We have a swing Failure at a key weekly level. USD/JPY has been stuck in this range and we had a fake out at the end of last week so I see prices going lower. I am looking for shorts down to 111.70 for 1:4.8 risk/reward. FOMC is tomorrow so we will have to monitor this trade through that
Following Trump's inauguration last Friday the BEARISH tone to the USD looks certain to remain and we've been SHORT SPX500 from 2264 in the belief that this market is overbought and due a correction.
With the USD declining and the Dollar Index heading south, we are expecting more dollar weakness which should boost all USD pairs although not at the same rate. With...
GBPUSD broke out of the upside trend line and the move down has stalled within previous structure.
Price now must close below 1.122000 to confirm further downward bias.
With the Supreme Court ruling on if the British Parliment must vote on a deal to leave the EU due mid-Jan we may see price trade sideways until the verdict is delivered.
Very basic set up. I believe USDCAD is going to sell to the 31.8 fib level, which is also in confluence with a mini structure level: 1.33440. Furthermore i also believe its going to sell off as you'll notice its at a key resistance level in which its rejected 3 times already : 1.34131. Moreover, its also decent risk to reward oppourinty.