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Likely

BITCOIN- Major Breakout Complete... Despite all DespitesWill new ATHs happen this year? Likely Despite the rate hikes? Likely Despite the vast majority still not understanding what Bitcoin is? Likely Despite the million Altcoins? Likely Despite the War in Ukraine? Likely Despite the Chinese crackdown? Likely Despite my uncle still thinking it's 'tulips'? Likely Despite Indices being a dangerous bubble? Likely Despite the Bears yelling that they will buy at 20k? Likely Despite Bitcoin's 'unstable value, unviable medium of exchange' ? Likely Despite Lagarde and Yellen fighting it? Likely Despite sanctions and control? Likely Despite it's already 'expensive' at 40k$? Likely There is probably another 500 more 'Despites' so how about you all share with me in the comments your own 'despite'? Let's do this; cause you Likely like it One Love, the FXPROFESSOR
Long
by FX_Professor
8
Global Dow: GDOW Near Term Consolidation before further 2% RallyGlobal Dow GDOW Same thing here. Testing resistance, in fact it's now sitting just a couple of points above the next line at 2930. It's going to push back up to 3000-3003 sooner or later, just over 2% on this chart. Look to buy SPX or any major market either on any retest of the rising dynamic if we get to see it- or on further strength above 2935 on this chart looking for 3000-3003 range on GDOW and a further 2% rally to 2814-5 on the SPX.
GLong
by sumastardon
DXY Dollar Index: More Consolidating of recent gains likely DXY Dollar Index: Consolidating recent gains The dollar is consolidating recent gains after reaching a high at 94.06, some 14 points shy of the medium target here. My bad and not a fault in the chart, as there is old resistance at the 94.03 level from the end of last year, as the chart clearly shows. Sorry for that. Anyway DXY (and USD pairs) look like they have some more unwinding to do in the near term and DXY should come back down the small parallels it's beginning to form to the 93.12 line which must then hold if the dollar is to remain firm for the rest of the month from here. Any subsequent failure to hold the 93.12 line will trigger another near term bout of dollar weakness back to 92.55-92.25 and at the same time trigger EURUSD longs (and across most of the other pairs too.) On the upside, for the Dollar to escape this period of consolidation and avoid a retest of 93.12 it has to break back above the upper falling parellel from the high and then hold at the 93.36 first line of support on the first retest from above. But that looks unlikely in the very near term, as above.
TVC:DXY
by sumastardon
EURUSD Target achieved at 1.1721 Further weakness likely though21st May EURUSD Week Ahead EUR has reached the medium term downside target at 1.1721 today after a low at 1.1718. Although it's rallied away from here as London opened as it should do, it's not likely to get very far, though. The first resistance potential is here at 1.1763, then a minor level at 1.1786 and then heavy at 1.1821-1.1836. It will need assistance from NY when it opens to boost it higher to this latter range at which point it should start to come off again. Looking a little further out, the chart pattern indicates that sooner or later the 1.1718 level will also give way, leading to a another period of sustained EUR weakness back to 1.1558 with lesser support potential at 1.1665 and 1.1616 being likeliest levels to expect minor near term counter rallies to occur during the descent.
