H4
The duration of consolidation( green box) was around 2 weeks, it finally breakout and retested the trend. The purple trendline also indicated the trend is going on and support by the 200 EMA. Furthermore, The MACD indicates the bullish momentum is still strong due to the MACD line, Signal line and Histogram was above the zero level. Stochastic also giving the upward signal by the golden cross.
Fundamental
The economic data released on Tuesday and Wednesday also showing the economy of the UK is going better and better. The unemployment rate of the UK reduced by 0.2% compared to last month, PPI and CPI data released on Wednesday was higher than expected and it's good for the currency. The estimate for headline inflation in March stands at 0.8% but the inflation only 0.7% but it's also showing the policy of the UK government is working and effective.
What to do now?
The duration of consolidation( green box) was around 2 weeks, it finally breakout and retested the trend. The purple trendline also indicated the trend is going on and support by the 200 EMA. Furthermore, The MACD indicates the bullish momentum is still strong due to the MACD line, Signal line and Histogram was above the zero level. Stochastic also giving the upward signal by the golden cross.
Fundamental
The economic data released on Tuesday and Wednesday also showing the economy of the UK is going better and better. The unemployment rate of the UK reduced by 0.2% compared to last month, PPI and CPI data released on Wednesday was higher than expected and it's good for the currency. The estimate for headline inflation in March stands at 0.8% but the inflation only 0.7% but it's also showing the policy of the UK government is working and effective.
What to do now?
- Radical traders can long the market immediately
- For conservative traders can wait for the breakout the key resistance area