Just looking ahead to this coming trading week;
The technical picture on Mthly, Wkly and Daily is bullish. Obviously May's Mthly candle is not closed yet but last week's Wkly candle was bullish (although some may argue a hammer down from resistance,?) and Friday's Dly candle was bullish. A bullish close of May's Mthly candle will see a 3rd consecutive HL on that t/f after a LH, then a H (no HH yet.) Wkly is in an uptrend and it may well turn out that 3669 was it's latest pullback lo in that uptrend, and Dly is certainly more bullish than bearish with last few fractal prints starting @ 4009 being HH, HL, LH, L, HL, H (@ 4166) and HL(@ 4106.) 4Hr too is looking technically more bullish than bearish as of Friday's close.
Fundamentally the main over-riding themes remain inflation expectations and covid recovery, the former particularly in U.s, and all the data last week in this respect including Fri's UoM expectations were above forecasts. A light week for u.s data this coming week, The Pmi of most note maybe? Re Uk; Cpi, Rpi, PPi, and Pmi should tell us a bit more along with Retail sales, these being the main data event risks of note on the Uk side.
For all us traders on the smaller t/f's (all my trading entries are 1min, 3min, 5min or 15min, and very occasionally 1hr,) what is happening on the Mthly, and Wkly are pretty much irrelevant but it's good to know the overall picture as well as the main fundie themes at play if only because it's of academic interest to those of us who are by nature intellectually curious. I think Daily is relevant even on smaller t/f's.
G/L this coming week all.
Mthly, Wkly, and Dly below.
The technical picture on Mthly, Wkly and Daily is bullish. Obviously May's Mthly candle is not closed yet but last week's Wkly candle was bullish (although some may argue a hammer down from resistance,?) and Friday's Dly candle was bullish. A bullish close of May's Mthly candle will see a 3rd consecutive HL on that t/f after a LH, then a H (no HH yet.) Wkly is in an uptrend and it may well turn out that 3669 was it's latest pullback lo in that uptrend, and Dly is certainly more bullish than bearish with last few fractal prints starting @ 4009 being HH, HL, LH, L, HL, H (@ 4166) and HL(@ 4106.) 4Hr too is looking technically more bullish than bearish as of Friday's close.
Fundamentally the main over-riding themes remain inflation expectations and covid recovery, the former particularly in U.s, and all the data last week in this respect including Fri's UoM expectations were above forecasts. A light week for u.s data this coming week, The Pmi of most note maybe? Re Uk; Cpi, Rpi, PPi, and Pmi should tell us a bit more along with Retail sales, these being the main data event risks of note on the Uk side.
For all us traders on the smaller t/f's (all my trading entries are 1min, 3min, 5min or 15min, and very occasionally 1hr,) what is happening on the Mthly, and Wkly are pretty much irrelevant but it's good to know the overall picture as well as the main fundie themes at play if only because it's of academic interest to those of us who are by nature intellectually curious. I think Daily is relevant even on smaller t/f's.
G/L this coming week all.
Mthly, Wkly, and Dly below.
Attached Image(s) (click to enlarge)
Trader with an Edge.
4
! Anything is possible ! In my own silly view, Thursday s failure to get back under 1.4 and Fridays break back above 4080 = bulls 2 weeks long grip on momentum is maintained, for now. This week, bulls need most closes to be above 4030 to keep it as strong as it is now. A break above .4130s resistance as early as Monday or Tuesday and this momentum could make .42 new support as early as this week. If .4130s doesnt break in this same momentum move = more chances...
