March 28, 2022

Market Update 3/28 – Crypto Nearing Important Levels

The triangle scenario described last week is no longer valid in BTCUSD. However, note that price has reached the 200 day average and the upper parallel from the median line of the fork that originates at the April 2021 high is slightly higher…near 49500. Pay close attention to that level for resistance if reached because since the January low registered right at the median line.
March 21, 2022

Market Update 3/21 – Stocks into Resistance

The Dow has reached and responded to the noted level for resistance. The rally from 2/24 also channels in a corrective manner (see hourly chart below). I’m ‘thinking’ lower from this level with possible support near the center line of the corrective channel (about 33860).
March 7, 2022

Market Update 3/7 – EURUSD at an Important Trendline

EURUSD has cut through everything that I thought would provide support and price has now reached the line off of the 2017 and 2020 lows. If this doesn’t hold then I guess there is nothing until the March 2020 low at 1.0636. Near term (see below), price has responded to the lower parallel of the fork from the 2/10 high. The important test on the upside (if price bounces of course) is about 1.1060. Finally, daily RSI is below 23. Previous instances over the last 5 years are shown 2 charts down.
March 2, 2022

Market Update 3/2 – AUDUSD Median Line Trade Setup

AUDUSD broke above the median line today so longs are in play. The top side of the median line is proposed support now (formerly resistance) near .7265. This is also the year and month opening prices. One benefit to trading with median lines are tight stops. That’s especially useful in this instance given the proximity of the January high and 200 day average as possible resistance. Upside focus is .7370 followed by .7420s.
February 7, 2022

Market Update 2/7 – Major USD ETF Signal

UUP (USD ETF) completed a weekly volume reversal last week! Most signals since inception of the ETF have been identified important turns in the ETF and therefore the USD in general.
February 1, 2022

Market Update 2/1 – USD Reversal Continues

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 25, 2022

Market Update 1/24 – Risk Reversal Provides USDCAD Setup

USDCAD ripped into the upper parallel of the multi month bearish fork today and turned lower. Resistance is also defined by VWAP from the high and the 50 day average. Given the level, I’m looking for USDCAD to trade lower.
January 20, 2022

Market Update 1/19 – Bearish USDCHF Setup

Is USDCHF about to get destroyed? After failing at a 2+ year trendline in late 2021, price has broken a year long trendline and now re-tested the underside of the line the last 2 weeks. This chart is extremely bearish.
January 14, 2022

USDJPY Breaks Key Trendline

USDJPY broke the line off of the September and December lows. The underside of this line should provide resistance now near 114.70. Initial downside focus is the mentioned 112.20/50 zone.
This website uses cookies to improve your experience. By using this website you agree to our Data Protection Policy.
Read more