Slow Start with Tight Ranges

The week started off slowly with ranges in the majors drying up to less than 30 points. The GBP/USD is suffering from the British May Day holiday, but trading will most likely resume in the morning when both sides are playing at full strength. The Japanese Yen also had a light day coming off of the seven-day “Golden Week” of holidays, with traders easing back into the work week. Looking closely at the numbers, the EUR/USD posted a 36-pip range, but the lack of action mostly came from resistance at 1.3620 and support at 1.3600, which is also the current price. The USD/JPY pushed to a high of 120.10 with a low of only 119.80. One of the more notable movements today came from the AUD/JPY cross, which produced a good uptrend from the 89.50 level up to the current 99.04. In slower times, it is a good idea to broaden horizons and search for pairs with good movement to hopefully produce a profit. XPRESSTRADE Analyst David Hilgeman