Note

Major Pair Updates: Hourly & daily

· Views 875

It seems the risk on and risk off are the key drivers of the dollar.  Nothing new there.  But this environment is another reason, besides the wave chart analysis, is why if push come to shove, I still believe the dollar index has more room to correct higher. 

Major Pair Updates: Hourly & daily

Sentiment in the stock market is so bullish, as if the Fed is almighty and powerful and will unleash yet another volley of money every single time there is a minor dip.  It is that easy.  The thing is, it has never been that easy and seems doubtful it will be this time. 

So, despite the fact stocks are still pointing higher near-term, my belief is another decent correction is due to prove to the so-called Robinhood crowd this game is never easy.  And as such, the dollar has one more move higher in a negatively correlated move with stocks; i.e. rally on risk off.  But as said, near-term, the major pairs can also push higher so the dollar has some room on the downside still.  We can see on the charts when my expectation of another dollar rally is wrong. Key support comes in at 96.36.

Dollar Index Daily: A break of 95.70 negates this view.

Major Pair Updates: Hourly & daily

USD/JPY Hourly: A minor push higher in Wave (ii), then lower.  Now into 61.8% support near-term.

Major Pair Updates: Hourly & daily

USD/JPY Daily: Still looking for a push down toward 104.50.

Major Pair Updates: Hourly & daily

EUR/USD Hourly: A complex correction…the choppy moves here suggest more to go on the downside to complete a zig zag correction toward 1.1100.  A bit higher first on stocks? 

Major Pair Updates: Hourly & daily

EUR/USD Daily:

Major Pair Updates: Hourly & daily

GBP/USD Hourly: In the midst of a 5-wave (c) to complete [x] before lower?  Above 1.2687 adds weight to the “bottom is in” view at 1.2249.  A push to 1.2570-1.2600 first?

Major Pair Updates: Hourly & daily

GBP/USD Daily:

Major Pair Updates: Hourly & daily

USD/CAD Hourly:  Looks as if we get a push lower toward 1.3440-20, but confidence moderate at best.

Major Pair Updates: Hourly & daily

USD/CAD Daily:

Major Pair Updates: Hourly & daily

AUD/USD Hourly: Acting relatively weak here despite stocks.  Would be our favorite short if a dollar reversal (risk off) is seen over the next few days or less.

Major Pair Updates: Hourly & daily

AUD/USD Daily:

Major Pair Updates: Hourly & daily

Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.

FOLLOWME Trading Community Website: https://www.followme.com

If you like, reward to support.
avatar

Hot

Thankkkkkkk yoouuuu!!! So many trading ideas you share here.. May god bless your wallet !

-THE END-