The big surprise today was yet another unexpected UK Interest Rate cut by the BOE from 0.25% to 0.1%. With the pound being so oversold, this actually had little effect where normally the GBP would drop like a stone. This, along with other instruments are now massively oversold due to ongoing Coronavirus fundamentals that it’s hard to determine where the reversal points will be. Stocks are again heading south after a brief climb just after the London open but have recovered somewhat in the US session. This of course is making technical trading a little more difficult and with the increased volatility, quite dangerous too.
There was more swings instead of outright trends today but everything behaved for our early Jath trades. This chaos was reflected more so in our AUD pairs as there was some good news amongst the carnage for a change with positive Employment data which lifted an initially weak AUD.
Today we had very high volatility and have been paying for this with increased spreads from our brokers (Greed!) Early Doms were still good in both directions within our instruments but price was more manic with little momentum.
Another eye watering day with a maximum potential of 2,735 points (up 600 on yesterday) from specific Max Day Trading time/price level entries from the London morning session alone, with a target of just 30.
A 10% target of this figure would have yielded a minimum of 273 net points from specific Max Day Trading time/price level entries, with many additional opportunities in the US morning (UK afternoon) and US afternoon (UK evening) sessions.
