On the weekly chart there is a well-defined rising wedge pattern, drawn from 2012

Chris Weston

Pepperstone

On the weekly chart there is a well-defined rising wedge pattern, drawn from 2012. The upper trend line comes in at 1913, so despite momentum being to the upside it could be interesting to look at an aggressive short position at 1895, with a stop loss at 1915, for a back to 1860. In US trade today we get the latest services ISM report and the market expects an improvement to 53.5 (from 51.6) on the index. The USD should find good support on this print as well, especially if the employment sub-component shows solid expansion.


Chris Weston
Head of Research
Pepperstone

Highly accomplished financial markets professional, with experience at a number of top-tier global institutions on both the buy and sell-side. A natural communicator with a strong ability to analyse macro-economic trends, capital flows and market...

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