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Market Update: January 21
BTCUSD has turned down sharply following last week’s 2 bar weekly volume reversal. If you want to play in this sandbox, then pay attention to 35000 for resistance and 28000 for the next bounce level. The latter level is a spike low and VWAP from the November low. The former level is defined by VWAP from the high and 2021 VWAP.
Market Update 6/3 – Commodity FX Breakdown
EURUSD has broken down and near term focus is 1.1990 (see highlighted zone). Resistance should be 1.2160. Eventual downside is the lower parallel of the channel that originates at the March 202o low. That line is about 1.1850.
Why Stockholm?
Dear reader, you are about to embark on a journey. It starts with the dark beginnings of the modern forex industry and leads you to a city of light: Stockholm. You will hear about the questionable practices of the dealing desk brokers. You’ll learn about the Nordic philosophy of fairness and balance. And you’ll start…
Scandex Technical Weekly
DX futures made a 2 bar monthly volume reversal in September. This means that August was a high volume up month and at least a 12 month closing high and September was a high volume down month. This is the first bullish signal since December 2010. UUP ( Dollar ETF) also made a monthly volume reversal. Price history begins in 2007 but this is the 4th bullish reversal since then. The prior 3 nailed major turns. The 2 bearish reversals also nailed turns.
Market Update 4/26 – Volatility Spills Over from FX
Heightened bond and FX volatility (notably JPY) has spilled over to equities. SPX is pressing yearly lows and there is no sign of a hold at this point. Price action since September is a distorted head and shoulders top with a negative sloping neckline…very bearish. The measured objective from the pattern is 3724. Barring a miraculous save, 3724-3856 looks like the next magnet. Recall that we started sounding the alarm on a top last September when price was pressing into the long term upper channel line (see below).
Market Update 1/17 – USD Nearing Resistance
GBPUSD sports 5 waves down from the high in what is probably wave an of a small 3 wave correction. As such, expectations are for a small bounce in wave b. The proposed resistance is 1.3690s. Eventually, the top side of the former channel resistance is proposed support near 1.3600.