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Breaking Down the Charts

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Technical Analysis

  • US Dollar Index



After a fake breakout in the bearish trend and a bounce back from the resistance, it is back on track to approach the take profit target again. For now, we hold the position.

 

  • EURUSD



The Euro continues its low but consistent downfall against the US Dollar. Recently it has been moving slightly sideways however it remains in the green. After the recent small correction, a continuation of the bearish trend is expected.

 

  • GBPUSD



The British Pound initiated the expected downtrend, nevertheless, a small correction has taken place against the US Dollar. The next days will be key to see whether it continues the downtrend or it reverses and breaks the resistances. For now, we hold expecting a continuation.

 

  • USDJPY



USDJPY is finally approaching the monthly downtrend resistance we have been waiting weeks for. In the case of a close above it and a breakout, a long position will be opened. If not, we’ll wait to see from which side it decides to break the monthly triangle, it has been moving sideways for months.

 

  • Crude Oil



After breaking abruptly upwards, there is not a clear direction for oil in the next short/medium term. The rational thing, considering Trump’s comments on oil production and concerns about inflation, is that the price should go down. However, technically there is not a clear direction. For now, we do not take any unnecessary risks and wait for a confirmation.

 

  • DAX



After breaking the bullish trend strongly and breaking an important support, DAX is now facing uncertainty and continues moving sideways. First the breakout and then the retest confirm a continuation of this bearish trend which will face many supports. For now, we just wait to reach the first one.

 

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