Note: The S/R levels (i.e. likely bank trader order levels) as depicted in their respective timeframes in this and prior articles have not changed, and will probably NEVER change regardless what happens in financial markets. What follows is my own world view, developed from an institutional trading career dating back to 1995.
There are not a lot of fundamentals to speak of (again). The dollar is getting tossed about on the back of newspaper headlines, this time on the choppy fortunes of the US-China trade talks.
Analysts are quoted saying the dollar is firm on the back of last night’s release of the minutes for the last FOMC meeting. The bottomline of the minutes is that the Fed members are becoming less dovish going into the new year i.e. less inclined to keep rates low.
We don’t really care because the dollar looks mixed to us, not firm.
In the meantime, gold looks like it’s getting set for a move back up to 1490 dollars but even that slow going this late in the week.
Further in the background, impeachment hearings continue to rage on, throwing more light on President Trump’s increasing instability.
The following are our S/R levels for the majors and gold going into the weekend.