Price at resistance.
But it seems like it could break this zone.
Will be looking to long IF it breaks up.
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We see an inverse head and shoulder formation. IMF estimates USD is overvalued by 8% to 16%. Trump wants a weaker dollar to be more competitive in trade. Aussie employment was very strong. we have aussie inflation data tonight. it might be the push higher if it comes in better than expected.
Long Position (EP) : 0.7370
Stop Loss (SL) : 0.7349
Take Profit (TP) : 0.7457, 0.7530
A6 formed Double Repo Buy at 1d time frame. Trade setup with Buy Limit at 0.382 Level (0.7370) and place stop after 0.618 level (0.7349). Once the position was hit, place take profit before an agreement (0.7457) and 0.7530
Money in ...
As commodity brokers, we are no doubt always trying to ascertain what type of market we are currently in for Commodities; Bear, Sideways or Bull, in order to better assist our client base. One of the indicators we look at are a technical analysis of the often referred to "Commodity Currencies" the Aussie Dollar and the Canadian Dollar (the Loonie), A crossover of ...