Exotic Lover's! USDSEK Possible Resistance Breakout!
I was testing yen strength as the EURJPY and GBPJPY are doing nice with there fall USDSEK could better relly upward too. I am saying this cause USDSEK currently has like -0.80 correlation to the EURJPY and GBPJPY. Seeing a weak pound USD is also pulling down the GBPUSD and talking about this pair it is highly positively correlated to EURJPY and GBPJPY so, if it falls hard that's good for EURJPY and GBPJPY short (sell)! And as I said if EJ and GJ are falling what we end up with? USDSEK upward relly right? Eh! Charts show everything I hope you all do understand.
The Key point in Chart.
1) Price trying to breakout the Minor Resistance Level @ 8.98283.
2) Ascending Triangle pattern indicating upward continuation in price.
3) Impulse waves are in uptrend side of the Elliott wave.
4) Fibonacci Extension 38.20% chasing by the price and could possibly chase further higher levels depending on the pair upward strength.
Ok, thank you never mind I don't wanna stretch this post longer. Everything is told by chart itself better just be careful with the news sentiment, concerned +/- correlated pairs activities how they acting in whole and some important levels like those resistance, support etc.
The Key point in Chart.
1) Price trying to breakout the Minor Resistance Level @ 8.98283.
2) Ascending Triangle pattern indicating upward continuation in price.
3) Impulse waves are in uptrend side of the Elliott wave.
4) Fibonacci Extension 38.20% chasing by the price and could possibly chase further higher levels depending on the pair upward strength.
Ok, thank you never mind I don't wanna stretch this post longer. Everything is told by chart itself better just be careful with the news sentiment, concerned +/- correlated pairs activities how they acting in whole and some important levels like those resistance, support etc.