USDSEK DAILY

Market Update 11/4 – Is USDSEK the ‘Tell’?

ByJamie Saettele

I have not been ‘in tune’ with USD moves for the better part of the last month. During periods of uncertainty, I find it helpful to go back to the basics. USDSEK is often a ‘tell’ for general USD trends and pivots. Here are several objective technical observations;

USDSEK is holding the 200 day midpoint (similar to the 200 day average)…this is bullish.

The decline from the 8/20 high is in 2 equal legs…this is characteristics of a corrective decline within a larger advance…bullish

Daily RSI registered ‘overbought’ readings at price highs over the last year and RSI readings at price lows have been above 30…this is also bullish.

In summary, the weight of evidence is USDSEK bullish and therefore generally USD bullish (notably against European FX). At least that’s where my mind is at the moment.

CADJPY DAILY

Market Update 10/14 – 6 Year High in CADJPY

ByJamie Saettele

CADJPY traded to a 6 year high today (highest since December 2015). High 91.00s has been a precise pivot since June 2013 and RSI is in rare territory. The chart below shows instances since late 2014 when RSI has been as high as it is today (above 80). Each instances has been within days of an important price peak. I’m not willing to fade this until I see reversal evidence…but be ready!

SPOT SILVER (XAGUSD) 4 HOUR

Market Update 10/13 – Bullish Silver

ByJamie Saettele

Silver has broken above and established above the 25 line so that line is now proposed support near 22.78. The inverse head and shoulders objective is 24.87, which is also the September high. 23.97 is pullback resistance. From a bigger picture perspective, SLV made a weekly volume reversal at the low 2 weeks ago (see below). Finally, silver has turned up from a 8 month channel and the bottom year+ range and sentiment is downright brutal as evidenced by articles such as EXCLUSIVE Banks prepare to scrap LME gold and silver contracts, sources say