Possible UJ Seasonality opening bell will play scenario 1 and other if JPY overpowers GBP then UJ seasonality will be postponed.
Examples on how this may play are visible earlier around August 9 and 13, see the tag numbers 2 and 1 respectively.
GBP is likely going to strengthen a bit more while JPY is devaluing, leading to a mini crash of JPY which is causing GJ...
In January I posted a lighter version of this chart, with less symbols on one chart. A have to admit it turned out a bit like a can of worms but just because of the many markets comparing it gets more interesting in my opinion.
Between January and now and adjusted my Gold expectations and it does perform even better than I expected it would do at first. This...
On the daily timeframe USOIL may be used as a leading indicator for CJ. There is a few days lag between the two as Japan be the net importer of oil and Canada a net producer of the same commodity. The correlation is pretty much consistent throughout the year as can be seen from the correlation coefficient indicator below as well.
Looking at GBP and CAD equally weighted indices alone already, something tells me GBPCAD is heading for an uptrend.
This combined with the knowledge of UJ seasonality state of the market I reckon we have a high chance for a GC reversal at this price level.
Is BTC going into a reversal and completing a Head and Shoulders pattern or will it retrace into the previous appreciation?
Either way I expect BTC to rally to 8400 or 8800 this week as USD depreciation continues after a disappointing NFP report.
On the currency strength chart USD devaluation continues steady and today some strong USD reversal signals are visible on the lower time frames,
The start of a bearish weekly candle is confirming my expectations for this week and first strong support seems to be 80 pips down.
CAD reaching resistance. Although Oil is still rising there will likely be a little bit more upside. With strong USD and JPY selling pressure we may see UJ break support at 110 this time around once CAD reverses down.
Today is stop hunting day. Smart money and market makers who have to pay profits later will be hunting for your stops. This is rightaway a positive signal for the long awaited UJ Seasonality drop.
Previous years we would see similar activity and I posted an idea on this back then. That occurence itself was also a repeated pattern and it can take up to 24 hours....
Maybe a bit early, but looking at current market data I have plenty of reasons to believe USDCHF is forming a Head and Shoulders pattern.
For instance it would agree with UJ Seasonality. Trends of CADCHF and CHFJPY allow you to see where the third pair USDCHF is heading, a correlation technique I often like to use.
Momentum of the three pairs is forced by laws...