A day ahead of Yellen speech at Jackson Hole Symposium, IG’s Josh Mahony informs Tip TV viewers the chief of the world’s most powerful central bank is stuck between a rock and a hard place. Mahony says, Yellen is unlikely to come out massively dovish at the same time does not have enough room to hint at a rate hike.
IG's Josh Mahony speaks to Tip TV - www.youtube.com/watch?v=xxb2YHOQ...
Mahony's view on GBP/USD is somewhat similar to what I stated in my London morning update - GBP/USD: Symmetrical triangle in downtrend
Key quotes
DXY Weekly time frame: Rotating in big wide range. Doji candle in the current week, Bullish on dollar, current area will see a reversal higher unless Yellen comes out with a super dovish comment, 3-4 weeks of upside ahead
EURUSD: Short bias. Trend is downward. Short-term double top, looks like we might have seen the trend change yesterday
GBPUSD: Triangle pattern at the moment, not too keen to buy right now, we will see it turn lower and resistance will hold. (Over here, host Rastani adds that Commercial hedgers are net long)
AUDUSD: Massive trendline since 2013 has come into play. Stochastic is starting to roll over, thus there is room for significant downside in coming weeks, needs to break April/May peak to avoid bearish fall
USDJPY: Dead pair as of now. We broke above 107, which is bit of a heads up, could be a hint that current trend might be over
IG's Josh Mahony speaks to Tip TV - www.youtube.com/watch?v=xxb2YHOQ...
Mahony's view on GBP/USD is somewhat similar to what I stated in my London morning update - GBP/USD: Symmetrical triangle in downtrend
Key quotes
DXY Weekly time frame: Rotating in big wide range. Doji candle in the current week, Bullish on dollar, current area will see a reversal higher unless Yellen comes out with a super dovish comment, 3-4 weeks of upside ahead
EURUSD: Short bias. Trend is downward. Short-term double top, looks like we might have seen the trend change yesterday
GBPUSD: Triangle pattern at the moment, not too keen to buy right now, we will see it turn lower and resistance will hold. (Over here, host Rastani adds that Commercial hedgers are net long)
AUDUSD: Massive trendline since 2013 has come into play. Stochastic is starting to roll over, thus there is room for significant downside in coming weeks, needs to break April/May peak to avoid bearish fall
USDJPY: Dead pair as of now. We broke above 107, which is bit of a heads up, could be a hint that current trend might be over
