US-DOLLAR
USD/JPY weaker bearsThe bearish trend on USD/JPY chart is weakening. You can see a hammer candlestick on the 105 area, testifying that it is an important level of support. The options are two now:
1) a momentaneus market range in which the 107.850 level will be the resistance.
2) the breakout of the resistance above caused by strong bulls (such as positive NFP datas) with a censequentely trend invertion.
In short words I would consider buy options. Anyway good luck!
S&P500 fear is over?The big boy is recovering from the past two weeks' big crash. Now moving in an up-trend channel, will encounter a very strong resistance at the 61,8% fibonacci level. In my opinion it is still too weak to break it , so I would suggest to join the bulls awaiting at 2700.00
USD/MXN 4H Chart: New patterns get markedSince the last time that the USD/MXN pair was reviewed a lot of developments have occurred.
First of all the resistance of the previously active medium channel down pattern was broken. Secondly, a new medium term ascending pattern has been mapped. However, those are background patterns to take into account in an orders to enforce proper risk management.
Main attention is focused on the newly formed ascending channel pattern, which represents the recent surge of the US Dollar against the rest of the currency markets. The channel can be used to set one’s orders.
USD/SGD 4H Chart: Channel going upwardsThe last time the USD/SGD pair was reviewed by the Dukascopy analysts, it was discovered that there is a medium term ascending channel guiding the Buck higher against the Singaporean currency.
That pattern has remained intact and is best observed on the four hour timeframe chart. However, by switching to the hourly chart one can spot additional details.
Namely, the pair is squeezed in between support levels ranging from 1.3194 to 1.3205 level and the new monthly pivot point at the 1.3217 mark.
In accordance with the pattern and the fact that the support seem much stronger, the pair should break out to the upside to make another attempt to pass the resistance levels, which are located near the 1.3285 mark.
GBP/USD daily overviewDue to large volatility caused by various events in the recent trading sessions a broader look has been taken at the GBP/USD currency exchange rate.
What was discovered first on the larger timeframes was that the pair is trading in a rather large scale descending channel pattern. The pair has bounced off this channel down pattern's upper trend line on 26th of February.
The event has resulted in the formation of a junior channel down pattern, which is guiding the pair lower at an even steeper angle.
In regards to the next trading session, the pair is set to meet the resistance of the junior pattern and test the support of the weekly S1 at the 1.3870 level.
EUR/USD continues lowerDuring the early hours of Thursday’s trading session the common European currency continued to lose ground against the US Dollar. Meanwhile, Dukascopy analysts spotted two notable facts about the pair’s charts.
The decline, which followed the first testimony of the head of the Federal Reserve, has confirmed that it is occurring in a narrow descending channel pattern.
Meanwhile, analysts looked for a possible level of support, which might force a reversal of the direction. As a result of the efforts, a possible support line of a long term almost horizontal pattern has been set near the 1.2170 mark.
The zone around this line should be watched carefully.
USD/PLN 4H Chart: After breaking long term trendsThe large fundamental changes in the strength of the US Dollar have caused a massive change of direction on the USD/PLN currency pair’s charts. Namely the decline in the US equity markets and the shift in the US monetary policy combined broke the resistance lines of all of the dominant patterns of the USD/PLN.
Due to that reason Dukascopy analysts set Fibonacci retracement levels and trend lines to the recent surge.
It was discovered that the pair is trading in two ascending channels. Meanwhile, the pair has made a retracement near the 23.60% Fibo. Due to that reason beware near the next retracement level.
BIG RED BEAR knocking on your door! Part 1 - DXY DailyBIG RED BEAR knocking on your door! 12 High Probability Trends Reversals
BIG RED BEAR is back in town and he's hungry for some pips!
Wave Count is suggesting that the USD could unfold a Bearish Minor 5 (red) leg.
Minute iii (red) started unfolding back on Dec 12th when I called the USD down-trend like a champ with this article: "FED December Rate Hike – DXY Technicals – Elliott Wave Analysis" .
