Jamie Saettele specializes in swing trade setups. His 2008 book, Sentiment in the Forex Market, details trading and analysis techniques that he continues to use. More importantly, his trading education is a result of years of real trade experience.
GBP/USD slipped in early trading on Friday, after UK Final Services PMI missed analyst expectations, coming in at 34.5. The pound fell sharply against the dollar in early March as investors sought the greenback for its liquidity and safe haven status. Sterling rebounded on March 20th, after the Federal Reserve had cut interest rates to a range of 0.00% to 0.25% and restarted quantitative easing with the purchase of $500 billion in treasuries and $200 billion in mortgage-backed securities on March 15th.
I’m still looking towards 23600 (or so) in ‘the Dow’ (long term chart below). Low today was right on the short term lower parallel and price also held VWAP off of the low and the 200 hour average. The dynamic around the 200 hour average indicates a near term behavior change…
The eagerly awaited weekly US jobless claims figure came in at 6.6 million for the week ending March 28, missing analyst expectations of 3.5 million and rising from 3.3 million in the prior week. The record breaking figure underscored the severity of the damage caused to the US economy by the coronavirus pandemic.
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