Hello traders, wish you all a peaceful Sunday. Doing a regular Sunday quick review of the markets. These are some of my thoughts and i welcome you all to constructively comment on these. By no means am i always right but preparedness gives you already a massive edge.
Mondays are often days when i just observe markets, and dip my toe here and there. I suggest some of you try the same approach and see how it works out for you.
So last Friday we had some excellent NFP data rom the US as well good unemployment rate. This gave the U$D the much needed boost. The dollar is really not in the clear yet, but now keep your eyes open for two-way opportunities, as the one-sided brutal dollar selling might have a pause now.
Upcoming heavy-hitting news on Monday
- NZ inflation expectations around 3 AM (GMT). Should be payed attention to as NZDUSD is already sitting on channel support.
- As a sidenote, the calendar is marked with Canadian and Australian banking holidays, so don't expect much on these fronts.
Lets take a look at a few charts
DXY weekly. I like where the dollar index stopped. We're not in the clear but game on.
EURUSD weekly look at that rejection in the massive resistance area
EURUSD daily, don't get carried away as we are just testing the closest breakout point, where resistance turned to possible support
GBPUSD weekly again a rejection at key area
GBPUSD technical picture looks bad on daily, so if dollar strength continues, this might be a good sell on rallies
USDJPY H4. Denied on first attempt
USDCAD H4 was looking to get just a tiny bit further on the first try, but you see which area we just hit
EURGBP we talked about this flag some time ago, but were hesitant to take this. Well now the flag is complete.
GBPJPY daily should be paid attention to.
NZDUSD daily upward channel and a lot of supports below. Ignoring this as it could get messy
WTI oil massive resistance. I prefer the short side, but as you can see, we have a bullish pennant forming, also this feels like NZD a while ago - should go down, but doesnt.
EURAUD weekly. A reminder that we have a massive bull flag forming on the weekly chart.
So guys and girls, this is it from me for today. Looking forward to the new trading week. Trade safe and take care!
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