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Market Update 9/2 – AUDUSD and NZDUSD into Big Levels
AUDUSD is closing in on the well-defined .7415. Interestingly, this is the September 2020 high. It’s also support from July and resistance from August. I’ll be on the look for a turn down between .7415 and .7050 (short term channel and bigger picture neckline…see below for a zoomed in chart).
Gold Consolidates As Risk Appetite Picks Up
Gold traded lower early on Thursday, as investor mood was buoyed by the dovish stance of the Federal Reserve. On Wednesday, the Fed committed to leave interest rates near zero and pledged to use all its tools to support an economic recovery.
Market Update 1/24 – Risk Reversal Provides USDCAD Setup
USDCAD ripped into the upper parallel of the multi month bearish fork today and turned lower. Resistance is also defined by VWAP from the high and the 50 day average. Given the level, I’m looking for USDCAD to trade lower.
Market Update 12/28 – Crypto Short Setup
Not much to write about today but crypto did get slammed. The most interesting short setup is SOLUSD. Again, the massive wedge broke in mid-December. A head and shoulders top may be forming since September as well. 186.30 or so is proposed resistance (see below). Immediate downside focus is the proposed neckline near 155.
Market Update: October 26
I’m treating the area around 11600 as near term bull/bear dividing line for Nasdaq futures. As long as price is below this level, I am looking lower. 10989 is a level to be aware of within the range with broader focus on 10300-10442. This is the 7/24 low and 2 equal legs down from the September high.