After 4 weeks of massive selling & liquidation, SPY managed to climb about 18%, but 30 minutes before the market close on Friday the bears took over and the weekly candle closed below the long term support.
This indicates that the selling will continue this week and the market will test the lows.
After selling off in December, NOK has been the worst-performing currency in the G10 space.
There has been a huge upwards move in USDNOK without any meaningful correction, so this is a pretty good opportunity to open a short position with a wide stop-loss.
AUDJPY formed a nice bottom during August and made a higher low in October, setting the pair up nicely for a continuation rally next week, although any news about the trade war could end the current rally very quickly.
Breaking 74,5 price barrier would trigger a new wave of buyers and a much bigger rally to 76 or even 77,5.
Hello fellow traders,
I expect all major markets to trade RISK ON since the FED announced QE 4, ECB starting QE ETERNITY, which is EUR negative, Brexit deal was just announced and optimism over a trade deal between the United States and China has ebbed.