Ian Foster from BeAWinningTrader.com, shares insights on the DJIA – Dow Jones Transport Index relation, and further gives the technical outlook for EUR/USD and GBP/USD.
The Dow Jones Transport Index a leading indicator for the DJIA?
Foster explains how the Dow Jones Transport Index might be the leading indicator for the Dow Jones Index. The latter is turning lower on the daily chart which warrants some caution on the DJIA trade.
Adding to this, Foster continues by highlighting the charts of FTSE and the DAX, saying that the both the indices are showing weakness.
EUR/USD: Very bearish
Having broken below the previous lows, Foster notes that the price action in EUR/USD is very bearish, and sees a decline towards 1.0520.
Looking at the intraday charts, Foster reiterates that the probability of breaking the daily support is quite high.
GBP/USD: Could see weakness
Foster says that the GBP/USD isn’t trading as straight as EUR/USD. On the key levels, he mentions that the high around 1.55 and the recent low are important for direction.
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