The wedge seems to be ready to break to the upside.
During the last 1-1,5 months price tagged 4 times the lower trendline of the wedge. The 1.11 level was not broken down though. We are in the apex of this 1-year-wedge and gold might be signaling a trend change in the currencies.
One could start an initial long position here and add to the position at the break of the important resistance of 27th May high at 1.1217 ( it's the 50 EMA and the upper trendline of the wedge also)
The next reistance is the 100 SMA and the 13th May high at 1.1266.
After that comes the February highs and the 200 SMA at 1.1390.
During the last 1-1,5 months price tagged 4 times the lower trendline of the wedge. The 1.11 level was not broken down though. We are in the apex of this 1-year-wedge and gold might be signaling a trend change in the currencies.
One could start an initial long position here and add to the position at the break of the important resistance of 27th May high at 1.1217 ( it's the 50 EMA and the upper trendline of the wedge also)
The next reistance is the 100 SMA and the 13th May high at 1.1266.
After that comes the February highs and the 200 SMA at 1.1390.
Note
Draghi can’t live his life without hitting the euro at any resistance.Note
The problem that we printed a daily key reversal. Im holding the longs but everybody needs tio decide on his own if holding the longs or notNote
I’m starting to hedge the position here.Note
DXY has reached the trendline.Note
Note
97,06-97,39 is my level where I think DXY will roll over.
I'm hedging from 96,59.
Note
.. and the EURUSD is getting close as well.
1.1259 the 100 MA could be where it reverses.
Note
This will affect our XAUUSD short idea too.Note
Closing the hedges here. Long again.Note
Long from 1.1206
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.