I see USD getting some buying pressure throughout this week.. based on my previous weeks trade idea it is still valid.
Last week the FED decided to raise interest rates as expected, also the monetary policy statement given by chairwoman Janet Yellen was viewed by investors as hawkish comments as the FED said that they were still going on with expectations of another rate hike this year. This caused USD to rise steadily during the latter part of last week.
Based on the double bottom pattern, M.A cross over and supporting P.A I see price breaking out of the consolidation zone (Look Left) to the upside with a fair target of about 112.500-113.000. There should be some consolidation before this occurs as buyers/sellers are fighting in this area. I would try to take a long entry near the bottom of this zone.
Last week the FED decided to raise interest rates as expected, also the monetary policy statement given by chairwoman Janet Yellen was viewed by investors as hawkish comments as the FED said that they were still going on with expectations of another rate hike this year. This caused USD to rise steadily during the latter part of last week.
Based on the double bottom pattern, M.A cross over and supporting P.A I see price breaking out of the consolidation zone (Look Left) to the upside with a fair target of about 112.500-113.000. There should be some consolidation before this occurs as buyers/sellers are fighting in this area. I would try to take a long entry near the bottom of this zone.
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Analysis on point thus far, expecting more consolidation or a breakout up
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boom