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Review Summary here
Good morning, we are back for more pips today. We start by reviewing our economic calendar HERE, we can see that UK had some numbers reported and they were not exactly on target, however, considering all the facts, it is not bad at all. We also see that we have some numbers around continued jobless claims and new initial jobless claims, let’s see if we can’t predict the outcome of those news events.
We start by reviewing USDX (dollar index) chart HERE, we can see that USDX has been climbing just as we forecasted, it has run up to an old order block entry that is acting as a resistance. Based on this, we believe that the numbers from USA today will not be on target and will be missed slightly, this is because we believe USDX will have a small retracement this morning before it continues a bullish move, in short, we are still very bullish on USDX.
When we review EUR/USD we can see the same scenario has played out there and EUR/USD has come down to an old order block and should have a small retracement before it continues its bearish move.
Finally, we take a look at the JPY index (similar to USDX dollar index), we can see that it have had a turtle soup move and then dropped, just to climb back up again to a bearish order block entry. We don’t believe it can create a new high and in fact we believe it is showing signs of weakness and will drop. This means that USD/JPY would become bullish.
Happy trading, trade smart, trade another day
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