hweikang

hweikang

When I look at the current short-term trend, it reminds me of the March to July bull run for the EURUSD. I think the outcome would be similar - we see a short-term collapse of the trend, some mania for "buying the dip", and then more sell-off. In my opinion, the euro is 100% the most overvalued against the dollar, as I think the possibility of EBC increasing...

hweikang

Looks like the long-term uptrend since the new year is broken in Nikkei. Yet, I will wait for weekly for the final confirmation. YCC is on watch. But, I don't think that affects Nikkei's outcome. No matter it's no change change, or an increase in yield, Nikkei will fall. The falling speed is the only thing different. But, I do think if YCC is tweaked, the Yen...

hweikang

Watching for the USDJPY support(from the weekly perspective). Slightly bullish, and let's see what happens.

hweikang

Weekely resistancce playing. The 4 hrs chart is beyond the moon so I think it's better to read the chart from the long term. Opening some shorts, but definitely be careful about a breakout, as NZDUSD seems to have a confirmed breakout.

hweikang

Looks like a prominent area for USDCHF. The Swiss Franc Index has been rising to the highest level since it unpegs from EUR. In my opinion in the last post, I don't think the strength in Swiss Franc is sustainable, and looks more like a topping for me. Opening USDCHF long and watching,

hweikang

Watch for this level. If this breaks I would say a negative trend is confirmed, undoubtedly. I am putting down my final bets it would be defended. Let's see what happens tonight.

hweikang

Among all currencies, CHF is probably the best one to short for. Some might believe it would be JPY or CNH, but I do think there might be government/central bank intervention soon which might terminate the depreciation trend. However, CHF was definitely one of the best currencies for longing during the early half of the year 2023, as they are dealing extremely...

hweikang Updated 

Looks like a breakout from the downtrend, but I do think the breakout cannot be solidified yet due to Independence Day with extremely low liquidity. I am neutral at this moment, but I do think this uptrend is not too sustainable with some downside certainly. If it falls into the downside trend again, we can then play the short game. But as for now, watch for the...

hweikang

When you look at DXY, it is so neutral that it is extremely hard to tell which way it might go. It is still in the downtrend as labeled, but I would like to see if it would try to break the resistance this week. This week got a bunch of incentives, and as we saw ISM Manufacturing PMI didn't create a selloff for DXY, but on the other hand, the DXY is pretty much...

hweikang

Looks like a .786 retracement for me. But I will watch for the trend, as you see the upward trend from the low is still solid, but I do think it is a bit steep. Watching, and ready to open shorts.

hweikang Updated 

I am thinking it is very likely to wiggle at this trading range(as shown in the chart) Definitely watch for the support and resistance, because if any of them fails, a breakout is extremely likely, as DXY is at a key area as well, and we need to see if dollar remains weak or a reversal is coming.

hweikang

Now it's trading at the upper resistance, and even though it still looks bullish, I think it's better to cash out because of the following reason: 1) The Japanese Yen has been denominated to a huge extent, and if a reversal happens, it happens drastically. 2) inflation in Japan is happening. I am skeptical if they could remain this dovish 3) It has been...

hweikang

Watching for EMA as a resistance. GBPUSD is still above the support line but I am skeptical about if a breakout is happening. The overall trend is still bullish, and we need to see if it gets rejected by the MA resistance, and then watch for the uptrend support lines, then a pattern might emerge.

hweikang

Looks a bit overextended in my opinion. I am just opening a small position on shorting, as the overall trend is still extremely bullish. Some pullback seems reasonable for me, and I would still love to long GBPUSD at the support level.

hweikang

Watching DXY at this moment... Definitely depend on ECB moves to a huge extent. Opening up small positions for longing dollar (USDJPY especially), and even if it goes down I don't think there is too much downside(in the big scope).

hweikang

Looks extremely good. USDJPY has been on an upward trend, and notice it's a day away from its monetary meeting. I wouldn't hold it during that time, but that doesn't mean no volatility. I am watching for a possible breakout confirmation, and it's possible we see some pop as USD could gain more strength if we see any dovish sign from tonigh's ECB meeting.

hweikang

I am thinking about buying GBPUSD when it hits the lower bound & the lower lower bound. Buying a bit at first and more at the second support zone. But in the short term, I am waiting for a "buy the dip" opportunity. Selling a trivial amount to collect some profit, and buying more when it hits the support.

hweikang Updated 

Very neutral at this moment. We saw USDCHF is stuck between the previous support and the negative slope resistance. Yet, I am slightly bullish about this as the DXY has been placed very very low, and the index has climbed crazy (I believe you saw the news about Tesla going up 13 days in a row) which really made me think about the Dot Com bubble. I am cautious on...