For this analysis I am going to try to give the most comprehensive viewpoint as possible primarily to add value to your trading and also to strengthen my ability to analyze the markets as a whole. This will present both the technical and fundamental perspectives of trading ( I hope to further expand in my understanding of the fundamental field) please feel free to leave any insights as well.
We should start off by first acknowledging our directional bias and our Proofs in doing so, realizing that the market is truly random in nature we wont trade glued to our bias, but instead we must be fluid with our forecasts willing to see both sides of the coin not trying to impose our beliefs on something that is truly random in nature. We are looking for price to continue to fall potentially to an area between 1.34833 and 1.33522 essentially giving us a sell bias
(weekly TF) We have hit the 1.42484 area both in February and also may of this year making this a double top or price's high. From that point we have continuously made lower highs and lows. Fast forward to Q2 where price could not break resistance at 1.38999 and from that point continued to make lower highs and lows. We are looking for price to get down to our gold box for us to execute a sell down to our target area potentially a 150-250 pip move.
To put it in short
The CPI has done better that what was projected for it to do which is information in favor of the Dollar (Could be bearish for price)
UK stock generally speaking was down 4% on Monday and is on the road to recovery.
oFor the dollar our GDP went from 6.3 to 6.7 and also inflation has went from 5.3 to 5.4
We should start off by first acknowledging our directional bias and our Proofs in doing so, realizing that the market is truly random in nature we wont trade glued to our bias, but instead we must be fluid with our forecasts willing to see both sides of the coin not trying to impose our beliefs on something that is truly random in nature. We are looking for price to continue to fall potentially to an area between 1.34833 and 1.33522 essentially giving us a sell bias
(weekly TF) We have hit the 1.42484 area both in February and also may of this year making this a double top or price's high. From that point we have continuously made lower highs and lows. Fast forward to Q2 where price could not break resistance at 1.38999 and from that point continued to make lower highs and lows. We are looking for price to get down to our gold box for us to execute a sell down to our target area potentially a 150-250 pip move.
To put it in short
- Price has been in a LH, LL structure since May 2021
- We are sell biased although price and do whatever it wants to do.
- If price goes bullish we can look for a trade around the 1.38999 area once it breaks that zone and then comes back for the retesting of that structure.
The CPI has done better that what was projected for it to do which is information in favor of the Dollar (Could be bearish for price)
UK stock generally speaking was down 4% on Monday and is on the road to recovery.
oFor the dollar our GDP went from 6.3 to 6.7 and also inflation has went from 5.3 to 5.4