TECHNICALS
-Price has broken out of long term descending trend line resistance on lower timeframes
-However on weekly chart price may be making a false breakout depending on the results of the trade war looming between china and the US.
-61.8 fib intersects nicely with mentioned trendline resistance
FUNDAMENTALS:
-News has just been released Jun 18th 23:47 (fxstreet.com/news/breaking-news-president-trump-seeks-additional-tariffs-on-200-billion-of-chinese-goods-201806182347) that trump will be seeking to impose further tarrifs on china after their retaliation to the initial tarriffs imposed by the USA.
-I believe this is a pretty big escalation and trump has further mentioned that if china were to respond to said further tarrifs, then he would respond again, further turmoil for the US if it were to escalate.
STRAT:
-Wait till the end of this week (22/06/2018) to see if price action were to come back within the long term trendline on the weekly chart.
-If so, a sell position will be made with SL above the high of the false breakout (all theoretical).
Thanks for reading,
-Price has broken out of long term descending trend line resistance on lower timeframes
-However on weekly chart price may be making a false breakout depending on the results of the trade war looming between china and the US.
-61.8 fib intersects nicely with mentioned trendline resistance
FUNDAMENTALS:
-News has just been released Jun 18th 23:47 (fxstreet.com/news/breaking-news-president-trump-seeks-additional-tariffs-on-200-billion-of-chinese-goods-201806182347) that trump will be seeking to impose further tarrifs on china after their retaliation to the initial tarriffs imposed by the USA.
-I believe this is a pretty big escalation and trump has further mentioned that if china were to respond to said further tarrifs, then he would respond again, further turmoil for the US if it were to escalate.
STRAT:
-Wait till the end of this week (22/06/2018) to see if price action were to come back within the long term trendline on the weekly chart.
-If so, a sell position will be made with SL above the high of the false breakout (all theoretical).
Thanks for reading,
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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.
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.