Forex Trade Signals June 21st
DOW Index – Breaking the 20ema?
After selling off for all of June, the DOW index has been on a 4 day climb which is worthy of note. Most recently, it broke and closed above the 20ema on the daily chart which it has not done all month. Is this the start of a new uptrend? Could be but there is a key role-reversal level ahead at the 38.2% fib at 12252.15 which was the swing low on May 25th this year so watch for resistance and some sticky price action here. If you want to be a bear, this might be a good place to park your shorts and for longs, with the 20ema being so close, you have your line in the sand.
GBPUSD – Kumo Break?
Looking at the chart below, the pair has been climbing (albeit somewhat timidly), but with the blue advances consistently outnumbering and outforcing the red declines so there is some control here. Wath the upcoming Kumo Window and subsequent flat top which could be a launching pad for higher gains should it close above this level around 1.6275 and stay above the kumo targeting minimally 1.6350. A failure here suggests a likely return back to 1.6100.
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