Next week, the 3US will report some kind of important economic news that is not as heavy as this week was. However, these news are major events that could define the direction of the dollar till the end of the month. Next week's report includes US Home Sales, building permit change and most importantly for the week for me is the Initial #Jobless Claim.
My outlook
Although in #forex no one really knows the direction of the markets, couple of reports from this week shows a bit of strengthening in the US #dollar. From a #technical perspective, on the weekly #chart we clearly see price break back under a long-term #trendline #market is respecting and create a nice pull-back to same trendline. Price completed a 50% #retracement on the #Fibonacci and rejected nicely.
On the #daily we see clearly the #impulse, #correction and that makes us naturally expect another impulse.
On the #4hr we reach a significant #point where we wait to see what direction #price would flow to. It is obvious however that there could be relentless #buyers in this zone. These buyers have bounced price back when the 4hr trendline is touched.
On the #1hr we can see how price sits waiting to #pullback or break. This is where #patience comes in. we seat, wait for price to move and we join.
My Bias though is price could be ready to #break. The #retail #traders #sentiment sees a lot of #buying, it is a known fact that retail traders are usually wrong, so I mostly trade in the other direction. However we could see a straight #breakout or #fakeout, sweep #liquidity break back above the trendline #sweep liquidity again before we see the major push to 1794.20.
On the flip side, we can have a fakeout and continue the #bull run.
My outlook
Although in #forex no one really knows the direction of the markets, couple of reports from this week shows a bit of strengthening in the US #dollar. From a #technical perspective, on the weekly #chart we clearly see price break back under a long-term #trendline #market is respecting and create a nice pull-back to same trendline. Price completed a 50% #retracement on the #Fibonacci and rejected nicely.
On the #daily we see clearly the #impulse, #correction and that makes us naturally expect another impulse.
On the #4hr we reach a significant #point where we wait to see what direction #price would flow to. It is obvious however that there could be relentless #buyers in this zone. These buyers have bounced price back when the 4hr trendline is touched.
On the #1hr we can see how price sits waiting to #pullback or break. This is where #patience comes in. we seat, wait for price to move and we join.
My Bias though is price could be ready to #break. The #retail #traders #sentiment sees a lot of #buying, it is a known fact that retail traders are usually wrong, so I mostly trade in the other direction. However we could see a straight #breakout or #fakeout, sweep #liquidity break back above the trendline #sweep liquidity again before we see the major push to 1794.20.
On the flip side, we can have a fakeout and continue the #bull run.
