Quick observation in an attempt to visualize how complex cause and effect with currency markets has become over the years.
Now that crypto currencies can be purchased using multiple fiat currencies it is getting less obvious for USD strength measured across major pairs to correlate negative with BTCUSD.
This can be explained in an almost infinite number of ways...
USDCAD weekly agrees with daily,4H and hourly at this moment.
In line with off-seasonal seasonals it looks from recent developments macros are pushing for more.
USD looking at long time roll over which is looking to be inevitable.
Started to draw on USDJPY cycles, noticed a double top and a paralele channel down. Wondering if it would hold I look at USDCAD for correlation which may indicate USD weakness when the correlate positive and both depreciate.
Looking for USDJPY targets I extended a diagonal trend line with lots of price action. Adding USDCAD using the baseline style reduces the...
Following up on CJ wars, the three strong correlating currencies been heading down since the start of this month. JPY spearheading this, however it will be a matter of time and all three start their correlating avalanche. Hence UJ spiking imho.
One odd thing, it's kinda out of season :)
Oil clearly took the up-ramp. Now as you can see CJ was playing pretty much playing a leading role on this chart, which spans from May last year. There have been three other occasions back in August and September last year where CJ dips before catching up with Oil. It signals a possible USD roll over, which often plays in the second half of the year.
Can bother you all with subjective findings but I think we can all agree that we have a typical case of DOGE Pizza here forming a range.
Let's see how long it holds and where it's headed after.
Happy trading folks and all the best for the new year.
Almost forgot to publish this on the eternal wall of fame at TradingView ;)
Did this in the Forex chat room but should pin it here as well to formerly set my view in stone.
As we are going into a new year we may go to see the same price action on CADJPY and USDCAD as early 2020. Hopefully not triggered by another COVID pandemic this time.
CAD has been holding up...
The double top created by the EU bears did a good job in pulling back. However failing in turning over the world economy so far and likely only to cause a stronger bounce going further back up imho.
Did not do a good drawing previously and changed the channel this time to touch the candle close more accurately. Which now discloses the channel break down to a...
Guess airlines are buying tankers now. USOIL will be forced back into its channel overshooting $45 a barrel and perhaps quickly back to $70 pulling back from $80.
Then another jump to $100, ready to retrace 2014 and as hyperinflation develops hit $160 by Sep 2021. Followed by a replay of July 2008, deep recession..
UJ at old resistance levels going back to May 2017 and CAD trapped in a range since mid '16.
The correlation is through the price of Oil. UC and UJ will alternate as the price of Oil is going up and down. Japan being a net import and Canada a net export economy makes CJ an interesting pair to watch. As UC keep dropping its correlation may drive UJ down as well at...
Looks like Gold drafted a second handle for its cup on the weekly, which spans all the way back to 2013.
Unseen by me ever before and I notice the second handle draws a higher low than the first one. With an very interesting long wick down this August reaching out for the first handle lows.
Compare the handle's volatility with that of Covid-19 first pandemic...
Exciting times for UC again at 1.24.
That was a long lasted testing of selling pressure by the bulls, from breaking back up early July till today.
Let's see if it follows through with the earlier predicted multistep short. Time is still on our hand but to make it all the way down to parity, I doubt it.
US economy has shown some positive growth numbers lately,...
Suppressed and undervalued purely by technical means imho, LTC may appear to be a late bloomer as I think it could actually even perform better than bitcoin.
Watch out for a potential and sudden catching up rally.
Beautiful classic example of trend, support, resistance, wicks, the whole enchilada basically. We may be looking at a trend reversal or not. The next couple hours will tell us if price is to continue it's bullish trend from this point in time.
We will be looking for something similar as before around the 26th and 27th earlier this month imho.
GBPJPY double bottom signals possible reversal. Around this time of the year chance increase for a short JPY pullback as USD is losing strength against the majors and the Yen strongly correlates with the reserve.