Trump trade is getting out of steam as shown in weekly chart pattern. Gold, dxy and yields are pointing to the same direction as well. buckle up for a discount in trump policies and the subsequent awakening, this time is not different.
Targeting nearest major support at $18.
WTI had found support near historical low levels exactly 1 year ago in Feb 2016 (when some investment banks were projecting $10 a barrel, won't name which bank but it starts with a G). Since then we witnessed a 100% rally with big MONTHLY consecutive bull bars and just 1 big bear bar. Observe how the selling pressure disappeared as compared to the time from Jul...
VIPS has been contained in a wide trading range (11-16)since Feb 2016. It reached the bottom end of the range in Dec 2016 and began consolidating. We saw a down move on the daily chart in late Jan 2017 but it quickly recovered alongside a macd divergence. Hence I suspect the sellers lack the conviction to sell through the $11 support, which offers good risk reward...
After dropping for roughly a year since may 2015, GBPJPY had bottom near 130. Subsequent reversal was strong enough to clearly break the resistance at 140, and hold above it since Dec 2016.
GBPJPY is now in the middle of a classic triangle consolidation, which would resume the previous trend most of the time. In this case, the odds are in favour of the bulls....
