Market Update 4/14 – Stalking for a Rates Reversal

Market Update 4/14 – Stalking for a Rates Reversal

ByJamie Saettele

It’s clear that the USD won’t roll over until/unless rates stop going up. TLT is the long bond ETF, which moves inversely to rates. So, a turn higher in TLT means a turn lower in rates. This could happen soon because TLT is closing in on a massive level defined by 2 legs down from the August 2020 high (using this high rather than the COVID spike high…the August high is the daily and weekly closing high) at 119.94. It’s also the 25 line within the channel from the 2007 low. This line nailed the 2013 and 2018 lows. Finally, the decline channels. If we do get a reversal then there should be a USDJPY play.

DXY DAILY

Market Update 4/12 – DXY 9 Days Up!

ByJamie Saettele

DXY has reached the bottom of the zone cited last week for possible resistance. The line off of the November 2021 and March highs is right up here along with the well-defined horizontal that goes back to 2015. Within the sequence from the January low, wave 5 would equal wave 1 slightly higher at 100.59. Also, DXY is now up 9 days in a row (see below). The last time that happened was at the March 2020 high!

USDCAD 4 HOUR

Market Update 4/11 – USDCAD Trade Setup

ByJamie Saettele

USDCAD has reached the level noted for resistance. This level is huge. It’s defined by VWAP from the March high, 200 period average on the 4 hour chart, underside of the trendline from the 2021 low, and year open! My ‘guess’ is that price rolls over but I need a response, such as a price and/or volume reversal, in order to short. Stay tuned.

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DXY DAILY

Market Update 4/7 – Know this Key DXY Level

ByJamie Saettele

The ‘final leg higher’ option is unfolding in DXY. A key zone to pay attention to is 100.39/59. This is a well-defined horiztonal and where wave 5 would equal wave 1 within the sequence from the January low. Also, note that EURUSD has yet to trade beneath its March low. It may very well do so but a non-confirmation is in place until that happens.

NZDUSD DAILY

Market Update 4/6 – Commodity FX Corrections Unfolding

ByJamie Saettele

I’m torn on Kiwi given the prospect for a deeper AUDUSD pullback. In any case, continue to be aware of the long term neckline (blue line), which has been resistance and support so far in 2022. The line is about .6890. If we get a decent reaction at that level, then it will be worth taking a shot on the long side with a tight stop.

AUDUSD DAILY

Market Update 4/5 – Commodity FX Due for a Pullback

ByJamie Saettele

Today’s post is extremely short as I’ve been having tech issues throughout the day.

Tuesday’s Aussie spike on ‘news’ (RBA) has top written all over it. Price spiked into and reversed from a well-defined level (61.8% retrace of the decline from the 2021 high and former support) following RBA. Perhaps we’ll finally get the pullback into the top side of former trendline resistance (blue line), which is near .7375 now.

EURUSD HOURLY

Market Update 3/31 – Elliott Wave Implications for Euro Crosses

ByJamie Saettele

EURUSD appears to be completing an A-B-C decline from the 1.1185 high. The decline would consist of 2 equal legs at 1.1017 and the 61.8% retrace of the latest leg up is 1.1038. The lower parallel from the short term bullish fork is in line with these levels. Bottom line, look slightly lower before the next leg up gets underway.