro and the pound and clearly signaled on the currency strength indicator.

The move in the euro was triggered as a result of problems once more in the Italian banking system, an issue which like Greece, has never been resolved, and which is now rising once again to the
surface. But in this session we focused on one of these, the Aussie dollar which delivered a wonderful trend lower, and confirmed with all the associated indicators of the currency heatmap, the currency array and the currency matrix, with safe haven flows driving the US dollar, and equally strong bearish flows driving the Aussie, and combining in wonderful trading opportunity to the short side, which has continued later in the morning following a phase of price congestion.

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