DXYWe could be at the last bear run on the DXY until we see more damage in the usd makets. If we look left, we have just completed and abc zig zag which transformed into a new abc zigzag to the upside which may turn into one of the abc flats depending on price action. The party is still going on which is cool but be careful because there is work in the morning lol. If one of the flats do work out, then after that, i would expect a stronger dollar down the line.
Setups
ETHUSDThe main reason im bullish at this moment is due to there being potential bullish rsi divegence between the rsi having a double bottom with there being a lower low in recent price action. I believe that we have just finished a "abc" wave pattern and may be ready for a retes of the "b" wave anywhere between 61 -100 percent. Which would create a double top. I this happens, I would expect the current wave to form into a 2 wave with price going lower in the future. If price goes below 1570, we have a sell stop set there as this could form into the "c" of a downwards "abc" wave which would then be considered the end of an head and shoulders. Either way, we are in a corrective state here considering the stage of price action we are in. Let's see what happens.
ETHUSD UpdatePrice is trading sideways. RSI is at 50 level as we are losing momentum on the Mac D. We recently made a new high since our last crossover on the Mac D. However, since price is trading sideways with not a lot of bull volume, this may be indication that price could either be exhausting on this hill or it could be ready to retest the previous low mac d at some point. Will update once I see something cooking for a newer move. Still waiting for the move to happen.
NZDUSD UpdateUpdate! Ok cool, looks like a Head and Shoulders pattern has been located where the circles are. The orange arrow shows price climbing on declining bull volume. Mac D is on top side. RSI is overbought and also could be creating a double top with a lower high which could be bearish divergence. Let's see if test the previous low RSI level. Price could continue to rise. However, it could exhaust down before a true move down.
ES1! SPY FuturesLooks like price has risen again with declining bull volume. If you look at the orange arrows, you can see what happened last time price action held after price rising on declining volume. We are overbought on RSI. If you look closely, we are on the top side of the macd and its just crossing. However, on the 4 hour, we are both overbought on the RSI and the Mac D. Might be a little early on this move but let's see what happens. Would love price to test one of the recent lows. I know its big earnings week however there could be some profit taking at this level with the current market conditions we are in. If this trades goes wrong and price continues up. I'll exit and re enter once price exhausts more.
EURNZD UpdateI can't lie....I'm glad this trade working out. However, I am now candle watching on the 1 and 4 hour to see how much juice this pair has left. I don't see any decline in volume even with us being at overbought levels on the RSI. The macd is just now crossing the zero line on the 4 hour timeframe. Resistance has barely been met but is close. Would love to see price test the previous high which was around 1.75470 ish the last time the mac d was at its peak. We have broken the previous high of 1.73523 ish where our RSI was last overbought. So at this point I will let candles take me out if i see declining volume on the 1 and or 4 hour timeframe.I still think we have more room to go but the only thing we can read and have some control over is candlesticks relative to volume. Let's see what happens.
NZDUSD Update If you saw my current outlook on the DXY, this pair could have some more room to go down if sentiment holds true. I exited this trade earlier today with 60 pips and wanted to play it safe when the market started pulling back. However, this one of my 4 tickers I trade so an update needs to happen. The RSI is not OS just yet but is close. MacD still on top side and bearish volume still looks to be strong. If you look at daily, you see the bullish volume coming down VERY slowly compared to stronger price movement to the upside. For this pair im pretty much just watching candles on the 1 and 4 hour to just track its until the 4 hour goes oversold then will try to update once i see another move or something. This isn't a good area to get it...again this is just a tracking update.
ETHUSD UpdateWe are at a resistance level here. We may have some bearish divergence here with a double top on the RSI and the recent higher high. Price seems to be have risen on the more recent move with not enough clearance on bullish volume so I can't buy it. RSI is at a 50 level coming down off some sideway candles. Could price be exhausting? I can't see why we wouldn't see the lows tested at some point. Mac D is also losing momentum and may send price down if resistance levels hold in the near future.
DXY UpdatePotential Double Bottom where the blue dots are. Last time price was overbought on the RSI and Mac D, price was around $112.55 ish. The RSI may be creating a Bullish Divergence if the double bottom holds and we create a higher low on the DXY. Last time there was a crossover and the Mac D was on top was near 113.94ish. Let's see if price tests any of the recent highs.
NZDUSD UPDATE We may be approaching an overbought level on the 4 hour timeframe. We are on the top side of the macd. We may have a double top pattern forming and if you look left we may get the same pattern where the arrows are. This is just an update not a signal or anything. I would like to see price test the lows in our range.
EURNZD A tad bit late on this chart. RSI oversold. Mac d on bottom. Might be range bound. We have touches where the arrows are located. Previous candle might be a buying climax. On 1 hour time frame. Price is declining on lower bearish volume with some bullish volume coming in. DXY may also get stronger which means that the euro may get stronger as well relative to other currencies outside of its basket.
DXY UPDATE Inverse head and shoulders could be playing out. We have a three touch uptrend on the line on the bottom. We have a three to four touch downtrend on the top line. Could the inverse head and shoulders lead to a breakout to the upside? Mortgage rates came in hot and the streak continues on higher rates. I’m a little late on the markup but I want to see if there could be a potential breakout to the upside if the head and shoulder pattern is valid.
NZDUSDAt this point we will watch the 4 hour time frame. Gonna take notice on the 1 hour as well. Price action is still holding our sentiment. Although RSI isn’t oversold yet, we still want to play it safe. Waiting for some more candles to get more information and will also keep up with DXY to see if that strength continues or not. Will update on next move.
ETH UPDATEI want to see if price can reach the support zone. The 4 hour RSI is oversold. The 1 hour RSI is at the 50 level. The 4 hour Mac d is still on the top side and could continue to lose momentum. I want to see the 1 hour RSI reach oversold and I will look to see where price is at. With my sentiment of the DXY going back to retest the recent high, I can envision ETH having some more room to the downside. Let’s see what happens.
DXY I don’t like marking up charts as I like to keep them clean. The RSI is oversold on the 1hour and 4 hour. Price is trading sideways and may be creating a new support. We have more rate hikes ahead so I consider the recent movement a pullback on the uptrend which may continue. There are two resistance levels. Let’s see what happens.
ETHUSD1. ETH price rising on declining volume.
2. RSI overbought.
3.MACD on top side.
4.Previous candle is a shooting star near a resistance level.
5. I want to see a few more candles to gather more information.
6. Waiting for some bearish volume to enter the market even with bull volume declining already.
7. Looking for price to retest recent support level.