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Cryptocurrencies took a beating overnight with the selloff attributed to the launch of the Bakkt Platform (offering physically settled Bitcoin futures unlike CME which pay into cash). The 9000 support zone had a lot to do with the spike lower as buyers stop levels were targeted. Watch now for either bulls to come under further pain as the stop run clears the way...
The DAX futures gave a great opportunity short overnight off the Shoulder or lower high with price pushing down through previous lows. The pressure is on now and there will be a few buyers from the previous run up that may be feeling the pinch and will be the fuel for a strong move lower.
The GBPUSD has reacted off a potential BidZone although nothing is confirmed yet and the door could easily open up for a continuation of the weekly trend lower. Time to prep for a potential reaction higher and lower to be ready for each outcome if the setups play out.
Liking the look of HE8 for a continuation move higher. The trend has been solid on the Daily timeframe and the Weekly has a lot of room to move on the upside so on the watchlist for a setup. Looking for the higher low (shoulder) to hold and the volume to lift for the evidence of buyers making a new charge higher.
The EURUSD came under pressure overnight after some disappointing data out from Germany which cements expectations for a more aggressive ECB. I expect to see further pressure on the pair as price moves from a strong OfferZone down to a BidZone around 1.0930. Would expect a few buyers to be trapped before a shoulder builds the sell entry setup.
The USDJPY in under pressure off the highs so we expect to see the move continue lower. There is a lot of fuel (buyers) stacked up and ready to feel the pinch when the action turns sour. We expect to see the current anchor at 107.800 hold and sellers to pile in and extend the move down.
The DAX has broken support around the 12300 level off the OfferZone overhead at 12500. Expecting to see the action heat up as German manufacturing contracts and the buyers are put under pressure. The key now is the shoulder (lower high) to build and start the squeeze of the longer term buyers and the move lower.
The AUDJPY has been on the hunt for support for a while now and we see the potential for sellers to continue to march to our BidZone around 58.000. This would mean the pair has fully extended the first leg down off the highs around 104.000 which is when we expect a reaction from the the buyers to put the squeeze on the sellers built up on the way down. The chart...