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Market Update 8/3 – NZDUSD .7100 is Key
.7100 might be in play again for NZDUSD. The level has been a pivot since December. It’s also near the 25 line within the channel from the February high. Since the 75 line was support (twice), we should expect resistance near the 25 line (median line symmetry!). .7100 is also the 200 day average.
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…
Market Update – June 9
USDJPY plunged today. Price could bounce from the lower parallel of the short term fork near 108.00. Proposed resistance is the year open and center line at 108.75-109.00. Seasonal tendencies have turned down and the rally from the May low is in 3 waves. The implication is that the rally is complete as a correction and that price is headed for a break of the May low of 105.99.
Gold Forms Shooting Star as Possible Vaccine Spurs Hope
Gold consolidated in early trading on Tuesday after reaching its highest levels since October 2012 on Monday. The yellow metal was pressured and stocks jumped amid rising risk appetite, spurred by news of a potential COVID-19 vaccine.
Market Update – July 22
This is a picture of the TV in my living room earlier today. I keep Bloomberg on throughout the day for background noise and the scrolling headlines on the right of the screen are the same headlines that are published on the app. The headline circled in red would not appear if the short USD trade weren’t extremely crowded, at least on a short term basis. Sentiment is ripe for a reversal.
Market Update 5/19 – Impulsive Action in Commodity FX
AUDUSD has turned up sharply from the line that crosses lows since August 2021. Also, .6828 is the January 2019 low (flash crash low). Price has reached the 20 day average and the line off of the April highs is just above the market. The rally appears in 5 waves too which raises risk of a pullback. Proposed support is the former 4th wave of one less degree at .6950.