Previously:- Dollar Index Future Long Term View
U.S Dollar Index broader outlook, which would cover major currencies like Pound, Euro,Usd/Cad and Usd/jpy
Gbp/usd Intraday Bias of Gbp/usd remains neutral to bearish as today's price seems strong enough for the bias to turn short term bearish and I am watching for a breach of 1.4450 support for a move towards 1.4331.
Speaking of direction in Gbp/usd, which is in strong downtrend on weekly and monthly time-frames but seems to recover well on daily and shorter time frames, but It could turnout to be a small correction of higher time frames.
As I have mention in the chart that price has Fakeout previous two highs and went straight in to supply and that high prove to be vital to cap the bull rally (which seems to be strong enough) as there was a serious buyers trap just above the previous high and today's price action has covered all the buy stops and that minor rally to 1.4650 turned out to be the biggest of buyer's trap pound has offer just recently. I have witness such Price Action in Pound in recent months and those trap rallies really pick momentum going into big impact release like ECB policy decision, as Further stimulus package announce by Mr. Draghi can really put panic in usd bears, so strong rallies can be seen by U.S dollar bulls .
Previously Reason of recent Gold Futures Prices short ralliy
Technical Outlook For the Pound
I will cover the outlook of the Major currencies covered under U.S Dollar Index for the Month of June 2016. Direction outlook for the pound has turned bearish again but I need further Confirmation of the trend as I am still waiting for the lows of 1.4450 to be breached for a move towards possible 1.4045.
You can expect choppy or sideways Price Action for couple of sessions, but still my sell order would remain intact till the weekend and we have still three more days till the market close on Friday and have enough room for the order to click and If things goes right we can surely sees one or couple of the Target get achieved, bearing in mind the volatility to pick up due to high impact release to be scheduled during weekend.
Gbp/usd pending sell stop @1.4450 stops 1.4510
Tg First 1.4310
Tg second 1.4215
Tg Third 1.4090
Eur/USD outlook for the short to medium term is neutral to bearish as We have seen the pair has rejected once again from the highs and has not stopped yet and I would wait and watch If price tests the 1.1060 area in the coming days .
Speaking of direction of Eur/usd, Pair has compressed to the top and recent rejection from the overall supply look strong but recent support around 1.1050-90 area, seems to be holding the pair for too long, but it is understood when High impact release like ECB policy decision is scheduled to be released on Thursday, and Market wanted the view of Mr. Draghi if he is dovish about more stimulus and Gdp forecast for the remaining of the year, would certainly move the pair and there won't be any choppiness for sure.
How to use Open Interest beyond swings on Chart
I prepare this video specially for the newbies and this video is must to watch and part of our Forex Trading Course For beginners, and covers how to use open interest beyond the ultimate swings specially when strong trend reverses immediately.
Recent Rise in U.S Dollar Index and fall in Silver Prices are quite similar to the video mentioned below which has cover most part of my trading techniques, which I used over the years and have edge over other fellow traders.
If I got enough requests then I would post my recent trade of Silver Futures, which I use in the following recommended manner and short Silver Future around 17.75 and my target is 15.60 area.
Trade Watch Pair Gbp/usd
Trade Update Stop out at break even Price went in favor for around 70 pips, but rally strongly after NFP released.
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