Now we have come to the last trading day of the week and the month of July.
After 2 days of gain and holding high ,and quick upward move of wednesday,the market started the slide in EURO and GBP rest of wedneday and Thursday.Now the last day of the week,we find the higher level long holders are not yet given a chance to close the positions with profit.The lower level sell position holders were able to close some of their sell positions if they have not done the short covering during the earlier rise.But every day some technical traders are taking breakout sell trades after quick drop it appears - the pull backs after quick drops indicate such conditions.What could happen next.?Players are known to make their money by making eitherway trapping of traders.Mostly they target the lower level short sellers who sell after the quick drop and higher level long holders who buy after the quick rise.
Now EURO and GBP are in the middle level for the week.How ever AUD has made only a nominal drop after the quick gains and USD/CAD gained 100 pips and holding around 0.95 area.But USD/YEN and USD/CHF are holding near the season low .there may be a nominal drop and gain moves in them.
AUD may slide some more and drag EURO and GBP on the downside.
The expected market moves says
Swing and slide during japanese session, Quick drop during early European session with nominal pull back towards close of European session.More drop may happen during early US session.then a rise to trap the last minute short sellers for the week end.
As of now the momentum appears low.if more traders participation comes,we may see the expected market moves happening.
For US GDP data release (12:30 GMT) there may be some quick either way volatile moves.