The EURUSD fell lowre today from the inside bar signal that we discussed yesterday in our members trade setups newsletter. Traders who sold on a breakdown of this inside bar setup are now up a nice profit with the potential for more downside movement in the coming days with key support not seen until down near 1.0850 – 1.0800 area. The weekly chart bearish pin bar combined with the daily chart inside bar / fakey signal we discussed yesterday in our members commentary, is a perfect example of how you can use the weekly chart to help guide your decision making on the lower time frames like the daily / 4 hour.
copyright 2015 learntotradethemarket.com
copyright 2015 learntotradethemarket.com
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Editors’ Picks
AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.