The Dow Jones has changed cycle on the 4hr timeframe. Looking for the price to retrace back into the moving averages for further long opportunities into the key resistance.
USDCAD has remained in the range for some time now as USD remains weak and so does CAD. The range is capped by the key low and the key high and if the price remains in the range we can expect to see the highs tested again. If the USD index breaks the weekly trendline however we could see a break of the range lower and move back to 1.3300.
EURUSD is the inverse of the USD Index, and with price finding resistance, EURUSD has found support at 1.1126. The daily highs at 1.1215 will need to be broken and closed above before seeing sustained buying re-enter the market. The USD falling will likely see a change in trend here. Wait for the break and re-test of these highs for further long opportunities.
Last week we looked at the USD heading to the key highs before falling again. The US consumer sentiment missed expectations last week and frightened investors into thinking the Fed may have to take action. The key daily lows currently sit at $97.50, a break and close below the lows we will see USD drop to the weekly trendline support.
In this video update, we are taking a look at NZDUSD as the price is breaking into new highs on the daily timeframe. Now that price is breaking higher we can look for potential add in trades on the lower timeframes. We already hold a position on the daily timeframe from the initial bullish engulfing candle. We are expecting price to test the April highs around 0.6700.
The DXY has started to fall again as the US consumer price index fell short of expectations. This move has been highly anticipated and we could start to see a shift in USD sentiment if we break the current daily lows at 97.55. A close below these lows will suggest that the USD could continue to fall further.
By Andria Pichidi - May 30, 2019 The USDIndex slipped slightly following the mix of data, where Q1 GDP came in slightly better than consensus, jobless claims were slightly higher, and the trade deficit was wider than expected. EURUSD edged over 1.1140 from 1.1135, while USDJPY was fractionally lower at 109.65 from over 109.70. Equity futures continue to indicate...
The USD is currently pushing back towards the key highs. With price consolidating, we could expect to see another rejection of these highs. If price closes above the key highs then our idea will need to change in line with the market sentiment.
In this video update, we take a look at EURUSD as price reacts from the key lows yet again. This is due to a sell-off in the USD as the USD index reacts from the weekly highs. This current price action suggests we could be forming a double bottom pattern. If the daily candle does close bullish look for short-term long positions into the trendline resistance.
USD index is approaching its resistance at 7.055(61.8% Fibonacci extension, horizontal swing high resistance) where it is expected to reverse down to its support at 7.006(61.8% Fibonacci extension, horizontal swing low support, 61.8% Fibonacci retracement). Stochastic (89, 5, 3) is approaching its resistance at 96% where a corresponding reversal is expected.
In this video update, we take a look at USDCHF as we are anticipating the market to fall further. The CoT signal remains and we could see further buying of Swiss Francs. USDCHF has retraced to the 61.8 Fib and rejected. This could offer us a short opportunity to the key demand zone.
USD index is approaching its resistance at 7.020(61.8% Fibonacci extension , 61.8% Fibonacci retracement , horizontal swing high resistance) where it is expected to reverse down to its support at 6.973(61.8% Fibonacci extension *2, horizontal swing low support). Stochastic (55, 5, 3) is approaching its resistance at 96% where a corresponding reversal is expected.
In this video update, we take a look at the USD INDEX in order to understand the current situation. We feel that the USD is holding up at the moment due to the risk-off sentiment in the market. Technically the price remains in a consolidation pattern and if we see price take out $97.00 we could expect a larger sell-off.
USD index is approaching its resistance at 7.016(61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance) where it is expected to reverse down to its support at 6.973(61.8% Fibonacci extension *2, horizontal swing low support). Stochastic (55, 5, 3) is approaching its resistance at 96% where a corresponding reversal is expected.
It will be important for the USD INDEX to break last weeks low if we are to continue to look for USD weakness. The majority of the major currency pairs look to be at support suggesting USD weakness could be in play. If we don't see a close below we would need to wait for added confirmation.
DXY / USD INDEX Technical review This is not an investment recommendation or any call to buy or sell It is just an analysis based on a study of the history of price action Behavior , that may not be a necessarily reason for the success of the structure or repetition. So please make your decision based on your vision . To protect capital and manage your deals...