with the current affairs on the news regard the next step with brexit its crunch time. Big drop off from earlier this month on cable, plunging down to oversold levels via the RSI. On the flip side the dollar has been having recent success with the bull run but that looks to be running out of steam. I think there is key levels to watch out for before going long on ...
I've been watching this and the DXY lately and now the gbp has reached overbought levels via the RSI indicator, i know its not set in stone but its a good indication to start looking for short entry points for the cable. Big important news today could support this further and strengthen the us dollar.
The US dollar index is retracing from a recent slide down the chart. The London markets have just opened, waiting to see if the New York markets will continue to push it up. Meaning a slight turn in short term trend but still a bullish trend for cable. My 7 EMA has took a turn down towards the 14 EMA but my 50 EMA is still bullish.
I have been following the US index since i discovered it and it has helped me plan and execute my trades in GBP/USD, EUR/USD, USD/CAD. just following the simple patterns over time has become easier with this set up. I am a beginner and any input would be welcome to help me and other beginners analyse that bit better