Recap Bull flag pullback follow with test of Y+1. Strong reaction against Y+1 yet holding the bull flag resistance / channel top. Closed the week near Y+1 and above midpoint.
Outlook Consolidation week with 50% range and close near Y+1 is mildly bullish. Main issue is that there is a lot of money at stake around this level for which a breakout to the upside means 1.35 and 1.40 in play. The longer term players will determine the outcome. Day traders should focus on hourly and lower timeframes to ride along with the big boys.
Lawrence's Comment
Recap
ES dropped back to Y-0 as expected. The breakdown scenario also unfolded right after. ES found support after testing the swing low on daily. Closed the week near Y-1 ...
For more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time schedule
USDCAD Nov 16 to Nov 20 Outlook
Lawrence’s Comment
Bull flag pullback follow with test of Y+1. Strong reaction against Y+1 yet holding the bull flag resistance / channel top. Closed the week near Y+1 and above midpoint.
Outlook
Consolidation week with 50% range and close near Y+1 is mildly bullish. Main issue is that there is a lot of money at stake around this level for which a breakout to the upside means 1.35 and 1.40 in play. The longer term players will determine the outcome. Day traders should focus on hourly and lower timeframes to ride along with the big boys.
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