Price action on USDCHF, USDSGD and GBPUSD all agree that USD is likely to continue strengthening. GBPUSD has the clearest setup.
WTI printed new 52-week high this year, new high in 3.5 years so it could justify a long continuation trade despite its current correction. In this post, 3 charts of WTI with 3 potential support zones for WTI bulls.
It’s about time for a little bit of retracement, consolidation for the DXY. After all markets don’t travel in a straight line – they usually move in zigzags. Besides, there was previously a resistance here so this level might over some support. Price action at the moment with the kink there appears to agree.
DXY has now fallen out 3-year range with new 52-week low with 13-week and 26-week exponential moving average acting as resistance. This setup has happened before, we can see from this example that happened late-2002.
Key observations of Wilmar: Price rebounded from 6-year support twice in 2017. Printed new 52-week highs in 2016 and 2017. Last week bullish expansion over last 6 weeks of 2017.