Saw the market gap down with a strong bullish candle. Further support to the formation of the double bottom position.
The euro index(EXY) is currently in a position of reversal, so we could expect an impulsive move from the bulls.
DXY(U.S Dolla Currency Index) double topped on the Daily time frame.
We have seen a strong bounce off the bearish trend line, We can expect a break of the black trend line shown on the chart; reaching levels of 1.098.
SL = 1.077. Previous bullish zone.
Ok, so we've seen the rocket being sent to the sky - 700 pips in 7 days... But as we know, once a rocket loses its momentum it's slowing down and eventually comes back down and goes lower than before. This movement was predicted by the bad US data ( worst in 10 years) and the ongoing trade war. Let's look at the gold chart in depth.
1. We saw Gold coming out of...
EURUSD is in difficult territory though I start to become more bullish. Reasons why:
Chart: broke structure, it may show a reversal pattern (H&S) so no confirmation yet both bullish or bearish, nevertheless, it is still below structure so that is bearish.
Fundamentals: USA tends to surpluses, reduce spending, all bad for economy so usd lower?