Welcome to this weeks market recap 15th to 19th February 2021.
Did you have a good week? Got some pips in the bank? We hope so! 💰💰
As always let us start with the Dollar Index as the US Dollar is the world’s reserve currency.
The Dollar Index remains in a bearish channel and has had a second bearish week at the time of writing. Let us have a closer look at the price action.
Price formed a correction in the form of an ascending channel, then broke out and retested the base of the channel. The DX is now finding support at $90.25 so we will be watching carefully to see what happens next.
Aussie goes from strength to strength and is flying against the weaker USD. Today (Friday 19th February 2021) it smashed through the January 2021 high of 0.7820 with price still pushing.
Once price broke out of the bull flag and had a small correction there was no stopping it.
‘Cable’ is another currency pair flying now against the weaker USD. Today price is testing the big number 1.40 and is at the top of the rising channel. We will see a push down from here. The weak USD is not helping.
2.2% On A Gold Trade 😊
We took a lovely trade on Gold this week amongst others, placing a sell stop under the triangle correction pattern formed after an impulse to the downside. A nice 2.2% in the bank. Job done!
Have a great (and safe) weekend traders. It will be Monday before you know it!
T & T