Market are consolidating today. Aussie is dropping a bit and Loonie is going up. Not an entire surprise, by the way.
Well, euro and cable are stuck in a narrow range.
I put a market profile indicator on a 5min cable chart and that it is what it looks like:
There are 3 very important principles in auction theory that are:
1. markets go from balance to unbalance and back to balance
2. markets tends to move from high usage areas to low usage areas
3. an area is considered balanced when it takes a form of a bell
Well, it is quite what is happening in this short term cable chart. The next direction can be up, because, technically, the trend is up, but we have many inefficiencies below to be balanced.
But, the market is the boss, remember! :-)