FOREX CHART ANALYSIS JUN 17 - CONSIDERABLE PATTERNS
There are some really considerable patterns appearing and about to appear on the chart of the most common currency pairs. Check them out to choose the most suitable forex trading strategies.
- US retail sales recovered strongly than expected but unemployment data was worse than expected.
- During the first hearing, Mr. Powell kept his voice cautious and commented that the stimulus policies were working well.
- Bank of Japan - BoJ has increased the size of its direct lending program to businesses to US $ 1 trillion from the initial announcement of US $700 billion.
- The Bank of England (BoE) and the Swiss National Bank (SNB) are both expected to add new stimuli during policy meetings on Thursday.
- The IEA has revised its oil demand forecast up to 500,000 barrels/day. That is, they see that demand will decrease by 8.1 million barrels a day instead of 8.6 million barrels a day earlier. While more optimistic, this is still the biggest reduction since they compiled this data.
After establishing the cumulative bearish flag area, the price could not break the high peak of 107.6, and there were signs of support for the sellers. Whoever has the short command can continue to hold, but does not add position right now. We need a strong decline momentum to do that. Note, we still need to be careful with the remaining scenario: if the zone 107.6 is broken, we can ambush in the zone 108.
Although it did not fluctuate too strongly yesterday, it was enough for EUR?USD to create a very noticeable signal - the legendary head and shoulders pattern. We continue to maintain short commands and pay close attention to the area of 1.122 - 1.125. If this zone is broken, the model will complete and open up new declines. Then, the nearest target is 1.110.
Prices have returned to the expected downtrend. In the short term, we expect to retest the uptrend line. However, in the long term, it is necessary to wait for price action in this region. If it is broken, a new bearish structure will form and you can rest assured to pursue short orders on lower prices.
The double top pattern is still not quite as clear as expected. The price action at the zone of 1.355 is showing indecision although the sellers seem to be prevailing. However, you should avoid trading at this time.
The faction has returned. Price is making a lower high. It is expected that in the short term, the price will be about 0.675, but this is only a short-term view. On the daily chart, we see a bullish flag pattern has appeared. Watch out for this possibility.