1. - Price currently within a range - Between 0.74 (resistance) and ~0.7370 (support) - Large bullish move with large volume seen this morning
2. - Possible inverse H + S pattern - first shoulder foming 29/06/2018 @ ~ 0.7370 (support of range) - "Head" of pattern @ ~ 0.7312 02/07/2018 - Second shoulder of pattern @ ~ 0.7373 (support of range)
3. - Large bullish divergence seen on RSI chart - Since 19/06/2018 price been forming lower lows and lower highs - However RSI chart printing these as higher highs and higher lows
4. - Currently 2 however possibly 3 bullish indecision doji candlesticks formed on the 4h chart just below the 0.74 psychological level and descending trendline resistance
FUNDAMENTALS
- Trade war between USA/China/EU not showing any signs of an agreement yet/ramping down. - Even though China have now said they will not take the first shots, NO deal has yet been made. With the tariffs set to be set in place on Friday, it is looking more and more likely these will not be averted. - On Sunday it is claimed that Donald Trump said he believed the nuclear disarmament deal with North Korea may not work out, if this is true this could be very bad news for the US and a repeat of previous meetings with North Korea. - High volatility USD news this week including FOMC statement minutes, non-farm employment change, ISM PMI and oil inventories therefore expecting a large move wither way in this pair, hopefully up!
- Appreciate any thoughts, comments. Thanks for reading.