Technical
Monthly: Potential reverse head & shoulders as prices trade within the monthly ichimoku cloud. A clear break of $1370 is required to confirm the formation. $1300 key support has been breached although losses have been limited.
Weekly: A possible medium term AB=CD formation has a measured move target of $1450. Trend support has been breached but limited. Further downside support comes in at $1235. Weekly Ichimoku cloud has provided additional support along with the 61.8% Fibonacci retracement.
Daily: Price action has broken through and remained below the $1300-1302 key support. Short term signals have turned bearish. A short -term AB=CD correction looks to target a move close to $1264, 78.6%fibonacci retracement. Fair risk/reward in setting shorts on a rally at the previous support now turned resistance.
Action: We look to Sell in front of $1300
Stop: A break above $1325
Targets: $1265 & $1240
UPDATE: 13/06/2018 17:30:00
WITH SIGNALS BEING FAR FROM STRONG WE LOOK TO MOVE STOP TO ENTRY
CLOSED AT $1300
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Before deciding to invest in spot foreign exchange or futures you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with spot foreign exchange and futures trading, and seek advice from an independent financial advisor (IFA) if you have any doubts. All information posted on this website is of our opinion and the opinion of our visitors, and may not reflect the truth. Please use your own good judgment and seek advice from a qualified consultant or IFA, before believing and accepting any information posted on this website.
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Losses can exceed deposits