The first week of 2019 saw ranging between 1.15 and 1.13 levels. Next week should be back to normal volumes of trading and technicals.
From a weekly perspective price failed to close below the 200 SMA on multiple occasions. As long as the 61.8% fib level holds this is still a pullback from an uptrend. Looks more and more like a falling wedge formation and technically should break on the upside. First confirmation should be a close above the 1.15 level. MPO should take us back to the highs before the sell off in April 2018.
ADX shows that there is no strength in the trend, but it is moving back above level 20, could be the first sign of trend move returning soon.
Next week, USD non-manufacturing PMI and CPI, also Powell speaking on Thursday, should give new indications into future USD behaviour.
Please comment/like and share your thoughts on this!
Have a great trading week!
From a weekly perspective price failed to close below the 200 SMA on multiple occasions. As long as the 61.8% fib level holds this is still a pullback from an uptrend. Looks more and more like a falling wedge formation and technically should break on the upside. First confirmation should be a close above the 1.15 level. MPO should take us back to the highs before the sell off in April 2018.
ADX shows that there is no strength in the trend, but it is moving back above level 20, could be the first sign of trend move returning soon.
Next week, USD non-manufacturing PMI and CPI, also Powell speaking on Thursday, should give new indications into future USD behaviour.
Please comment/like and share your thoughts on this!
Have a great trading week!