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Faraday: Trading the USD rally
With the USD rallying after better than expected Non-Farm payrolls last week Thomas Light from Faraday Research is tracking two currency pairs seeing the effects: USD/JPY and GBP/USD.
Thomas says: "In last week’s video I talked about the significance of USD/JPY’s prolonged period of consolidation in which prices were being compressed within a wedge pattern. The compression was finally released on Friday when prices burst higher, breaking above the top of the wedge."
Thomas expects to see a period of trending range expansion.
Looking at GBP/JPY Thomas has spotted that prices broke and
closed above resistance on Friday, "This
is significant because it not only forms a higher swing high; it also confirms
that a treble bottom reversal pattern is in place. We
will therefore be looking to buy up any retracements in order to join the
emerging uptrend."
01:09 minutes
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