Macro - Market Barometer UpdateHi guys, I wanted to take a look at the EUR on a large time frame and I was surprised at what I found. I figure I would look at the other currencies and post my results.
Here is a look at Macro on the Market Barometer. Keep in mind that we are looking at very large time frames, but... the long term trend predictions tend to be very accurate. I broke down each currency:
The GBP is recovering from a massive sell-off. We are still below up trending resistance, but we could see mild strength over the long term because we broke above short term down trending resistance. However, another dip into weakness is more likely. Based on how currencies tend to trend. We usually see double tops and bottoms in extreme ranges on the longer time frames.
The CHF is coming off the bottom of a huge wedge. We should see continued strength over the long term until it reaches the top of the wedge.
The EUR is flirting with down trending resistance. If the EUR fails, we will see massive weakness over the long term. If the EUR holds above, we will see slow continued strength.
There are a few ways to read the JPY. My take: recently, the JPY had a massive sell-off, the last leg 'up' is a fib retracement and we are getting ready for another push down. The chart says that we are at the bottom of a wedge and headed up.
The NZD is stilling on 50 and I'm not totally sure where to draw support. While it's sitting near the 50 level, anything is possible from this area. No bias detected.
The USD is right smack in the middle of a huge wedge. No bias is detected.
The CAD is also right smack in the middle of a huge wedge. No bias is detected.
The CHF is coming off the bottom of a huge wedge. We should see continued strength over the long term until it reaches the top of the wedge.
