My last publication on this pair fetched us over 200 pips (see link below for reference purposes) and it appears another trading opportunity is coming in!
The Greenback has been on a spiral downtrend until last week when price turned around to show signs of strength as it breaks out of Bearish trendline to set up a possible rally in the coming week(s). The Greenback appears to flex muscle as the idea of stimulus coming out of the United States lingers.
Tendency: Uptrend ( Bullish )
Structure: Breakout | Supply & Demand | Trendline
Observation: i. Breakout of Bearish Trendline and Support/Resistance (key level @ Y103.700) last week gives the impression that we might at least experience a change in trend.
ii. With this Breakout, we might have to be patient to see the extent at which the corrective phase will go before hopping on the rally.
Trading plan: BUY confirmation with a minimum potential profit of 120 pips.
Risk/Reward: 1:3
Potential Duration: 2 to 5 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
The Greenback has been on a spiral downtrend until last week when price turned around to show signs of strength as it breaks out of Bearish trendline to set up a possible rally in the coming week(s). The Greenback appears to flex muscle as the idea of stimulus coming out of the United States lingers.
Tendency: Uptrend ( Bullish )
Structure: Breakout | Supply & Demand | Trendline
Observation: i. Breakout of Bearish Trendline and Support/Resistance (key level @ Y103.700) last week gives the impression that we might at least experience a change in trend.
ii. With this Breakout, we might have to be patient to see the extent at which the corrective phase will go before hopping on the rally.
Trading plan: BUY confirmation with a minimum potential profit of 120 pips.
Risk/Reward: 1:3
Potential Duration: 2 to 5 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously
