FX:EURUSD
For the trade:
On daily charts, lower highs and lower lows happening. Its trading at the upper channel line hence the SL is small vs the gain
Against the trade:
DXY is getting weaker, equities are up and cryptos are also up. It means risk on!
In these times, getting a long dollar (EUR/USD) might be risky! But since SL is small, the risk makes sense!
OANDA:GBPUSD
For the trade:
On daily charts, lower highs and lower lows happening. Its trading at the upper channel line hence the SL is small vs the gain
Against the trade:
DXY is getting weaker, equities are up and cryptos are also up. It means risk on!
In these times, getting a long dollar (GBP/USD) might be risky! But since SL is small, the risk makes sense!
Price testing multi year high with a inverse H&S already broken. 96 should be followed. If broken with volumes, the target can be 130+ (approx 40% upside)
4 hour chart broke a H&S (usually H&S on hourlies are less reliable but since overall picture is bearish it can be given medium reliability). Initial target the dotted line however downward trend would be much more pronounce (See weekly chart posted earlier)
The channel of recovery broke. Ideally it should come to the next line of the same distance. Short side trade preferred.
USD has been strong against all major currencies while AUD looks the weakest amongst all.
