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Market Update 5/10 – Tracking EUR / Commodity FX Setups
EURAUD sports a 2 month bottoming pattern (similar to the 2 month topping process in AUDJPY). Price is nearing the 3/15 high at 1.5329 which could produce a reaction lower. ‘Ideal’ support for a long entry is 1.4940s, which includes former resistance and the top side of the line off of the 3/15 and 4/25 highs.
Market Update: January 10
EURUSD is breaking down and focus is on 1.1915 or so. The underside of the just broken trendline near 1.2270 is now proposed resistance. 1.2125 is a possible bounce level.
Market Update 10/12 – Watch Copper Here!
Today was important for copper as price reversed lower from well-defined trendline resistance. Simply, if copper is bearish then weakness will accelerate while price remains beneath today’s high. A break above would indicate an important behavior change and suggest that corrective action since May is complete and that another leg up within a longer term bull market is underway.
Market Update – May 8
WTI traded into the 2016 low today and reversed lower. My working assumption is that crude is building a bullish base. 18.20-19.20 is the zone to watch for the next low. This zone is defined by support and resistance since late March.
Market Update – August 17
Silver made a 2 bar weekly volume reversal last week. Volume reversal logic is explained here. The only other signals with the same volume requirements occurred in December 2010 and April 2011.
Market Update 11/10 – USD New Highs – What Now?
So much for all of that fancy Elliott mumbo jumbo. Remember the ‘5 waves down at multiple degree…blah blah blah’. USDOLLAR (quarter each of EUR, GBP, JPY, AUD) ripped to its highest level since September 2020 today. Sometimes various methods work and sometimes they don’t. The methods that I employ haven’t worked well for a few months now. This will change. It always does. Anyway, USDOLLAR is still in the vicinity of longer term resistance. The zone extends to 12181, which is the December 2019 low and parallel resistance.