As you can see from the markup, we hit the 0.382 fib from the 2016 uptrend which has now turned bearish. Perfect rejection on multiple occasions and the price is coiling tightly on many time frames. As a purely technical trader, my bias is short.
Since breaking above $1400 it has been consolidating into a wedge. As we all know, wedges have a tendency to break one way or the other and it's anyone's guess which way it breaks. However, as I've highlighted below, we have MASSIVE bearish divergence on the RSI as well. This is primed to break downwards and it will be swift. I''ll be adding to my short positions...
Clear double top on H4
Aussie is seen strengthening near to midterm and a fall in the DXY will push Aussie higher. Aussie has been oversold for many months now so a short squeeze could shoot the Aussie up quite a bit.
GBPUSD is at a previous resistance and is also being met with the Daily 100MAV. The pound risks a reversal at these prices but stops MUST BE KEPT TIGHT because if the upper resistance is broken, stops will be cleared and Cable will rally beyond 1.32xx
Quite clear inverse H&S pattern forming here. Best R/R is to go take longs especially if look at the Daily and Weekly timeframes. Heavily oversold and CHF futures are somewhat stretched and primed to be sold off any time now. I'll be looking to add to my long positions on this pair.
Two possibilities here on the larger timeframe for this pair. With SNB and FOMC on tap, we'll have a clearer picture for the next major direction on this pair. Until then, stick with lower time frames and keep stop losses tight.
DXY has been under pressure with support nearby at 94.42 however we could see a triple bottom on this pair in the region highlighted below. Long positions to be taken with caution with US Retail data on tap tomorrow.