With Triple Treat Thursday events over and done with, the aftermath in the currency market reflects the most affected pairs have been the EURO and the STERLING POUND. #EURUSD run failed to even reach the all important 1.1380 level of price resistance and currectly trading @1.1180 to this writing.
Meanwhile CABLE immediately pulled back towards the 1.2635 low and currently below the 1.2750 levels where a slight session price recovery is seen after the rapid trade swing lower after the UK election results turned out to be not as favorable for UK PM Theresa May.
With that said, our take on these events have been more beneficial for the #USD; with the US_DXY have gained some ground with a relief recovery currently @97.22 basis point levels. This can be considered an initial signal in search of a price support which could eventually lead a stabilizing factor for the USD & with European majors are quite pressured from these market conditions.
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With the USD correction, the certainty of a FED hike would likewise provide a boots for the USD relief recovery on both a technical and fundamental stand point.
ReplyDeleteThis would also provide some room for the #NASDAQ to make necessary price adjustments through a moderate corrective moves since it had taken a lead on the market since the beginning of the 1st and 2nd quarter trading. 'Justifiable'
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Coming across the wires describing Nasdaq's decline are the following words: Overweight, Over-crowded, Goldman Sachs Risk Market Call, are just a few that analyst have called the Nasdaq decline to be so much on last Friday's closing. on 6.09.17.
ReplyDeleteHowever, we have recently described the stock valuation are so high that something has got to give. Most Nasdaq & other equity stocks are ' Full-bodied Prices' that carries a higher degree of a corrective move well within a major trend.