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Market Update: June 26
I’m looking at short term wave counts today in USD indices and the 3 cleanest USD pairs from a short term perspective. USDOLLAR focus is still on 12418/28. A flat pattern unfolded from the 6/15 high. The rally from 6/23 is impulsive so focus is on buying support, probably in the 12289-12304 zone.
Market Update – June 1
DXY is breaking down but pay attention to 97.69 for possible support. This is the November 2018 high and center line of the channel from the March high. If price bounces from there then resistance is likely in the 98.50-99.00 zone.
Market Update 5/10 – GBP Crosses Reach Important Levels
GBPUSD has soared over the last 2 trading days. Today’s break above the well-defined 1.4000 could propel price on its next leg up within the long term bull move but there is consideration for resistance at the current level. Daily reversal resistance is 1.4140 (2/24 close) and the underside of the trendline from the March 2020 low is slightly higher (red line). Let’s see what happens over the next few days.
Market Update 10/6 – USDNOK Trade Idea
Silver is bullish. The rally from the low is impulsive. The question is whether or not the correction is complete. Either price pulls back to 21.90-22.10 or price breaks above the 75 line (parallel just above price) and the top side of that line then provides support. A zoomed in version and possible path is below.
Market Update 11/30/2020 – USD Reversal!
USDOLLAR reversed higher today after undercutting the September low. Importantly, price reversed at the median line…just as it did in September. Divergence with RSI attends the low, as it often does at important turns. Today was also a bullish engulfing pattern. This occurs when price opens below the prior close and closes above the prior open.
Market Update 5/6 – USDOLLAR NFP Reversal Warning
A print under 11745 in USDOLLAR will complete 3 waves down from the 5/3 high and give way to another leg up…at least that’s what I’m thinking. Reminder, NFP is tomorrow!