April 21, 2021

Market Update 4/20 – Risk Reversing

AUDUSD reversed sharply lower today after coming within pips of the 61.8% retrace of the drop from the February high and early January high. Near term downside focus is .7620. Proposed resistance is .7750.
April 9, 2021

Market Update 4/8 – Focus on USDJPY

The poke above the 2018-2020 line was short lived as USDJPY has reversed all of last week’s gains. The failed break above this line makes for a bearish setup. Near term, watch for a bounce near 108.80 and for resistance near 109.85-110.00. I favor shorts into the proposed resistance zone.
February 4, 2021

Market Update: February 3

CADJPY is trading at the channel resistance that originates at the 2018 high. I’m ‘thinking’ lower from the current level but have no reason to enter yet. As noted in the previous chart, crude oil is nearing a potentially important inflection point. This is in interesting given the relationship with CADJPY (see below).
December 23, 2020

Market Update: December 22

NZDJPY filled the previously uncovered close from May 2019 early this Month and is threatening to break down from a 4 week topping pattern now. The 200 week average has been resistance for years and is proving itself again at the current juncture. Near term focus is on former resistance at 72.00 with a much deeper drop (69.00ish) from the current level possible given the specter of 5 waves up from the March low.
November 17, 2020

Market Update: November 17

Bitcoin! Heads up because ‘digital gold’ is quickly approaching its all time high of 19666. Just under this level is a parallel that crosses major levels (mostly from 2015 to 2017). BTCUSD is a long term bull but I’m of the mind that we see a strong reaction from the parallel/all time high.