Weekly report: Go long.

As we can appreciate the price touched once again the upper part of the channel area. The price is in a retracement process on a lower timeframe.

What to take on considerations:

In the fundamental side: on wednesday was released the FOMC comentary that the Fed is not going to cut the interest rate and is tracking very close the "transitory" behavior of the CPI, the importance here is the friday CPI report, the market expect a 2%. The US-China trade deal is apparently in the final stretch, so this would give pressures with the CPI(if accomplish the expectation) to see an stronger Dollar, if it doesnt and go invert it would give the strong enough to break the upper part of the channel.

In the technical side: The price touched the upper part of the channel and is right now in the retracement process in a lower timeframe, at the 4H timeframe we can see a consolidation in the 61.8 fibonacci retracement, a decisive area to confirm the movement.

Sources:

cnbc.com/2019/05/03/trade-talks-closing-in-on-finish-line-as-markets-weigh-inflation-data-earnings-in-week-ahead.html