It's just a healthy consolidation

Salam,

What did I tell ya'? Market is now on consolidation mode. After last Friday's University of Michigan's consumer confidence data reported dismal result, market took cue and come yesterday, we saw market took a huge tumble after four weeks of rally (supported by earnings season).

I don't know if there is anyone following my blog, but this week if you guys noticed I didn't update my research for the week due to time constraint - however my view still remains the same from the previous week - looking at selling opportunities as the market corrects.

Hence, yesterday I placed 2 sell orders on kiwi and cable and managed to took +201pips in a matters of hours as the stock markets plunges worldwide and investors became risk averse, dumping riskier,higher-yielding currencies.

Looking ahead for the rest of the week, I will look for further opportunities to short the major currencies against USD as I firmly believe that we are in a consolidation period and 2% drop (on average) in the stock market on Monday is just a start to a healthy correction.