CCY Corner: The 3 Amigos In FX - CABLE / USD / EURO - Technical & Price Action Analysis

So far it has been an amazing run for Cable from the 1.5170 to its closing price @1.5520 for the week ending September 18 2015. And from our price call @1.5580/90 levels, Cable registered a high @1.5658 and retreated back lower at its current price of 1.5520; due to some profit taking and position adjustments due to the end of the week's trading.

 BULLISH GARTLEY FORMATION

The earlier chart pattern that provided the Gartley Bull formation from the low not only provided the 1st valid signal as it was supported with a "Parallel Price Divergence" alongside X of June 02, 2015. While finding the HI/LO X cross at the middle of the price consolidation was even more difficult, however we were fortunate enough to find the focal point.  Other tech chartist may have called a probable double bottom but were to cautious to call it as prices on Cable were going down while the USD was moving higher. The series of market views that we have made reflects our trade with over a 400 pip recovery was made with the help of the FED's decision.

On the other side of the coin, the lack of follow through interest measured through the financial futures "Volumes & Open Interest" on CABLE was not enough to sustain above the 1.5600 which is now considered to be a short-lived extension in comparison with the USD Index move back from a 94.05 low and closing @95.15 basis point. MegaTrade101's market call on the DXY chart on the opposite side of the trade formation (Bearish Gartley formation) which came through with flying colors as best described with our recent market analysis and video support. Please check out the link! This is how the DXY looks post FED decision.

DXY POST FED DECISION

Meanwhile, the EURO has stalled @1.1280 levels and have finally made its run with a little push from the FED that marked a high @1.1460 nearest to our price call @1.1500 handle. The bigger picture for the single currency had created a "Disjoint / Trend Angle" during the course of its run. Capitalizing on the previous chart pattern analysis the registered high @1.1712 was significant. But not as significant when it changed into a bear engulfing bar at the closing of the week. A bearish spike now has been reflected and shall be a dominat factor for technicians as the fundamental would weigh in. the near term.

EURO IN A DISJOINT / TREND ANGLE

This case analysis summarizes the week's trade volatility as we made a call for the USD to move higher towards the last trading quarter for the year 2015.

UPDATED VERSION: The 3 AMIGOS In FX