The hourly chart of FXCM's Dow Jones Industrial Average CFD, US30, has broken out of a flag pattern (red parallel lines). This pattern is a continuation pattern, and the price looks to have a bid ahead of the cash open.
However, the longer-term trend is bearish. As such, traders must exercise caution as this may affect the power behind the shorter-term hourly pattern.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.