Wednesday, May 23, 2018

PRICE ACTION Results Between USD / CABLE / YEN CORRELATION

@MegaTrade101 #USD Back on Track above 94.00 aiming to retake 95.05; as #FX European Majors fall in record levels with #EUR 1.1700 #GBP 1.3349 along side precious metals #GOLD 1291.00 slightly off #JPY 110.10 as of US #trading session 


@MegaTrade101 TIP OF THE DAY by Sir Alexander Copyright © 2018

With Trend-following PRICE ACTION: 

A. In a Rising market, pay close attention at the Support levels.
B. In a Declining Market, pay close attention at the Resistance Levels.
C. As it avoids creating a "Bias Market Sentiment"

Note: A Trend Reversal is Approach in a different process


The end result viewed on a weekly basis of the GBPJPY Cross Rate have identified the overall 'RISING WEDGE' which forms the technical outlook for the cross rate. With the UK disappointing CPI figures have hammered CABLE to its record levels with a low at 1.3305. 

As the USDJPY had made a corrective move with a soft USD retreating within the early US session. but is again back above the 94.00 basis point index. 



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