After squeezing through the median line of the key pitchfork formation, bullish momentum has stalled thanks to Trump stating on twitter that fed hikes are detrimental to the competitiveness of the US. Back in January of this year Trump made a statement of wanting a strong $ which led to an ~8% raise in the following 6 months, will his tweet on currency manipulation & aversion to rate hikes lead to something similar?
The reversal this week also came in line perfectly with the 25% slope of the pitchfork, highs made in late 2017 & January 2015 & turned slightly before reaching the 50% fib retrace off the 2017-2018 decline.
Weekly close is sitting on the yearly average, which would be the first level to break & subsequently targeting the median line & long-term pivot in price @$93.80
Key data this week
2 pitchfork formations on the intraday to watch:
The reversal this week also came in line perfectly with the 25% slope of the pitchfork, highs made in late 2017 & January 2015 & turned slightly before reaching the 50% fib retrace off the 2017-2018 decline.
Weekly close is sitting on the yearly average, which would be the first level to break & subsequently targeting the median line & long-term pivot in price @$93.80
Key data this week
- ECB on Thursday
- US Durable goods on Thursday
- US GDP & PCE index on Friday
- Trump tweets at any time
2 pitchfork formations on the intraday to watch:
Comment:
Bounce off lower slope