Dollar Index (DXY) is finalizing the entire Corrective Structure which was tracked down in multiple insights:
"FED Rate - DXY Technicals - Ready for a Bullish Corrective"
" Dollar Index (DXY) – Bullish Correction – Minute IV "
"DAXY - Bearish Minor 5 - Final Leg"
"DXY Video - Bearish Minute 5 - End of Down-Trend"
"Dollar Index (DXY) - Completing the Correction like a Champ"
"Dollar Index (DXY) - Completing the Correction - Bull then Bear"
Dollar Index (DXY) looks like it's ready for the next BIG moves.
The Complex Corrective Structure is complete, with the entire WXY Pattern showing a possible Bearish Trend Continuation, the Double Flat seems to complete with an Ending Diagonal and the Bearish Divergence.
In simple terms, the BIG RED BEAR is awake and hibernation is over. He is hungry and "pissed off".
I am expecting the USD to get trashed for one last time so the entire Bearish Cycle would complete.
This could make a difference and the Swings could be wild and Aggressive.
USD/NOK Dominant resistance is testedAlthough many resistance levels were passed on other US Dollar's pairs during the fundamental surge of the Buck generated testimony of the Chairman of the Federal Reserve Jerome Powell., the USD/NOK pair’s resistance has held its ground.
Namely, the resistance of the large scale pattern, which represents the pair’s decline since late 2017, has held its ground. Its upper trend line had enough power to hold. However, it was strengthened by the weekly R1 at the 7.9194 level.
Meanwhile, during the recent trading sessions a new long term pattern was spotted, which is a result of the pair bouncing off the lower trend line of a multi year pattern. To keep it short, the mentioned patterns are set to face one another in the upcoming trading sessions and a triangle pattern is likely to form and result in a break out.
USD/ZAR Large scale developmentsIt seems that everything previously drawn on the USD/ZAR currency pair’s large scale charts has become obsolete due to the recent fundamental events in the US. Namely, in a recent testimony to the US Congress the head of the FED provided the needed strength to the US Dollar to break long term resistance.
Before the even the pair was heading for the lower trend line of a two year pattern. It was occurring in a junior pattern, and the move was about to be completed by the middle of March.
However, two smaller scale patterns are still holding and indicate that the pair might trade horizontally throughout March.
Future Of US Dollars - What About US Dollars? Future Of US Dollars - What About US Dollars?
What do you think will happen to UJ? OR DXY?
Check out the chart below and let me know what you think?
USDCAD - Daily. Area of interestReasons to look at potentially going short;
- Third touch of descending trendline
- 61.8 fib retracement
- Back testing Short term support now possible resistance
- Heading towards dynamic resistance (200MA)
Things to consider before;
- A lot of buying pressure over the last few days (2 of 3 Strong Bullish Candle closures)
- DXY looking bullish, Could see some more dollar strength before anything
- Scale down to lower timeframes and look for a break of the ascending trendline before taking shorts
Longterm if we get the signal to go short and it all plays out then 124.200 could be a good target.
as we mentiod before 1328 is tthe key hi there
the pair tested 1338 in earlier morning and has fallen to 1318 area and start to rally to 1349
i see that there is a small correction to 1340/1336 area then will continue to 1358/1365 area
you have to watch YEN .. YEN ... YEN
it will not start fall without oversold in USDJPY pair i think it needs to reach 105.5 area
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AUDUSDNice rejection from 79.500. If we maintain below this then the highlighted areas will be ones to look out for
AUD/USD tested the upper boundaryUpside momentum continues to push the Aussie even higher against the US Dollar. By the early hours of Thursday’s trading session, the AUD/USD pair tested the upper a boundary of a dominant channel.
After reaching the 50.00% Fibonacci retracement level, the currency pair made a U-turn to re-test the weekly R1 at 0.7927. This retracement can be measured by connecting the January high at 0.8134 and the February low at 0.7761.
The bearish sentiment might be in play for the following trading session, however, the decline might be stopped by the 55– hour simple moving average.
