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LLOYDS BANKING GROUP PLC ORD 10P, OILEX LD ORD NPV, UK OIL & GAS PLC ORD 0.01P, VODAFONE GROUP PLC ORD USD0.20 20/21, FRONTERA RESOURCES CORPORATION ORD SHS USD0.00004 (DI), VAST RESOURCES PLC ORD 0.1P
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USD /CAD long retesting the zone of resistance for the third time, likely to go long to the next Fibonacci level.
Price made a structural uptrend and we are following trend of DXY by going Long on this
Dollar index will make an a small bullish adjustment to the 96.20-96.00 area, to continue later bearish looking for the 90.80-90.00 area.
The dollar index is in a pullback from an uptrend on the daily chart. 95 is key support
Scenario A) 95 holds and price pushes higher toward 96.15
Scenario B) 95 breaks and ends uptrend for larger drop
Daily candle closed bearish, we could see a little pullback and then continue the bearish movement until 93.50 region
At the current time of typing this the dxy seems to have found some temporary support. it may gather enough momentum to test the upside channel trendline however we would need to see at least a daily/strong bullish h4 close above the resistance to confirm it is now a support for this index. alternatively if we break below the current zone there is definite scope ...
Short on EU to next demand zone...
Break below support line would indicate bear market in the dollar. Gold should therefore outperform to the upside.
DXY forming inverse heads and shoulders on the daily time frame, looking to extend to 96.30
Looking at the technicals, DXY has attempted to break the fib line more than once. If you look at USD JPY it has tried to penetrate the 114.40 a few times. We are not far from 114.40 again or far from 94.00. If DXY breaks 94 and USDJPY breaks 114.40 then great, on we go...
- Inverted Head and Shoulders on the daily. Would like to see a break of the neckline before making any big decisions on the USD Pairs
- Break and Retest of the descending channel
- Counter trendline being respected well currently
- Completion of right shoulder matches up with 0.5 / 61.8 fib retracement
DOLLAR INDEX - Daily, Bearish Bat Pattern
Dollar Index DXY is sitting on critical support, a break below 91.00 opens the door to 88.50 which is a confluence of:
1) 61.8 fib of the from 78.97 to 103.57 = 88.50
2) it is also the 1.272 fib retracement from 91.98 to 103.57
3) 88.50 area has also acted as previous resistance on 2 occasions and is the break out point
I would expect a pullback to 95.5, where the 50 EMA is, 61.8% Fibbs, also 23.6% Fibbs on larger time frame and 10 EMA on Weekly time frame.
From there we could see leg lower to 92 or move higher to 96.5.
I would probs buy this up. There is some strong resistance at 111.80 which has proven to be strong support and res. in the past. Will have to see how the data goes this week!
Possible Hammer building and a bounce of 61.8 fib. A close above 97.52 would be short term bullish. Watch #EURUSD a close below 1.1180 = dollar bullish
Bullish above 99.5 to 101
Possible reverse at 99.5 and leg lower to 98 and 97.
Bearish below 99
Dollar Index Monthly - Structure speaks for itself. Big moves to the downside expected. This correlates well with global indices and Oil they are also indicating a big correction on larger timeframes technically.