The Dollar Index (DXY), having made a false break to the to topside at the end of last week, has reversed aggressively and is now back below the 200 WMA (79.73) and appears set to test the recent low at 79.26. There is decent support there and again at 79.00-10. However a break of this would head quickly to 78.85 and then to the double bottom at 78.60, below which...
For me all of the signs are pointing to a bounce after the battering the USD has taken this week having tested the late November support line. A mixture of the University of Michigan confidence print at 13:55 (gmt) and people closing their short positions before the end of the day could prove to kick off the bounce.
Friends, At this point, markets seem to have leveled off. In fact, USD started to rally, as it gains strength against most other currencies, except against the EURUSD, whose high of 1.38981 has remained unchallenged even after US markets closed. A look at a reverse correlated USDCHF, my predictive analysis and forecasting system remains neutral for the time...
We are pushing out the actual downtrend. Sign of reversal or just starting a new downtrend ?
The market has moved lower after putting in an bearish engulfing on the daily as my previous idea suggested. I still like the idea that gold has completed a flat at 1391 and is now moving towards new lows below 1180. I have two views that I would like to share. 1. BLUE - We are in the 2th leg of wave 3 which is taking the shape of an complex zigzag...