Yesterday was somewhat inconclusive for FX markets. NZD/USD broke lower from its recent trading range but confirming signals failed to materialise in the other commodity currency markets and when the US timezone sold dollars in the afternoon the NZD breakout signal could only be described as marginal at best. Daily clouds in USD/CAD, EUR/USD and GBP/USD highlight the next major tipping point for trend followers, but currently the market appears to be steering into calmer waters.
Barclays Capital | Daily FX Technical Analysis and Strategy