Weekly report: Go Long after the breakout.
As we can appreciate the price is in the upper part of the channel area. The pair is in the 4h timeframe is showing up a 3rd impulse wave.
to take on considerations:
In the fundamental side: The US-China trade deal had get cold, with no deal yet the price makes huge movement to upside. The friday lower than expected CPI report hadn´t be relevant to the market apparently but the odds to a cut rates are increasing according CME fedwatch tool on friday surpass the chance were higher to a cut rate at the year end to keep it unchanged. For the coming week the market will still tracking the situation on the negotiation.
In the technical side: The price is in the upper part of the channel and in the 4H timeframe we can see there were a restracement processs that hit the 61.8 fibonacci retracement and now is consolidating in the first impulse high and the upper part of the channel, there are two possible targets if the price breaks the line, and are calculated according the fibo extensions.
Sources:
cnbc.com/2019/05/10/what-to-watch-in-the-week-ahead-trade-chatter-key-economic-data-and-walmart-earnings.html
cmegroup.com/trading/interest-rates/countdown-to-fomc.html
to take on considerations:
In the fundamental side: The US-China trade deal had get cold, with no deal yet the price makes huge movement to upside. The friday lower than expected CPI report hadn´t be relevant to the market apparently but the odds to a cut rates are increasing according CME fedwatch tool on friday surpass the chance were higher to a cut rate at the year end to keep it unchanged. For the coming week the market will still tracking the situation on the negotiation.
In the technical side: The price is in the upper part of the channel and in the 4H timeframe we can see there were a restracement processs that hit the 61.8 fibonacci retracement and now is consolidating in the first impulse high and the upper part of the channel, there are two possible targets if the price breaks the line, and are calculated according the fibo extensions.
Sources:
cnbc.com/2019/05/10/what-to-watch-in-the-week-ahead-trade-chatter-key-economic-data-and-walmart-earnings.html
cmegroup.com/trading/interest-rates/countdown-to-fomc.html
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