for the trading session on Thursday is rather impressive, suggesting that perhaps we have further to go to the downside. However, what I hope to see during the Friday session after the Non-Farm Payroll announcement is a short-term bounce that I can start fading again. It’s likely that the British pound will go down to the 1.10 level underneath. The 1.10 level underneath will continue to be important, so it does make a nice target.
The 50-Day EMA is at the top of the candlestick for the trading session for Thursday, so at that point, I think it shows just how technically driven this market is as well. With this being the case, the market is likely to continue to see plenty of opportunities to pick up “cheap US dollars” every time this market rallies. The first sign of exhaustion will be a selling opportunity from what I can see.Ultimately, it looks as if we are rolling over and respecting that trendline yet again.