Market Update – Finally a USD Turn?!

Market Update – Finally a USD Turn?!

ByJamie Saettele

The ‘about face’ in USD action today strongly suggests that we’re on the right track insofar as being near term USD bulls. Regarding EURUSD specifically, the 5 wave rally from the 4/24 low is ‘textbook’ so expectations are for at least a corrective pullback. The year open at 1.1260 along with parallels just below are likely initial support for a bounce.

Market Update – July 16

Market Update – July 16

ByJamie Saettele

EURUSD traded 1.1452 today before reversing and closing near the low of the day. The high is right on the upper parallel of the channel from the March low. The line off of the September 2018 and March highs also reinforces the area as resistance. I’m of the mind that today was a high and now wish to trade from the short side. ECB is tomorrow. I’ll wait until that’s out of the way before determining entry.

Market Update – July 14

Market Update – July 14

ByJamie Saettele

Copper nearly took out the 2019 high today before reversing lower. The reversal also occurred after price spiked above the trendline from 2011. High today is also on the upper parallel of the channel from the March low. The reaction from massive overhead resistance strongly suggests that a high of importance is in place. Pay attention to the parallels within the channel from the March low (see below). The center line is near 2.84 and the lower parallel is near 2.71.