The U.S. dollar continue waning as it edged lower during the course of last week's trading and following the positive NFP on Friday, there was a stall as we started witnessing a consolidation phase around the key level at 135.000. In this video, we looked at the charts from a technical standpoint where we shall remain patient to see what price action will transition into for signals and confirmations.
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So, price has been caught within the channel of 134.790/134.150 hence we need to be patient to wait out for signal at either a breakout/retest or breakdown/retest.
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Secure the buy position while we wait for opportunities to add to the existing trade at a breakout/retest of the neckline at the 135.500 level.
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Second position is triggered as price action breaks the neckline at 135.500; secure the position
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Over 280pips in profit (2 positions); secure oposition
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440pips running in profit (2 positions); secure position.
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Price takes out the buy position with approximately 300pips profit as price breaks down the 136.500 and we do not know how far this retracement is going to go before the potential second wave of bullish momentum; This was discussed at length during the live session today (see video on youtub for reference purposes).
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The retracement appears not to have lasted long as buying pressure resumes above the 136.500 level. Please keep the options of selling pressure below the 136.500 level open, price climbing above the bullish trendline will make us comfortable in the buy position.
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Secure position as we look out for opportunities to add position
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Another position triggered at the breakout of the 137.000 level; ensure the position is secured. Update coming up soon
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Secure position as selling pressure resumes below the 138.000 level - a level that was broken during last week's trading session. Hence a possible sell momentum could come in at the breakdown/retest of both the trendline and 137.000 level. We discussed this at length during our live session today.
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Price takes out the buy positions as the structure succumbs to selling pressure which led to the breakdown of the 137.000 level as projected. secure the sell position now as we look forward to adding more position as the price is likely going to retest the neckline that was broken on Monday at the 135.500 level.
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breakdown of 136.500 triggers another position; secure positions
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Just as discussed during the live session today, we continue to look out for selling opportunities below the trendline.
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Secure sell position as buy pressure resumes
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Buy pressure resumes
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Just as discussed during our live session today, still waiting for a breakout/retest of the 136.150 level and the trendline for buying opportunities. Positive data from the PPI... Is this a positive sign for US Dollar? We still anticipate the Consumer Sentiment Index coming in 30 minutes from now.
NB: Breakdown/retest of 135.500 will incite the opposite direction.