This text is from blog famous currency strategist Joel Kruger .
WAITING GAME – At the moment, there really isn’t anything to talk about. It is just a waiting game. With the exception of adding to an S&P short on rallies (to record highs), I am fully positioned short risk, and am on the lookout for the catalyst that will trigger the anticipated broad based liquidation in risk correlated assets. Fed monetary policy, the ongoing Eurozone and European market crisis, and China, are three major themes capable of stoking the fire, while geopolitical risk should also not be ruled out.
See forex technical analysis video from Joel :
TIME BETTER SPENT – Though I would welcome a market turnaround over the coming sessions, I am also fully aware that we could still see additional demand for risk assets before the reversal plays out. It will be interesting to see where the next big story comes from, but for now, things are rather boring, and your time will be better spent away from the markets. My recommendation is to set some alerts at key levels, and unless triggered, there is really no reason to be watching. Here are some alerts worth setting for the day ahead: EUR/USD 1.2880, 1.2750; USD/JPY 94.40, 92.55; AUD/USD 1.0500, 1.0415; S&P 1576, 1555.