Hi Traders,
Hope you are having a great weekend. As predicted from previous analyses which explained that the price actions were able to break the lower low of the consolidation zone. Quick recap from last week:
Economic activities:
Technical patterns/price actions:
We will see the price retrace back around 38.2%/50%/61.8% Fibonacci retracement zone. The highest confluence is around 1822-1823 which we have a classic support zone, trendline, and Fibonacci retracement crossed together harmonically.
Short-term speculative sell: is around 1822 area with a tight stop loss of 1826. TP will reach to 1800 area and assumingly continue to come back forming the bearish form.
I will not trade/trade based on the price action.
Likes, Feedbacks, and comments are much appreciated.
Hope you are having a great weekend. As predicted from previous analyses which explained that the price actions were able to break the lower low of the consolidation zone. Quick recap from last week:
Economic activities:
- Neutral: NFP on Friday result showed a weak negative sentiment to USD with no much appealing surprise difference in actual to forecast value. However, the result was showing improvement from the previous NFP result which implied a better economic result than the previous one
Weak Bearish: Unemployment rate increased by 0.4% which showing good signs for the economy. Prior to the unemployment rate announcement, unemployment benefit claims were significantly reduced that made the price broke the 1-month consolidation zone in the daily timeframe
Technical patterns/price actions:
- Bearish: the daily timeframe forming a rising wedge or upward continuation channel, there was a very strong rejection around 1870 area and price returned back to the lower support and broke through to the lower low of the consolidation zone
Bearish: Weekly price action pattern is still in a downward continuation channel. The price will assumingly meet around 1700 to finally come back to the upside in the long run
We will see the price retrace back around 38.2%/50%/61.8% Fibonacci retracement zone. The highest confluence is around 1822-1823 which we have a classic support zone, trendline, and Fibonacci retracement crossed together harmonically.
Short-term speculative sell: is around 1822 area with a tight stop loss of 1826. TP will reach to 1800 area and assumingly continue to come back forming the bearish form.
I will not trade/trade based on the price action.
Likes, Feedbacks, and comments are much appreciated.
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.
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.