Week 34 2016 price action can be described only as moribund followed by Jackson Hole come alive. Last 12 hours trading was also shoot-one-way, U-turn-the-other with initial bearish USD followed by bullish USD. Torn, indecisive action or just herding traders into a big trap?
DXY, EURUSD and SiMSCI prints highly recurring false-break followed by re-test sequence that catches both bulls and bears on the wrong trade. When the market is playing mind games like these, watch for coming reversal.
Bank of East Asia (0023.hk) re-testis 2013, 2014 52-week highs in a highly recurring sequence. Concepts involved are 52-week highs, resistance, false break/bull trap and re-test.
Looking at green zone for potential turning point for short. Day – day momentum is up so a valid setup has to show price reaction to green zone/top trend line to signal that they are valid resistance.
After the Brexit vote, GBPUSD heads for generational low below 1.45. GBPJPY performance must be a Guinness World Record somehow for the number of pips moved for a major cross.