Education
February 3, 2022
SPX has retraced 61.8% of the decline from the high. This is also ‘original’ trendline resistance. This is a perfect spot for at least an interim high. I’m looking lower towards 4494 or so (2022 VWAP) and possibly 4404.
February 1, 2022
EURUSD is unfolding in a clear impulsive manner. A small 5th wave may be underway now towards 1.1310 or so. Eventually, the top side of the trendline that originates at the January high (blue line) will be in line for support…maybe near 1.1200.
January 26, 2022
Pay attention to 1.3375-1.3410 in GBPUSD for support. The zone is defined by the 12/16 high, 61.8% retrace of the rally from December, and September low. The bottom of the zone also intersects with the lower parallel of the short term bearish fork (see 4 hour chart below).
January 19, 2022
USDJPY spiked above the noted line off of the September and December lows but closed just under the line. As such, I’m thinking that today’s high is a lower high within a bearish sequence from the 1/4 high. Focus remains on 112.20/50.
January 18, 2022
GBPUSD sports 5 waves down from the high in what is probably wave an of a small 3 wave correction. As such, expectations are for a small bounce in wave b. The proposed resistance is 1.3690s. Eventually, the top side of the former channel resistance is proposed support near 1.3600.
January 13, 2022
Make or break time for USDOLLAR! Price closed right at 8 month channel support. IF price breaks below the channel, then the objective is the channel extension which intersects the March-May line and March high at 11929 in early February.
1/11 – Pay attention to the USD indices over the next few days. The big level for USDOLLAR is about 12115. This is the trendline from the May low and September high. A break below would ‘announce’ that the USD trend is lower.
January 7, 2022
This one is throwing me for a loop. USDCNH broke out today. I’ve got USD reversal signals galore and this development suggests the exact opposite…or does it? It’s possible that EURUSD does rally (and USDJPY declines) while ‘risk FX’ suffers. It’s also possible that CNH trades in isolation. Regardless, watch for 6.3830 support. The long term chart with a long term Schiff fork is below.
January 4, 2022
AUDUSD has pulled back from just shy of the noted .7290. I want to see support at/near .7160/70 in order to maintain a constructive view. Failure to do so would leave me neutral at best.