With geopolitical risk still visible in the US, I am expecting more of the same performance we have seen the entire year for the US dollar, downward pressure. We are experiencing a small pullback that should turn around in the 1.1930 area. This is where I expect more EU bulls to enter the market and start buying the Euro once more, as inflation numbers and...
The Bull Flag we saw forming before the Jackson Hole Symposium is still in play as we see a trendline starting to form. Look for the pair to go higher, especially with the ECB meeting next week and possible guidance on the Eurozone's bond-buying program.
The chart is showing a well formed bull flag pattern after the Jackson Hole Symposium last week. I expect continued weakness in the USD at the moment, especially if the Eurozone can produce some good inflation data this week and/or the NFP report due on Friday misses expectations. Good luck trading!
Doing a little charting and came across something pretty nice. Ride the wave down, then expect a reversal around 1.2900. This could then be the up leg that breaks the falling wedge pattern that is forming. We have the plan, now let's make some money.
We see a rising wedge pattern coming from what I like to call "hidden trendlines" plus a major resistance level. Combine both of these conditions and we see the odds are stacked in our favor for going short.
This pair is currently forming a failing wedge as well as a inverse head and shoulders pattern. Double the odds that this pair will eventually truck back up toward the 1.3600 level seen previously. With WTI Crude capped at the moment, this adds more fuel to the fire that we will see strength in the Dollar with this pair.
We are looking at a good selling opportunity with the price being at the top of the trading range. Look to hold this trade for some time if you would like to get the full move. Should be a great 800+ pip move when everything is complete.
We are looking at a possible flag pattern forming in the USD/CAD pair. Oil is steadily falling and Canadian production is slowing. The US economy is also looking pretty good in terms of economic growth and strength.