What happened? Japanese shares fell on Monday…
USD/JPY: "Inverted Hammer" at the last low
2019-11-11 • Updated
There's a "Tweezers" pattern at the local high, but the last bullish "Hammer" is still on the table. Therefore, the market is likely going to rise towards the Moving Averages in the coming hours.
We've got an "Inverted Hammer" at the last low, which has been confirmed enough. Also, there's a bearish "Tweezers", so bears are likely going to test the nearest support level during the day. If a pullback from this level happens, bulls are going to deliver a new high.
Weaker dollar - cheaper dollar. What else may be a conclusion to be drawn from the USD's weakening?
In a few days, primary Forex currencies will hear what their respective central banks think about the future - and we're about to trade it!
A comparative examination of the strength of the US-Dollar often gives tangible insight into the direction of Gold (XAUUSD). The chart above indicates the expectation of a bullish price reaction from the demand zone
The US Dollar has been remarkably sluggish for the past few weeks despite being within a distinct Demand zone. My expectation of a springing rebound off the demand zone has not exactly played out yet, however, the zone remains unbroken.
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances