The S&P 500 had a good week due to the impressive start of Q1 earnings and favorable inflation data. In March, the consumer price index rose 5%, lower than the previous month's 6%, and met economists' expectations.
Long-term charts you should look at
2019-11-11 • Updated
How often do you check the weekly and monthly charts? Do you do this for many currency pairs? Whatever you are doing, you can certainly do more! Let’s have a look at some interesting long-term charts. There may be good signals there.
August candlestick opened at 1.1690. A monthly close near this level will mean a formation of a “Fakey” pattern – an inside bar + a false break to the downside. The pattern may imply a recovery to 1.20.
EUR/USD and USD/CHF tend to move in the opposite directions. Is there a double top on the weekly chart? Weekly moving averages have already given in. Support is at 0.9730 (Fibonaccci and 50-month MA). A decline below this level will open the way down to 0.9620.
There’s a bearish “Harami” pattern on the monthly chart. If we get a confirmation in form of the negative August candlestick (monthly close below 1.30), further decline will be likely. The targeted support level will lie in the 1.2550 area.
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