I am expecting that the price will continue bullish with the US-China trade deal phase one expected to be signed (optimism despite reports out of China's leading newspaper). Looking for this to happen around the 108.400 support area and then a strong push northward past the 109.800 level and up to the 1.618 area 110.1xx.
With USD optimism extremely bullish we can see previous lows in EUR and GBP being reached. The only thing that will derail this bull run is if the US-SINO deal evaporates before the holidays and US economic data is weak. In the case of GBP only positive Brexit news can make it come on par with the US and then it is a case of which is stronger and no one really wants to trade strength versus strength.
Borrowed key support levels from FX street as they are very close to my own Fib cluster levels - 108.50 108.20 107.75
What I am trading Long if conditions stay bullish are US30USD, NAS100, S&P (mini).
What I am trading Short if the above conditions are met is XAUUSD & XAGUSD.
With USD optimism extremely bullish we can see previous lows in EUR and GBP being reached. The only thing that will derail this bull run is if the US-SINO deal evaporates before the holidays and US economic data is weak. In the case of GBP only positive Brexit news can make it come on par with the US and then it is a case of which is stronger and no one really wants to trade strength versus strength.
Borrowed key support levels from FX street as they are very close to my own Fib cluster levels - 108.50 108.20 107.75
What I am trading Long if conditions stay bullish are US30USD, NAS100, S&P (mini).
What I am trading Short if the above conditions are met is XAUUSD & XAGUSD.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.