USD Showing Broad Weakness After Positive Brexit and US/China Trade War News
Analysis: This pair made a clear first push to the upside on Thursday and a second push up on Friday, hereby clarifying our bias to the upside. Now we are looking for levels to trade to the upside for a 3rd push.
As displayed in the chart below, we have only one level in our valid retracement area.
Manipulation Point: 1.1033
Analysis: Due to positive news coming out of the British government and Brussels, having more positive sentiment as regards a deal for Brexit. This pair rallied massively, the last two trading days. These moves from the last two days exceed what we consider a weekly cycle to be, and they are largely created from high impact news.
We are going to leave our bias open for this pair and try to be very conservative in selecting levels given the rapid increase of the ADR.
Manipulation Points: Upper – 1.2784 Lower – 1.2598 & 1.2407 & 1.2200
Analysis: We are keeping the bias open on this pair, as there is no clear cycle at the moment. You could favor an upside bias as the market is currently still in an uptrend. However, without a valid cycle, we are taking trades in both directions of the price.
Manipulation Points: Upper – 108.59 Lower – 107.64 & 107.36
Manipulation Points: Upper – 0.9990 & 1.0025 Lower – 0.9900 & 0.9846
Analysis: Another range-bound movement coming from this pair, it managed to break passed the upper bound on Friday, but it still did not make a valid push-up. So we are keeping the bias open as well and seeking for trades from both sides of the price.
Manipulation Points: Upper – 0.6362 Lower – 0.6310 & 0.6278
Analysis: I cannot call what is happening with any of the pound pairs a clear bias, as the fundamentals are mostly driving these moves. However, with caution, we would call an open bias on this pair. Since there are no short levels insight, however, we will only be listing valid manipulation points from which we’d be looking to go long after a valid stop run and confirmation.
Manipulation Points: Lower – 135.69 & 134.57 & 133.30