GBP: The highlight data of the day came from the UK, as sterling was initially propped up by the higher than expected Manufacturing data. Cable tested 1.32 following the data, however, clearly running into offers around this key level.

NOK: The Norwegian Krone took a hit in early European trade, as the nation’s CPI report missed across the board, albeit marginally so. EUR/NOK broke out the week’s early range and spiked through Friday’s highs.

USD: has been in a broad retreat in which has been a relatively subdued session with much of the upside seen late last week stalling ahead of the Aug peak. In turn, USD/JPY has moved back down towards 112.00 to the downside, while JPY continued to be supported by the wider geopolitical concerns, which has offset the continued widening interest rate differentials.


Dollar Index H4

PRice broke through support at WPP/ 50% fib and is currently at WM2/ 78.6% fib/ 55. Current support predicts a double top with resistance eyed at WPP. Bearish target is WM1

US10Y H4

Price continues to play the range with WR1 marking the top of the range. Price is currently bearish with price coming off WM3. As mentioned in previous analysis, we are paying attention to price action waiting for a breakout to confirm the trend ahead.

S&P 500 H4

Price is moving sideways and has failed to make a higher high after coming off the 21. Price is right below the monthly target with MPP at WS3. Nothing says bearish just yet though we pay attention to price action in case price makes a lower low. The VIX is currently at 10.31.

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