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Loonie breaks to the upside

al_dcdemo Publier 26 juillet  dans #Trader's blog #Support #Resistance #USD/CAD #Breakout #Consolidation #D1 Chart #Oil Weakness
Loonie broke above two-month consolidation pattern which spans roughly between 1.2675 and 1.3175. The breakout was accompanied by weakness in oil and came few days after 50 DMA crossed above 100 DMA for the first time in a year.
1.33 - 1.3325 (200 DMA, 38.2% retracement of the January - May downswing) will be the first real test and then 1.3450 - 1.35 (September 2015 high, 00's). 1.31 - 1.3150 shall now hold as a support.
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FOMC meeting minutes didn't impress

al_dcdemo Publier 18 fév  dans #Trader's blog #EUR/USD #Fomc Meeting Minutes #USD Strength #Rate Hikes #D1 Chart #Downside Risks #Oil Weakness
FOMC Meeting Minutes, which were released yesterday evening, didn't provide us with anything new. Officials did acknowledge increased downside risks to inflation outlook stemming mostly from USD strength and oil weakness but didn't back away from rate hikes.
Reaction to the release was muted. Price recorded a couple of small whipsaws before returning to what it was doing before - a pattern that is quite prevalent with these releases.
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4 Commentaires
Nihad avatar
Nihad 18 fév

al_dcdemo and since when it did? :)

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al_dcdemo 19 fév

Nihad It's essentially an old data that rarely offers anything new. But I did thought there would be a bigger reaction to it this time around.

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Nihad 19 fév

am kidding man, it's not just old data, their model is extra-lagging, let me give you quote by Kevin Warsh, a former FED governor in Friday 5, 2016: "The FED may have well missed the business cycle entirely. The financial cycle seems to have turned as well. The economy has chronically underperformed what they predicted"

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al_dcdemo 22 fév

You're right, I read about that underperformance also. But this is issue with other CBs too - why not just set goals that are achievable? I'm not an economist but could it be that all this is just an excuse to print more money? :) These economic events and figures - true, false, fake, whatever - do however provide opportunity, be it intraday or longer term. But any trading decisions should be done based on hard evidence - starting with price action.

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