LONDON CLOSE ROUNDUP

Today was a good day to be cautious of USD longs and to look for counter trend trades later in the day.
The first few hours after the London open saw the USD top out against resistance on JPY, EUR, GBP and AUD, most notably forming a double bottom and 1 hour pin bar at 1.2850 in EURUSD.
The USD began to drift down and the countertrend was given an impetus by poorer than expected economic news from the US. More poor news followed a little later, driving GBPUSD up to 1.5320.

USD was weakest against GBP and EUR, with both providing nice price action trade entries today with a 1 hour chart pin bar on EURUSD and an engulfing bar rejecting the daily low on the GBPUSD 4 hour chart.

The USD significantly has so far failed to make a new high against JPY today.

The USD momentum of the strength we have seen lately usually takes a while to turn around, so a continued strong move against USD tomorrow is probably unlikely. GBP and EUR may have already formed significant lows against USD that might not be tested again in the coming days.

JPY action was quite choppy across the board.