Short
by sumastardon
3
Gold: XAUUSD Look for potential top this weekGold and the Dollar XAUUSD and DXY The dollar's decline is close to finishing. Likely to be one two spots outlined below - so this is likely also to be a big week for gold, oil, and across US pairs too. Look for buy set-ups on dollar pairs and sell set-ups on gold, silver, copper and oil... As DXY tries to climb and hold above a little dynamic that underpins price from the lows,so gold is held back by a similar dynamic resistance line from the highs on the chart to left. DXY is close to changing back to positive, either from here, at 88.44 or from 87.70 at lowest. This is likely to happen this week. It means that gold also is likely to reverse from current levels, or from one last burst higher from here at best. If it's to reverse here DXY will have to break and hold above 89.53 - in so doing it will have broken key fixed resistance and the upper parallel which has controlled the current down-wave from inception and so will flip the dollar back to positive and gold back to negative again. This should be reflected by gold falling below 1341, giving the first confirmation that the trend has changed back to negative in the near term and triggering a fall back to 1306 in all likelihood. However, if 88.44 fails to hold during the course of this week it will tip the dollar into what should be one final selling climax which should culminate at around 87.70 at the extreme before DXY finds support and begins to rally again. This will carry gold to 1375 and at an extreme to a 1389 high.Look to close out remaining gold longs here, and some will consider shorting if we see this price action develop later this week - rejection spikes appearing on the 1, 2 and 4 hour charts will tend to confirm that gold is changing trend (the longer the better if looking to short here) and a break below 1341 will further confirm, triggering a short back to 1306
FX:XAUUSD
by sumastardon
1
XAUUSD and DXY - Gold top likely this weekGold Dollar XAUUSD and DXY The dollar's decline is close to finishing. Likely to be one two spots outlined below - so this is likely also to be a big week for gold, oil, and across US pairs too. Look for buy set-ups on dollar pairs and sell set-ups on gold, silver, copper and oil... As DXY tries to climb and hold above a little dynamic that underpins price from the lows,so gold is held back by a similar dynamic resistance line from the highs on the chart to left. DXY is close to changing back to positive, either from here, at 88.44 or from 87.70 at lowest. This is likely to happen this week. It means that gold also is likely to reverse from current levels, or from one last burst higher from here at best. If it's to reverse here DXY will have to break and hold above 89.53 - in so doing it will have broken key fixed resistance and the upper parallel which has controlled the current down-wave from inception and so will flip the dollar back to positive and gold back to negative again. This should be reflected by gold falling below 1341, giving the first confirmation that the trend has changed back to negative in the near term and triggering a fall back to 1306 in all likelihood. However, if 88.44 fails to hold during the course of this week it will tip the dollar into what should be one final selling climax which should culminate at around 87.70 at the extreme before DXY finds support and begins to rally again. This will carry gold to 1375 and at an extreme to a 1389 high. Look to close out remaining gold longs here, and some will consider shorting if we see this price action develop later this week.
FX:XAUUSD
by sumastardon
DXY Dollar Index: Approaching reversal pointDXY Dollar Index Long Term We've been aggressively bearish of the Dollar since that first break below 98.5 back in early May last year. Down another 11% since then it's coming time finally to think about reversing back long again soon. DXY has already hit and bounced from the support line at 88.44. Below here lies a long term dynamic support line which has effectively stalled all Dollar declines since 2011. It lies at 87.70 and even if DXY suffers one last decline from here it should halt at 88.44 and at absolute worst at 87.70 during the course of this week - we should see the final low put in this weekcoming , and likely by the following week at latest if we don't hit the bottom this week. Look to close out most shorts across the dollar pairs into this final selling climax if we see it materialise over the next few days. Swing traders should now, finally, be looking to follow suit too. DXY Shorter Term Last week DXY made a new low at 88.44 before bouncing 1% to 89.51 resistance line with a high at 89.53...The 88.44 level is one of two likely levels to look for a reversal in trend, the other being the longer term dynamic support line, at 87.70 now. If the first level is to be the reversal point DXY will continue rallying from here and not break below the tiny rising dynamic directly under price right now...then comes the bigger test: it has to break above the upper parallel and break 89.53 and then hold on the retest - that would flip DXY back to near term positive and send it back to 92.62 and the falling dynamic resistance line shown on the chart above, where it's next major challenge will most likely lie. Follow that break if we see it materialise at any point this week Downside If in the alternative DXY loses the little dynamic holding it up and then falls below 88.88 it will fall back to 88.44 again and if it cannot base there and make a double bottom it will fall away to the second key level at 87.70 - at which point it should start to find some support. If so start closing out dollar shorts and look to build longs from here. Otherwise, the safer/less risky option for swing traders is to forget about bottom fishing wait to see at what point DXY finally exits the upper parallel of this impulse wave - which has, so far, controlled all upside potential for DXY throughout this current down-wave - and follow that break when it eventually comes, looking for 92.60 initially.
TVC:DXYLong
by sumastardon