CandlesofKarma

CandlesofKarma Updated 

The period from January to May 2024 has been marked by significant bearish sentiment due to multiple geopolitical events. The escalation of conflicts in Ukraine, increased US-China trade tensions, disruptions in the Red Sea, and heightened hostilities in the Middle East have collectively contributed to market instability. These events led to increased energy...

CandlesofKarma

The global economy is facing a number of challenges, including rising inflation, slowing growth, and geopolitical tensions. These challenges have led some economists to warn of a potential stagflation environment, characterized by high inflation and low economic growth. Overall, the dollar had a few battles with other intermarket factors that tried to halt its...

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CandlesofKarma

Weekly Forecasting of the Technical and Macro events for the upcoming week.

CandlesofKarma Updated 

The Japanese employment report is due for release this week, but other macroeconomic factors, such as the Fed rate meeting minutes and other high-impact volatility events, could easily influence the dollar. The technicals for USDJPY are bullish for now, so traders should avoid fighting the trend until more is known from a macroeconomic standpoint.

CandlesofKarma

The macro events that are scheduled to take place between September 6-8, 2023 could have a significant impact on the volatility of the DXY. On September 7, the US Federal Reserve is scheduled to release the minutes of its latest meeting. This could provide investors with clues about the future direction of US interest rates, which could in turn affect the value of...

CandlesofKarma Updated 

Gold prices are expected to remain volatile this week, as investors digest the latest economic data and central bank policy decisions. The US non-farm payrolls report on Friday will be a key event for gold prices, as it will provide an update on the state of the US labor market. Other key events to watch this week include the European Central Bank (ECB) policy...

CandlesofKarma Updated 

US30 is likely to remain volatile in the coming weeks, as investors assess the risks to the economy. The latest macroeconomic news is not good for the market, with consumer sentiment falling and inflation remaining high. Fed officials have signaled that they are likely to raise interest rates by 0.75% next week, which could further dampen economic activity....

CandlesofKarma Updated 

Even though we had some strong fundamentals that pushed U30 to upside it is still technically bearish. If price exceed invalidation area, then I would look to reanalyze this.

CandlesofKarma

Haven't posted on here lately since I have been doing lots of work behind the scenes. :-) I wanted to share some of my Journal commentary on a trade I took this week around the S&P Global 500 PMI release. This was based on the daily timeframe, and trade was taken on the M5.

CandlesofKarma Updated 

I think it is a great idea at this time to see how the bond market is looking with all the talk about the debt ceiling crisis. It will also give us an idea of where the US dollar can go! Currently, the price action has been rolling over to the downside. I think it best to keep that narrative until we see a conformational move that would change this higher...

CandlesofKarma Updated 

For week the price action on gold remains bullish. This week we do have a lot of high impact events that can change the narrative for gold especially with the enticing area around 1920.750. I think the most important thing to do for the week ahead is to put things into context and pay attention to the market momentum per session. Overall, I do believe we have a...

CandlesofKarma Updated 

In the last month, many companies have released positive earnings, reflecting well in the market. The real question is ..... was it short-lived? The overall trend for US30 has been bearish and we may see a lot of technical action going in line with the smart trade this week. A possible scenario has been technically illustrated for the upcoming week. Very exciting...

CandlesofKarma Updated 

SP500 is showing some clean price action compared to US30. An area of confluence can be seen at the Fibonacci 50% retracement level. If this bias holds, then we could see the SP500 create new highs in the upcoming weeks. Currently, we do have some higher timeframe candles showing a consolidated area that will eventually brake. Let's keep track of this one and...

CandlesofKarma Updated 

To complete my analysis on the US market. Here is my target for the dollar index. The consolidation has to end some time you know. :-)

CandlesofKarma Updated 

Last week, US30 was technically and fundamentally driven to the downside. What I wanted to discuss here is the simple concept of a trendline. Now a lot of new traders learn to trade the brake and retest a trendline. Depending on whether they know how to trade it and read the price action correctly is the determinant. What can save you from this type of loss is...

CandlesofKarma Updated 

I think it is fair to say that the bullish price action on gold has been phenomenal for the past months. Currently. the PA has been stuck between 2 psychological zones from the previous week. Looking at the daily we can see the valid range of price action and additional confluence to the upside. Now all we have to do is wait. :-) ( FYI don't stop reading the candles )

CandlesofKarma Updated 

The month of October has been a month of correction if you compare it to the overall trend for many instruments in the market. If this correction is truly over we possibly could see the dollar start turning bullish as we near the ending of Q4.

CandlesofKarma Updated 

The one thing I would like to point out in this beautiful price action is the descending triangle that has formed on gold! Now even though we do have a breakout of this triangle, don't be surprised if we see this bullish pressure become nullified in the middle of the week. Check the dollar index analysis for more details. :-)