Good morning traders! Today is already Thursday, where, oh where has the week already gone? Nevermind that, this week has turned out more interesting marketwise than anticipated. Massive reversals on many pairs, it appears the USD is trying to make a stand.
North-Korea nukes are long forgotten - the US equites have rallied since the launch of their rockets :D This tells you how crazy the market actually is. Someone told me the other day, you cannnot really trade the equities in a consistent way and i somewhat agree, thats why i always look for opportunities in cryptos and forex instruments.
Yesterday we saw excellent data from the US. Good ADP numbers (yeah, but how often in the past havethey gotten it right? :D) and prelim GDP quarterly, which gave the USD a greatly needed boost. I think the sentiment helped here as well, since traders were getting all bullish on euro (well, for a while already) and the sentiment towards the US dollar was crazy negative. I expect some of these moves to continue, at least for a little while longer, until NFP. The underlying trends have not changed yet, but this correction is needed in the markets.
Let's review some charts, some of these have already been on our watchlist for a while.
EURGBP H4 update from yesterday - bounce but looking for lower prices still
GBPUSD H4 a little bullflaggish looking chart
GBPUSD H1. A little batman sort of formation. Still watching and learning this formation, but i'd like to say this is bullish
USDJPY i wonder if the light blue box around 111 will get clipped
SPX H4 another bullflag playing out but do you see how these flag part retracements are getting bigger and these are not proper flags any more
BTCUSD H4 bounce on support for both the price and RSI
ETHUSD well done grinding this TL unfortunately i was not on board most of the time
STEEMBTC is trying real hard to get over this line but gets denied every time. I fear if this keeps happening, look out below
Alright, guys and girls, these are my thoughts this morning, let's talk in the comments if you find something to add or improve.
Happy Thursday and trade safe!
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