by Johan Kriek (firstname.lastname@example.org)
- Weak UK unemployment figure sparks rally in equities, JPY sells off
- Senate to vote on 2nd stimulus plan on Tuesday
- Watch probability-changes today, a weakening bucky could be short-lived
No trade zone, bullish probability. Price has violted the bearish current trend (blue line) but the violation could not be confirmed as price moved right back into the violated channel. Therefore I adjusted the trendline resistance to reflect the lower significant peak at 1.2990
We still have a bullish probability due to the fact that the 60minute trend is still bullish but the current trend needs to be violated and confirmed first. 1.2820 should be significant support as it reflects the bullish 60minute trend support line. Should this be taken out the next support would be 1.270. Remember that if 1.2820 is violated to the downside we will have a fresh bearish trading condition
No trade zone, bullish probability. Same as the EUR, the GBP needs to violate the bearish current trend resistance to the upside first residing at 1.4850 before we will see a continuation of the bullish probability. We have support at 1.4570 which resembles the 60minute trend support which, if violated, could present us with a bearish trading condition once again.
Join me in the Live Trading Room here at FXinstructor to see how this unfolds