Trading plan for 22/10/2018
January 22, 2018 10:21 amVideo
Latest News
- Crash on Wall Street: Inflation vs. Rate Cut April 11, 2024
- Forecast for EUR/USD on April 11, 2024 April 11, 2024
- Forecast for GBP/USD on April 11, 2024 April 11, 2024
- Forecast for USD/JPY on April 11, 2024 April 11, 2024
- Outlook for GBP/USD on April 11. The pound collapsed by 200 pips, but still remained flat April 11, 2024
- Outlook for EUR/USD on April 11. The buyers waved a white flag April 11, 2024
- The market rushed the Fed and was sorely mistaken April 11, 2024
- The June issue can be considered a closed case April 10, 2024
- Dollar spreads its wings April 10, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 10-15, 2024: sell below $69,000 (3/8 Murray – bullish wedge) April 10, 2024
- Is there a possibility of no Fed rate cuts this year? – Special Report April 10, 2024
- Technical Analysis – Citigroup stock pulls back ahead of earnings April 10, 2024
- Trading Signals for Ethereum (ETH/USD) for April 10-15, 2024: sell below $2,364 (3/8 Murray – symmetrical triangle) April 10, 2024
- EUR/USD and GBP/USD: Technical analysis on April 10 April 10, 2024
- Technical Analysis – USDJPY flies to new 34-year high April 10, 2024
- Technical Analysis – AUDCAD rebounds strongly from uptrend line April 10, 2024
- Banks Q1 earnings: Weak results despite stock outperformance – Stock Markets April 10, 2024
- Forex forecast 04/10/2024: EUR/USD, NZD/USD, USD/CAD and Oil from Sebastian Seliga April 10, 2024
- Technical Analysis – EURCHF eases slightly after 1-year peak April 10, 2024
- GBP/USD on April 10. USD does not rely on traders’ support April 10, 2024
The US Dollar suffered shortly due to a lack of agreement in the US Congress regarding the extension of budget financing, which stopped the work of public administration. Similarly, EUR does not feel the reaction of the SPD delegates to the coalition with the CDU. After the broad market, there is no increase in risk aversion, as stock exchanges are growing.
On Monday, 22nd of January, the event calendar is very light with important economic releases. The only data worth attention is the Wholesale Sales report from Canada and Bundesbank Monthly Report from Germany.
EUR/USD analysis for 22/01/2018:
The weekend session in the US Senate ended without a vote on the extension of funding for government institutions. As a result, the government shutdown continues. The deadline expired on Friday at midnight. Nevertheless, USD makes up for the initial losses, because the market believes that the government shutdown will not last long and will have marginal consequences for the economy.
Let’s now take a look at the EUR/USD technical picture on the H4 time frame. EUR/USD opened with a gap up at 1.2266, but in the following hours it returned to levels from Friday’s close at 1.2220. Currently, the market is still consolidating the recent gains and the consolidation zone is located between the levels of 1.2155 – 1.2321. Any breakout above the golden channel line will be the first clue of a possible rally towards the swing high. The overall bias remains bullish and new highs should be seen soon.
Market Snapshot: SPY makes a new marginal higher high
The price of SPY (SP500 EFT) has made a new marginal higher high at the level of 280.35 in overbought market conditions. The golden trend line is still holding the price nicely, but the momentum indicator shows a growing divergence between the price and momentum. It might be a first clue that the correction is coming soon.
Market Snapshot: DAX is closer to the recent highs
The German DAX Index is getting closer to the recent swing high at the level of 13,515. Nevertheless, the momentum is still weak on the move up, so there is a possibility of a Double Top pattern or other technical pattern that might be a trend reversal worth to keep an eye on.
The material has been provided by InstaForex Company – www.instaforex.com
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