Weekly Technical Outlook
US Dollar Index
After retesting the bearish trend line it broke previously, US Dollar Index just confirmed upward trend. Hence, for now we leave our long position open in order to capture it.
DAX, as the rest of Europe, has been moving sideways recently. However, fundamentals and macroeconomic indicators remain solid and the end of the triangle it has been involved in is approaching. For now, we leave the position open looking forward to capture the movement within the triangle. After the breakout and a revision of the fundamentals another position will be taken.
GBPUSD remains with the same outlook as previous weeks so for now remain bearish looking forward to capturing the rest of the downward trend.
Without a clear path EURUSD has been recently hanging within the same range. Patience is the key in this trade and there is nothing to but wait to for the bearish trend to continue.
After breaking a strong monthly bearish trend, it has recently reversed creating a correction. For now we remain bullish and waiting for the resets which, in that case, will confirm the breakout and the continuation of the bullish trend.
After the breakout and retest of the support trend line along with Trump increasing its use of American oil reserves lead to the opening of a short position on Crude Oil. We’ll remain focus on this trade and updated with all the macro news.