DXY Dollar Index The dollar never quite reached the upside target here, falling 11 points shy of the 95.15 line before it was met with the most determined selling pressure we've seen throughout the entire rally from the lows. And although it's rallied from the 94.01 support line it has broken below the lower parallel now and so the 6 week-long 6% untrend is...
EURUSD 30th May EUR has finally reached the month-long downside target at 1.1558 just in time for the end of the May. It actually exceeded the target by 45 pips before reversing higher and creating the first strong green candles of buying intent the market has seen for months now. But the counter rally is running out of momentum now whilst DXY holds above...
FTSE 100 Index UK100 Since making a seasonal high on 22nd May FTSE has fallen away down a narrow impulse wave and chanelled down the smaller falling pair of parallels from the new high. Whist constrained within the channel FTSE remains vulnerable to further selling pressure back to the first minor support line at 7691. Failure to hold here will trigger a...
Dow Jones DJI The Dow was making a little continuation pattern as the last session ended. It still looks vulnerable whilst trapped within the pattern but it's sloping downwards so it still has a chance of breaking higher later. Whatever, it has to break above the upper small falling parallel to follow long back to 24879 initially and then on a break above...
SENSEX INDEX India This is another index that looks like it's topping out for the summer. The great bull campaign from the 2009 low at 8075 to a high at 36370 over 9 years is in its final stages. Echoes of the Dax here. A break below 34291 will trigger a short opportunity here back to 32516 where it should attempt to bounce - but it won't get far when it...
BTCUSD: Bitcoin Monday Trade Points Bitcoin is still negative, dropping in stages and slowly breaking bull hearts and messing with bear heads as it does so. Once it broke the lower parallel here on Coinbase it was expected to fall away to the 7162 line before bouncing again towards 7200 before falling away again. Overnight it came back to a low of 7167...
Dax Index DAX Topping Formation Short Set-Ups If you trade Bitcoin you will be familiar with this pattern for sure. Having broken below the longer term lower parallel the Dax has fallen away to structure lows to left of price, dropped a little lower to take out the last swing long stops - and then promptly swung back higher again. In doing so it's tracking...
Dax Index DAX Topping Formation If you trade Bitcoin you will be familiar with this pattern for sure. Having broken below the longer term lower parallel the Dax has fallen away to structure lows to left of price, dropped a little lower to take out the last swing long stops - and then promptly swung back higher again. In doing so it's tracking up a smaller...
BTCUSD Bitcoin Must apologise for rubbish call yesterday and no follow up. Was expecting a period of light relief over the weekend. No such luck. The spike that came shortly after the match had finished was a big one and the ensuing rejection period flipped Bitcoin straight back down to the lows again and triggered a short from 7399 as it broke below...
WTI USOIL Week Ahead WTI has fallen away in a straight line ever since the short triggered on Thursday and is now around 390 or so pips to the good. It should fall away a little lower still, towards the first support line at 67.22 and can spike down to 66.48 at likely lowest before it starts to bounce away to the upside again. Look to close out at least half...
Bitcoin Saturday Trades Bitcoin survived through the night by moving into a triangle formation off the lows before breaking into the weekend with a break above the uppermost parallel, followed by a sweet and successful retest of the same line from above once broken, before finally rallying again off the dynamic and triggering the first long for a while...
WTI: USOIL West Texas Intermediate Unlike on Brent chart there is only one clear and true reverse head and shoulders evident on the WTI chart (left shoulder not 'true' on the smaller one, yet so clearly evident on the Brent chart, please see companion forecast for UKOIL for comparison). So this chart is still forecasting longer term upward pressure to...
BTCUSD: Bitcoin Trade Set-Ups from Here The pattern Bitcoin is currently making is treacherous and too unclear to contemplate a trade at this point. It looks and feels more manipulated right now than ever - as if price is being left to run a little higher to stop hunt weak bears before it gets reeled back in again. It should only get as far as the upper...
EURUSD Trying For Break-Out Counter-Rally now Using DXY as the confirming signal (please see DXY updates) we've been short EURUSD for some time now, looking for a test of 94.20 on DXY as the likely medium term top for Dollar strength across the pairs. That came yesterday (too busy shorting Bitcoin to notice, sorry for that). But EUR didn't quite make it to...
ETHUSD Bitfinex Although it's bounced off the support line at 543 after a spike low at 538 ETH is still vulnerable until it clamber back above the 593 line here and hold up on the restest once it does so. If you bought off the 543 line here it's not a bad idea to take at least half off the table again if not all. It will follow Bitcoin as usual. Can buy again...
Brent Crude Oil UKOIL Update Bad Bad Thing Sometimes you have to own up to an over-ambitious call, this one made worse by sheer blindness, which really stings. It ain't an eroor in the chart which is as good as gold still right now. More an error with the pilot...who spotted a large and still bona fide reverse head and shoulders with an eventual upside...
DXY Dollar Index Done for Now The dollar has finally reached the exact medium term target at the 94.20 level and has since started to retreat. As so often repeated here, DXY is still the best confirming signal we have across most dollar pairs. At this point all dollar pair longs should have been closed out. DXY should now enter a period of consolidation...
BTCUSD: Bitcoin Trade Set-Ups for Today After breaking below the lower parallel of the continuation pattern which had been created over the weekend Bitcoin began to fall away - but the fall when it came overnight was grudging and lacked fluidity or downside momentum. It's therefore hard to trust at the moment and until we get better clarity am forced to close...