PLEASE SEE LAST WEEKS ANALYSIS.
The weekly candlestick is showing bullish exhaustion and a possible pivot around that 78.6 fib level.
The daily candlestick has also closed below the descending trendline, which shows us that this TL is still valid. The candlestick is a shooting star which also indicates a reversal and the beginning of some bearish movement.
For now, what I will do is wait for the bullish TL to break, get a retest on the 4HR support level and then take a short trade. I would take profit around the 1.3100 weekly support level. However, I would scale some of my position out before this at obvious support levels. The long term target would still be 1.29000.
FUNDAMENTALS:
USD:
- Monday - Core Durable Goods Orders
- Tuesday - CB Consumer Confidence
- Wednesday - Crude Oil Inventories
- Thursday - Prelim GDP
- Friday - Personal Spending
CAD:
- Friday - GDP
ALL:
- Monday - G7 Meetings
The weekly candlestick is showing bullish exhaustion and a possible pivot around that 78.6 fib level.
The daily candlestick has also closed below the descending trendline, which shows us that this TL is still valid. The candlestick is a shooting star which also indicates a reversal and the beginning of some bearish movement.
For now, what I will do is wait for the bullish TL to break, get a retest on the 4HR support level and then take a short trade. I would take profit around the 1.3100 weekly support level. However, I would scale some of my position out before this at obvious support levels. The long term target would still be 1.29000.
FUNDAMENTALS:
USD:
- Monday - Core Durable Goods Orders
- Tuesday - CB Consumer Confidence
- Wednesday - Crude Oil Inventories
- Thursday - Prelim GDP
- Friday - Personal Spending
CAD:
- Friday - GDP
ALL:
- Monday - G7 Meetings
