Near term AUDUSD focus remans .7550s and the lower parallel of the Schiff fork from the March low. This line crosses the September high at .7413 early next week. Risk on shorts is Friday’s high at .7704. Strength above there would face possible resistance from the median line again near .7740.
USDOLLAR (quarter each of EUR, GBP, JPY, and AUD) has broken above the trendline that originates at the 11/12 high. The top side of that line is now proposed support near 11684. Upside focus is the 12/21 high at 11837. The level is reinforced by the median line from the fork that originates at the January 2017 high. A longer term chart is shown below for context.
AUDUSD is testing the median line from the Schiff fork that originates at the March low. This is a key spot. A break below would indicate an important behavior change and immediate focus would be the lower parallel of the short term bearish channel at .7642. In the event of a break below, the underside of the median line would become proposed resistance.
BTCUSD has turned down sharply following last week’s 2 bar weekly volume reversal. If you want to play in this sandbox, then pay attention to 35000 for resistance and 28000 for the next bounce level. The latter level is a spike low and VWAP from the November low. The former level is defined by VWAP from the high and 2021 VWAP.
BTCUSD made a 2 bar weekly volume reversal last week. TradeStation historical is limited but this is the 2nd 2 bar weekly volume reversal since 2019. The 2019 signal identified an important top. Bitcoin news mentions have also gone parabolic (see below). This isn’t a surprise but it’s comforting to see the data. In other words, the speculative excess isn’t anecdotal.
AUDUSD resistance registered at the underside of a short term trendline. The breakdown level is .7640. A drop below would open up the 25 line within the Schiff fork off of the March low. A zoomed out chart is below. Notice how the 25 line was support (in November) and the 75 line was just resistance. The concept of symmetry at work!
DXY has reached a possible pausing level. The level in question is defined by the 200 period average on the 4 hour chart and the median line from the structure that originates at the 12/17 low. If price does pull back, then I’ll zoom in to identify possible support. If price zooms through this level then the top side of the median line becomes proposed support.
Copper continues to trade on both sides of the 61.8% retrace of the decline from 2011. I continue to follow near term levels from the channel off of the March low. The center line is about 3.50. That needs to break in order to suggest that copper is lower, probably until the lower parallel.
old pulled back to 1819 before resuming higher. The next level of interest is 1921/30. This is the 2011 high, 2 legs up from the low, and a slope confluence (short term bullish upper parallel and medium term bearish upper parallel).