USDOLLAR 4 HOUR

Market Update 12/2/2021 – More USD Bearish Signs

ByJamie Saettele

We got a prediction headline. The following is courtesy of the WSJ. Whether Omicron Wreaks Havoc or Not, the U.S. Dollar Is a Buy

Prediction headlines indicate extreme confidence in the direction of the trend. This is the same psychology that led to Powell capitulating on inflation. I’m extremely bearish the USD. Whether or not we get a spike higher following NFP is a complete guess but pay attention to this short term channel in USDOLLAR. A break below would serve as the ‘all clear’ that the USD is about to dump.

AUDJPY DAILY

Market Update 12/1 – Nasdaq Levels and AUDJPY Setup

ByJamie Saettele

AUDJPY is the ultimate risk barometer. As usual, it’s WAY ahead of the equity market (the equity market is always the last to know). Price has reached the median line of the fork that originates at the May high. This is a good spot for a bounce and 82.40 is well-defined for resistance. This is the 25 line, which was support on 11/10. Ultimately, a downside objective is near 74 (see below).

DXY 4 HOUR

Market Update 11/30 – More USD Topping Evidence

ByJamie Saettele

The DXY high is right on the trendline that was pointed out last week (see chart below for the full picture)…we may have just seen a major top. Trading wise, I’m looking towards 93.30/50 with 95.20s as a possible bounce level. The lower zone is channel support. That will be the big test. If DXY is a bear then 96.20s should provide resistance.

USDJPY 4 HOUR

Market Update 11/29 – Massive Yen Reversal in Play

ByJamie Saettele

USDJPY reversed sharply last week and high was 115.52! Near term downside focus is 112.20s and 114.50s sticks out as possible resistance. This is the 61.8% retrace of the decline from the high along with the 25 line of a short term fork. The 75 line provided support (so far) so resistance at the 25 line would make sense.

SPOT GOLD DAILY

Market Update 11/23 – Watching Gold and Yen Here

ByJamie Saettele

***This is the last post until next week. The Thanksgiving holiday is coming at the right time for me…I’ve been ‘out of tune’ with markets for the last 2 months and need a breather. Happy Thanksgiving!***

Remember the gold ‘breakout’ above the critical 1834. It was short lived and the yellow metal has been slammed lower the last few days. Focus is squarely on the slope confluence (blue lines) near 1769. That level needs to provide support in order to hold a constructive view.

USDTRY DAILY

Market Update – 11/18 – USDTRY (gasp!) Channel

ByJamie Saettele

The TRY crisis has led to USDTRY near (or at…I’ll explain) the top of a decade + channel. The channel top when using intraday highs/lows is about 11.61. When using daily closing prices, USDTRY is at the line now. An interesting juncture and one that wouldn’t be surprising as resistance. That’s as bold as I’ll get regarding USDTRY comments right now.

EURUSD DAILY

Market Update 11/17 – USD Reversal?

ByJamie Saettele

EURUSD low today was 1.1263. How about that trendline! I can’t think of a better technical combination, a Fibonacci level and long term well-defined trendline, to mark an important turning point. I am bullish against the low. The first hurdle on the upside is the weekly opening price at 1.1446 followed by former support at 1.1525. Support should be 1.1290-1.1300.