DXY threatening a break of support at 98.70
- Bounce or a breakdown next week?
- Next week (Friday):
1. US Non-Farm Employment Change (Forecast : -21000K, Prev: -701K)
2. US Unemployment Rate (Forecast: 16.0%, Prev: 4.4%)
*Interesting Note: the two parallel blue lines are of equal length
ETH rejected at 50% fib (227.52) and Daily TD 9
Possible retracement to 38.2% fib (195) before continuing its uptrend.
Short term bearish, Long Term bullish ETH especially if it manages to close above 260 (61.8% fib)
USDMYR has been respecting the daily trendline from the start of March.
USDMYR has been respecting the 50% and 61.8% fib retracement levels (from 2020 low to 2020 high)
Possible upward breakout of the triangle to complete Wave 5 final leg. Target just above Wave 3 high (4.4480)
U.S. crude oil futures for May plummet to minus $37 — lowest price in history
U.S. crude oil prices dropped by almost 300 percent to turn negative for the first time as plunging demand pushed storage facilities to their limits.
May delivery for WTI sank to a new low of minus $37.63 a barrel by the close of the oil market Monday, a staggering level that...
- Currently TD 9 (4-hourly). It's worth noting that the TD 9 (4-hourly) brought about a 6-20% retracement for the three most recent completed TD counts on the 4-hourly.
- Currently TD 8 (Daily). Possible TD 9 (Daily) tomorrow (8th April 2020) signalling a possible pullback.
- Approaching 7700 resistance zone
- MACD and RSI negative...
TP: 1.59 (1100 pips)
SL: 1.710 (100 pips)
- Severely overbought conditions and heading toward strong weekly and MACD resistance.
- TD sequential will generate a 9 and possible 13 count around 1.70 area.
- 1.7 strong psychological level.
- Watch for AUDUSD and AUDJPY bounce at 0.60 and 70.20 respectively for confirmation. Possibly EURUSD reversal before 1.12,...
2020 could see the continuation of EURAUD sticking within it's multi-month channel (800-900 pip range)
- EURAUD seems to be respecting many technical levels even within this channel (eg 1.63). A close above 1.63 could see EURAUD heading for 1.67-1.68
- Look for opportunities to short at the top of channel
- Bias to the downside once weekly MACD breaks out of...
Long USDCAD @ 1.3060
70 pip SL @ 1.2990 (trade invalidated and look to short if close below 1.3000)
210 pip TP @ 1.3270 (top of daily wedge)
* USOIL currently toppish at 61.80 with potential to fall back to 58.00, validating trade setup. Trade invalidated if USOIL closes above 63.50.
* DXY currently testing bottom of multi-month channel. Likely to retrace back to...
GBPAUD Short at 1.9180.
30 pip SL at 1.9210. (bullish if close above: 50% fib retracement)
1190 pip TP at 1.7990.
*UK general elections next week (Dec 12) and US-China trade talk breakdown could trigger breakout
Depending on the outcome of Brexit within these two weeks, we could see a bounce or strong break of a 3 year range (since Oct '16).
Either way, a deliberate move at range support is expected:
If range is respected once more, TP: 0.9200 (+800 pips)
If range is broken after 3 years, TP: 0.7400 (+1000 pips)
Catalyst for a break of the range will...
Favorable risk-reward short during last minute Brexit deal chaos. Stops just above 50% fib retracement (from Aug '15-Oct '16).
Price is at 1.9000
- Psychological level 1.9000
- Multi-month channel resistance (since Mar '18)
- Just under 50% fib retracement at 1.9080 (from Aug '15-Oct '16).
- MACD, RSI showing extremely overbought signals...
DXY appears to be respecting a weekly channel for exactly 2 years now (since Sep 2017).
It is also within a rising wedge on the daily chart. A breakout of the wedge will drive it to bottom of the channel, resulting in sharp moves for all USD pairs.
The catalyst for a breakout of the daily wedge could be something like big US-China trade deal/no-deal...
GBPAUD seems to be in a well-respected channel beginning 30th July. Trading the range may be a valid strategy for the past 2 months.
However,outcome of US-China trade talks this week will affect AUD. If effect is significant, that paired together with supporting Brexit headlines as deadline draws near, could be the catalyst for the big breakout.