Ahead of Jackson hole, cable has broken down from a clear neckline of a H&S pattern. However, typically in the past the market has dropped below key support levels before breaking into new highs.
The market needs liquidity to fuel prices higher, now with a breakdown its possible the market has built enough liquidity and short positions who would now be trapped or about to be.
Crucially, as per TPO levels we are resting on weekly Point of Control and tested session POC and Daily POC this morning and are finding aggressive buying.
Today could be a big day for USD crosses whether the USD begins to weaken once again or is there another push lower on the liked of EURUSD & GBPUSD before buyers step in?
Yields remain higher in the US attracting foreign investors but other parts of the world are catching up to the US rapid rate hikes.
The market needs liquidity to fuel prices higher, now with a breakdown its possible the market has built enough liquidity and short positions who would now be trapped or about to be.
Crucially, as per TPO levels we are resting on weekly Point of Control and tested session POC and Daily POC this morning and are finding aggressive buying.
Today could be a big day for USD crosses whether the USD begins to weaken once again or is there another push lower on the liked of EURUSD & GBPUSD before buyers step in?
Yields remain higher in the US attracting foreign investors but other parts of the world are catching up to the US rapid rate hikes.
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