There's a distinct possibility that we will see either a major correction or a larger scale reversal in this pair, in 3 weeks or sooner, according to the methodology that I use, which is time at mode. For the channel enthusiasts, we got an intermediate term downtrend channel top upper barrier above, in the area of very strong resistance, which I derive from my own techniques (not the channels or fibonacci, but what Tim West taught me). This pair is under constant central bank control, since it's a managed float, and based on the technical elements I suspect they will shrink the exchange rate fluctuation band soon.
I'll update once I see a clear short setup with defined risk and reward variables, and a high probability. Hope everyone has a good weekend, cheers! Ivan.
Thanks all for the nice charts. Can I ask what could be the effect of USD going down? does that mean a bottom for oil and gold are coming?
Ying
IvanLabrie
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It's probable, it could also mean the market gets disappointed if Yellen maintains the 'be patient' stance regarding interest rate hikes for the dollar. If that happens, we will see a broad dollar correction, not necessarily a reversal (although possible).
IvanLabrie
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The top WAS in.
IvanLabrie
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Short still valid, on a weekly basis.
IvanLabrie
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Hope everyone jumped in on this one.
IvanLabrie
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IvanLabrie
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Nice range expansion to the downside...wonder if this pair will follow the DXY march to a new high or retest of the highs or just head down now. I suspect down after this correction.
IvanLabrie
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Working beautifully...
IvanLabrie
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Few more days until the last uptrend signal expiration.
Price is already looking bearish, I'll post a suggested entry as soon as possible.
dingying85
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i guess that is why the energy and natural resources stocks are shooting higher today
Thanks all for the nice charts. Can I ask what could be the effect of USD going down? does that mean a bottom for oil and gold are coming?
Ying