Morning All,
Another day - another dollar.
We can see the market consolidating at these 1920-1940 levels.
The big boys continue to stop hunt the late buyers (as seen by the wicks on the hourly frame). I think this week we will see 1950 first - face some resistance but then head for the 66-70 level. Ultimately end of this week or next week we could see the gap above (in red box) being seen to.
At the time of writing (07:41 GMT)- the price is hovering around the 33 mark. Daily pivot sitting at 31. Don't be surprised if London take out 29 (Asia Lows) before making any move up. A new channel upward channel is being formed on the 15min TF. It points to 1945. Which also clears a lot of stops on the way. So it seems lucrative for the big boys to head this way. But we must remain nimble and time our entries. We got Langarde speaking this week. Powell reinforced his Hawkish view by stating he will use interest rates as much as needed to control the inflation. Yields did a big move yesterday. Must keep an eye on the DXY and US10Y. The traditional relationship between DXY and Gold has weakened greatly with the moves in DXY not being mirrored in Gold. DXY and Gold continue to be a safe haven for big boys - New covid strains, war and inflation making it a little tricky to execute clean trades.
There is still liquidity sitting at 15-17 - and i do believe we will revisit this very soon. Does not mean we cant execute trades in between - but it does mean we need to be nimble - read price action and bank profits as much as possible - as this is not a buy and hold market.
Good Luck Everyone - you know where to find me if you have any questions
Another day - another dollar.
We can see the market consolidating at these 1920-1940 levels.
The big boys continue to stop hunt the late buyers (as seen by the wicks on the hourly frame). I think this week we will see 1950 first - face some resistance but then head for the 66-70 level. Ultimately end of this week or next week we could see the gap above (in red box) being seen to.
At the time of writing (07:41 GMT)- the price is hovering around the 33 mark. Daily pivot sitting at 31. Don't be surprised if London take out 29 (Asia Lows) before making any move up. A new channel upward channel is being formed on the 15min TF. It points to 1945. Which also clears a lot of stops on the way. So it seems lucrative for the big boys to head this way. But we must remain nimble and time our entries. We got Langarde speaking this week. Powell reinforced his Hawkish view by stating he will use interest rates as much as needed to control the inflation. Yields did a big move yesterday. Must keep an eye on the DXY and US10Y. The traditional relationship between DXY and Gold has weakened greatly with the moves in DXY not being mirrored in Gold. DXY and Gold continue to be a safe haven for big boys - New covid strains, war and inflation making it a little tricky to execute clean trades.
There is still liquidity sitting at 15-17 - and i do believe we will revisit this very soon. Does not mean we cant execute trades in between - but it does mean we need to be nimble - read price action and bank profits as much as possible - as this is not a buy and hold market.
Good Luck Everyone - you know where to find me if you have any questions