Okay! So as predicted it has been a pretty wild week however the market seems to have respected the uptrend support indicating that investors are still leaning to the conclusion that US interest rates will be cut.
With a new week beginning my recommendation is to again REMAIN CAUTIOUS as more data will be released this week and we will likely see a break of either...
SBUX is Approaching a historically important RSI limit
+80% rally since its most recent June lows of 2018.
Chinese firm Luckin coffee raises $650m in its IPO, bringing with it added competition in China and a licence to burn cash.
Upcoming US Economic data is bringing with it; added volatility and the potential for a great risk/reward trade.
With XAUUSD at 6+ Year highs and bullish momentum weakening, this last surge in volatility may be the last opportunity to get short on gold before it corrects downward for the medium...
Its going to be an interesting few days for the EUR/USD pair, a few that I would personally sit out of in the name of capital preservation. Price action is expected to be very volatile as economic data is released over the next few days, with investors toiling over their predictions of what the US Federal Reserve will do with interest rates.