EUR/USD, Trump and News Media

Trump Press Conference Best Line: ” I’m delivering this message to the public, thank you news media to accept my invitation to show up”. 2nd Best quip, ” I’m enjoying this”. 3rd to April Ryan: ” Can you set up a meeting with the Congressional Black Caucus, do you know them” . And the brilliance of Trump marches on in masterstroke after masterstroke.
Trump now proves he is far to smart to allow the news media to set him up, define him, place him in a box then detroy him as was the media’s common practice towards Republicans dating to the 1970’s. Trump’s message is I changed communication terms.
Deal on my terms or news organizations will fall into the back of the line. Thank you for showing up says to media “you are irrelevant”. I’m enjoying this allows Trump to take the media out of the equation unless they capitulate to the new strategy. The shell shock look on Ryan’s face revealed how effective is Trump. Best aspect is he takes the media out in front of full public view. News media in America either joins a higher sophistication or falls further into deeper irrelevancy.
Trump’s Tax proposals are beyond Pro growth strategies but rather Trump is setting up America to become an economic powerhouse. Proposals allow American company monies to repatriate home. Corporate taxes lowered to 20%. Elimination of Income taxes and revert to consumption taxes. Allow full depreciation deductions on investments in first year. Exports won’t be taxed to eliminate double taxation. The idea of ” Border Tax” and “Stimulus” are now irrelevant Keynesian terms as Trump moves expeditiously to the Supply Side equation with focus on prices. Trump is far to smart to fall into the Keynesian Trap. Passage of Tax proposals would ensure, Keynes is gone to rest peacefully.
EUR/USD. Range today 1.0590 to 1.0801 for 211 pip range. Two lines prevent EUR/USD to move higher, 1.0665 and 1.0719. Current price is below both lines. Above 1.0719 then masses of resistance exists from 1.0721 then 1.0730 to 1.0750’s. The top line in the channel today is located at 1.0774 and a must break to see 1.0801. Not likely today.
We’re looking to hit bottoms today at 1.0615.  EUR/USD hits bottoms by breaks lower at 1.0649, 1.0642, 1.0630 and 1.0626. What’s driving EUR is the USD side and its driving EUR/USD lower but painfully slow. As EUR/USD remains below 1.0665 and 1.0719 then both lines will move down with current lower prices.

 

Brian Twomey

AUD/USD

Long Short Line 0.7698

Most important 0.7625 and 0.7572

Bottom. 0.7659 achieves by 0.7678 and 0.7667

Upper target 0.7716, Caution Overbought

Longs not recommended

0.7625 = Bottom channel, break then 0.7572

Trend down

 

USD/JPY

Long Short Line 113.8

Most Important 112.91 and 111.96

Bottom. 112.81 achieves by 113.09 and 112.94

Upper target 113.80,

Continuation/ Failure Point 113.66

Trend up, 112.91 must hold

 

NZD/USD

Long Short Line 0.7194

Most Important 0.7199, 0.7180 and 0.7124

Bottom. 0.7158 achieves by 0.7176 and 0.7167

Upper target 0.7216

Trend down,
EUR/USD

Long Short Line 1.0667

Most important 1.0665 and 1.0719

Bottom. 1.0611 achieves by 1.0639 and 1.0625

Upper target 1.0719, Caution on target

Range and must breaks 1.0665 and 1.0719.

Continuation / Failure Point 1.0694

Trend down

 

EUR/JPY

Long Short Line 120.94

Most Important 120.35 and 119.83

Bottom. 120.33 achieves by 120.65 and 120.48

Upper target 121.32

Trend up, Note 120.33 V 120.35. Good long points

 

GBP/USD

Long Short Line 1.2497

Most Important 1.2419 and 1.2534

Bottom. 1.2438 achieves by 1.2469 and 1.2453

Upper target 1.2534

Must breaks 1.2419 and 1.2534. EUR/USD maybe better trade

Trend down
GBP/JPY

Long Short Line 141.69

Most Important 140.25 and 140.22

Bottom. 140.98 achieves by 141.33 and 141.15

Upper target 142.31

Continuation Failure Point 142.04

Trend Up, Note supports 140.25 and 140.22

 

Brian Twomey