And that's the week that was...

Well, job done so far on that rally/clean out/short cover whatever you choose to call it.

Personally I’m not entirely convinced we’re finished with the upside for now, however with all manner of rumour flying around this morning about Spain’s impending weekend request for bank aid etc there has been a natural lid placed on any further upward movements thus far. Of course the all important close tonight will give us a generally vague idea of what to expect next week, save for of course weekend news driven volatility.

• Last minute EURUSD shorts established into that 1.2630 resistance area have now been closed and spike again anywhere near that vicinity will likely once again be sold by your scribe.
• Holding short Cable (if you managed to avoid being stopped) has also proven rather beneficial.
• The AUDUSD held its parity line in the sand and has come back nicely.
• In fact all USD pairs have done likewise so I won’t go through the list.

Gold is an interesting one to watch, as now while it sits broadly between 1525 and 1635/40 it becomes a pure barometer of how the market perceives the likelihood of more QE from the FED come June 20.

A short one today as it’s been a very long week for all involved not least of which your scribe and with afternoon data on its way, I shall make a hasty retreat.

Hopefully those helmets have held well this week and everyone is still breathing, but don’t discard them just yet.