We are in a very complex correction here.
I believe we will see one more push higher up to 98 then a new low down to 94 or a bit lower.
Only then will we see USD strength kick in good and take the EURUSD to new lows ( and same for all other pairs).
If, we are indeed in a bear market, I believe the Buy Zone on SPY is 210, 200 (2100 & 2000 on SPX chart) being the lowest around April, May or even June, and we will see either a sideways market after that or a slow but steady bull rally back up to All Time High levels. I believe that the fundamentals also back up the fact that we have not completed the correction ...
If the weeklies being unable to capture a close above 97.4 is indicative of a longer term downtrend for DXY, the potential gains on USD pairings is hyuge.
Purple marked boxes are my current potential TPs/position flips. I will long USDJPY or USDCHF as a hedge if DXY paaamps but only after closing manually at a large ...
- we may see an island reversal over the break of the trend lines
- hopium is starting to run short of fuel ... still RSI break at 60 is a good bull sign
- fundamental good news are still missing from the picture
- something must happen soon - wait for it and exploit it
IN THIS VIDEO UPDATE, WE TAKE A LOOK AT THE USD AND HOW IT MAY BE SHAPING UP FOR
THE WEEK AHEAD. LAST WEEKS CANDLE FINISHED AS A STRONG BULLISH CONTINUATION CANDLE
AND WITH PRICE FORMING HIGHER HIGHS AND HIGHER LOWS THIS MOVE COULD CONTINUE
BACK INTO THE PREVIOUS WEEKLY HIGHS OF $97.50.
NIFTY SUCCESSFULLY BREAKS THE RESISTANCE AND SUSTAINED ABOVE LEVEL FORMED INDECISIVE CANDLE IN DAILY AND WEEKLY CHART.
NOW IT IS TESTING PREVIOUS RESISTANCE ACTING AS A STRONG SUPPORT AT 10930 LEVELS
NIFTY IS ABOVE ALL THE MOVING AVERAGES (50,100,200 DAY)
MACD TURNED INTO BULLISH
IF IT SUSTAIN ABOVE 10930 MARK IT IS GOOD TO STAY LONG....
IT DOESN'T MEAN TO GO ...
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