PRICE is at the double bottom area presently and everyone has got their thinking hats on and their fingers poised. Is it really going to turn just yet . . . guessing is no good unfortunately, so I have to stick to analysis and give myself good reason to trade with logical targets in either event BULL or BEAR.
Fundamentally the USD is strong with an almost given that interest rates are on the up twice if not three times this year . . . that puts the USD heavily in favour of heading NORTH. There's a spanner in the works though and that's TRUMP and he's putting the psychological ball and chain on things somewhat until his policies become more clear.
Technically PRICE has just tested the previous LOW but is this enough . . . it's not exactly an area of note other than a being previous LOW. Just below is something a little stronger to hang your hat onto . . . Lower channel boundary / historical SUPPORT-RESISTANCE to the left in the blue box / 38.2 FIB from August '16 LOW. There's much more meat at that level to get BULLS enthused about jumping in again.
PRICE now . . . a little hesitation as traders hit their desks in Europe. ADX has certainly weakened but it's not "trend positive" either way and the 10/20EMAs are thinking about turning positive but not quite yet. I'm a conservative trader and I prefer the "Safe trades" (as per example on chart) so I'm prepared to wait for the signals to give me the green light. Either way PRICE has to break the top channel convincingly for BULLS to get the upper hand and that means breaking the 100/200SMAs (blue/green) up above which are now beginning to bunch on the 60m.
Today's targets are there on the chart with 5 Day AvDaRa at approximately 165 +/- points from current H&L as plotted.
Fundamentally the USD is strong with an almost given that interest rates are on the up twice if not three times this year . . . that puts the USD heavily in favour of heading NORTH. There's a spanner in the works though and that's TRUMP and he's putting the psychological ball and chain on things somewhat until his policies become more clear.
Technically PRICE has just tested the previous LOW but is this enough . . . it's not exactly an area of note other than a being previous LOW. Just below is something a little stronger to hang your hat onto . . . Lower channel boundary / historical SUPPORT-RESISTANCE to the left in the blue box / 38.2 FIB from August '16 LOW. There's much more meat at that level to get BULLS enthused about jumping in again.
PRICE now . . . a little hesitation as traders hit their desks in Europe. ADX has certainly weakened but it's not "trend positive" either way and the 10/20EMAs are thinking about turning positive but not quite yet. I'm a conservative trader and I prefer the "Safe trades" (as per example on chart) so I'm prepared to wait for the signals to give me the green light. Either way PRICE has to break the top channel convincingly for BULLS to get the upper hand and that means breaking the 100/200SMAs (blue/green) up above which are now beginning to bunch on the 60m.
Today's targets are there on the chart with 5 Day AvDaRa at approximately 165 +/- points from current H&L as plotted.
