By Jeremy Boulton — Apr 17 - 04:50 AM
Daily Ichimoku cloud twists around 1.0775 at start of May - twists attract
Traders are heavily long - many profitably nL1N36K0D6
Vols sinking, rally losing momentum this year - good time to bank profits
Recent development of an overbought situation is added cause for caution
1.0796 is 50% March-April gains - neutral ground
Set back towards daily cloud may lay foundation for bigger rise
Cloud will thicken and rise towards end May - supporting next up-leg
Source:
Refinitiv IFR Research/Market Commentary