Market dynamics have been shifting with the Japanese Yen started to gain strength over the past trading sessions. GBP has also been showing signs of weakness across the board with other major currencies. Looking for price to test the trendline around the 38% fib to go short on the pair.
Recent trend in the oil price has turned bullish and I'm looking for a continuation of that bullish momentum. Looking for price to test 61.8% fib level and previous demand zone. Will look for consolidation and signs the short term bearish move has come to an end to enter a long position.
DXY chart has created a wedge which will soon look to break with some volatility lurking around corner with economic data in the form of Q3 GDP data as well as initial jobless claims later today. Tomorrow we're anticipating CORE PCE Price index data with could disappoint with inflation easing. Waiting for the release of GDP data then will look to short DXY...
Watching the DAX on a lower timeframe channel, which seems to be in consolidation as the downward momentum has slowed down. Looking for signs of accumulation in previous area of demand. Looking for price turn bullish and get a break & close above 16765 on 1H timeframe to hold long position to 17000. Price might shoot past it should it return to that level. Overall...
GBPUSD has been in downtrend since mid July which seems to be a minor bearish trend, as the overall long term move is more bullish. Price did not test/break below 1.2603 level, which it might want to test in order for it spring higher. However at the current price, breaching the trendline that's been in place to the passed four 4 weeks, a clear break and close...
