In the month of August the six (6) major pairs moved a total of one hundred and eighty (180) pips against the Usd, net. That equates to 30 (thirty) pips of movement, on average, each.
In review, those thirty (30) pips have been in explosive 30 minute periods of trade that not only do not hold, they tend to reverse with as much velocity in the next session.
The real shame for currency traders has been that if that momentum hit at a major price point, rather than in the middle of nowhere ranges, they dead-lock on fair value would easily be broken.
This is a reflection of the new post-credit crisis rule book that has on page one; "There should be no excessive risk taken, and margin requirements will be increased so that liquidity is thin, and things cannot move too far at any one go"...
Global markets and forex pairs have completely mixed trends, order flows, and sentiment reads after the final session of the week came with a 30 minute explosion of trade. The 24 hour session would not be the same without a 30 minute dash that takes an elevator ride, after stair-stepping around for the last twenty hours.