Forex FOREX PRO WEEKLY, August 19 - 23, 2019

[FreddyFX]

TODAY

WHEN IN DOUBT, STAY OUT !!!

Flat is ALSO a position !

 

[Sive Morten]

Good Morning All
After Merckel's comments yesterday regarding assisting the UK to brexit, GBP/USD broke out of the consolidation. Do you guys think this could trigger the retrace up higher or are we more likely looking at further downward action to retest 12000 lows?

Well, I think that this is not enough to change the situation. This is not Merkel negotiates on Brexit, but the president of EU Commission. Merkel does matter, but not a decisive factor. Besides, we could trust to papers only. Once something will be fixed on paper - this will be the factor. This is just my view.

P.S. But, this Merkel comment agrees with our technical view - upside pullback on Cable...

 

[ED SCHAFFER]

At the time Sive formed his opinion on the DXY at 3:54 am EST when it was trading at about 98.30 plus, I would certainly have agreed with him that the case for arguing for the continuation of the H&S pattern was indeed weakening. However, since then the DXY began steeply dropping at about 7 am EST. As of 11:30 am EST, the DXY now stands below 97.80 & continuing to drop after a steep sell off. I think the argument can now be made that the H&S proposition can now be reinstated as it is increasingly looking like the right shoulder is beginning to resemble a failed fifth Elliott Wave on the monthly chart which is exactly what I do expect. That is my view anyway. Time will tell. Cheerio.

 

[Sive Morten]

At the time Sive formed his opinion on the DXY at 3:54 am EST when it was trading at about 98.30 plus, I would certainly have agreed with him that the case for arguing for the continuation of the H&S pattern was indeed weakening. However, since then the DXY began steeply dropping at about 7 am EST. As of 11:30 am EST, the DXY now stands below 97.80 & continuing to drop after a steep sell off. I think the argument can now be made that the H&S proposition can now be reinstated as it is increasingly looking like the right shoulder is beginning to resemble a failed fifth Elliott Wave on the monthly chart which is exactly what I do expect. That is my view anyway. Time will tell. Cheerio.

Hi Ed, well, it is more due external factor impact by Powell speech, but not internal technical driving factors. Before the speech, situation was so that nobody knows what will happen, as market simultaneously was forming H&S and next day it has lost its shape, but without real breakout.
This indicates indecision. Still, using of Stop entry orders once again has proved its efficiency as on EUR as on Gold market

 

[Robban68]

Good Morning All
After Merckel's comments yesterday regarding assisting the UK to brexit, GBP/USD broke out of the consolidation. Do you guys think this could trigger the retrace up higher or are we more likely looking at further downward action to retest 12000 lows?

Short term bear will probably look for an opportunity to sell as long the 1.241 is not violated.