Looking for a potential short, with 2 take profit levels.
Technicals:
Dynamic resistance off the 200 SMA
Bound to test the liquidity zone
Looking for the downwards extension to keep the bearish momentum and for the rally to continue.
I would prefer to wait for a strong sell indication before taking any trade!!!
Fundamentals:
Although IMF is insisting the USD is overvalued, the EURO and GBP bears are still active.
The increasing potential of a NO-Deal BREXIT, will make it impossible to keep the bears at bay.
Trump is implying a potential reduction in short term rates which would deflate the dollar, so this is something to be wary of.
However, due to more robust macro data such as Jobless claims and manufacturing data releasing later today, and PMI and GDP data coming out next week, we could see reasons for more dollar strength.
The most significant event next week is the ECB and its interest rate decision, which I do think will remain unchanged, we still remain patient for them to add stimulus.
Technicals:
Dynamic resistance off the 200 SMA
Bound to test the liquidity zone
Looking for the downwards extension to keep the bearish momentum and for the rally to continue.
I would prefer to wait for a strong sell indication before taking any trade!!!
Fundamentals:
Although IMF is insisting the USD is overvalued, the EURO and GBP bears are still active.
The increasing potential of a NO-Deal BREXIT, will make it impossible to keep the bears at bay.
Trump is implying a potential reduction in short term rates which would deflate the dollar, so this is something to be wary of.
However, due to more robust macro data such as Jobless claims and manufacturing data releasing later today, and PMI and GDP data coming out next week, we could see reasons for more dollar strength.
The most significant event next week is the ECB and its interest rate decision, which I do think will remain unchanged, we still remain patient for them to add stimulus.
Order cancelled:
BROKE THROUGH 1.1250 AND NO SIGNS OF REJECTION, CANCEL TRADE