Hey Traders,
another huge FX day, with “King” Dollar setting some major lows, here is % of average range summary:
GCQ09 194.4
SFU09 186.0
DXU09 167.6
ECU09 157.4
BPU09 152.3
JYU09 127.3
ADU09 105.8
YMU09 89.0
TFU09 81.1
ESU09 72.6
CDU09 71.2
NQU09 67.5
Another crazy week, with most important thing to take away from a week like this is that market momentum (or whatever else gets credited/blamed) is more important than news, earnings, econ data and even dollar strength. When the market goes up and funds have to chase performance at the same time squeezing out the most stubborn bears, nothing matters.
While there are signs of rally exhaustion, bears got many technical levels to break to have a chance at getting anything going to the downside.
The fact that Markets didnt react to extreme dollar weakness add to hopes of the bears, these last two candles are surely promising as well, gap down monday would be ideal:
Will have a monthly analysis edition ready this weekend, some interesting developments along all time frames.
Get some rest and get ready to take on these crazy markets again
Cheers
Vlad
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p.s.
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