With the recent strengthening of the USD for various fundamental reasons that we discuss in depth with our clients, we have seen a sharp decline in the price of oil (not necessarily a sell-off - don't confuse the two!).
We expect the USD strength to continue into next week and so we are looking to short USOIL after this bearish corrective structure has now broken...
Dollar Index - Weekly chart - After patiently waiting ( for monthss!!) for dollar index to rally into the weekly supply zone for a reversal, we have now reached this point and can anticipate a share reversal/decline for dollar in the coming weeks to months.
Major FOMC day. FED rates expected to be cut by .25. The major event is the press conference from Jerome Powell and the rhetoric of future monetary policy. Elliott wave analysis suggests that we are still in the big B wave correction at 61.8%. Lowering rates and uncertainty in global economy should make Powell more dovish. If that's the case then we should be...
My view for XAU next week.
Last week my bias was sells for this pair all last week, due to the parabolic movement into the highs last week faking out of the daily and weekly. 1430 was choosing to be strong resistance. My first entry stopped me for 1R and then got a chance on my second trade and then I missed the sell off on Friday, since then we have formed new...
Entered at previous rejection area. Using buy stop order (always wait for price action)
Trade now running risk free and 40% of the trade cashed also.
Potential of the 98.11 area being hit. This will be a key zone for either a continued move to the upside or for a rejection
Good analog here re '99-02 suggests the USD is may not yet be done despite the hubris around Gold and Silver. We are at a key inflection point, upsloper needs to hold for USD bull market to persist and if it does it is likely the market tries to test 2001-02 highs.
“History doesn't repeat itself but it often rhymes,” Mark Twain
for me its no clear signal at dx. we have gap at 96.7-8 and really nice range (purple zone) so posible another wave down to fill the gap and then will see if want continue more down to bottom of bigger channel or way up to range from cup and handle.