Oil by reaching above $64 per barrel on 16 Feb 218.This chart correlates heavily with that of the value of the Japanese Yen. This is why we see a deep dive for Yen as it has less supply. Thus, a strengthened Yen against the USD. This is probably why Oil prices increased sharply as it was due to the weakened USD. In the eyes ot 1 OPEC this would be called price stabilization efforts. Although I see them as a clone between Bitcoin Private, and Bitcoin core. So far prices have remained stable in favor of KSA.
US-DOLLAR
GDX and the USD directionAttached are two charts for discussion. GDX seems to have formed a 3 drive pattern which would put its target at 0.618% fibo retracement. So, not there yet, but soon. The USD seems to be in a BULL FLAG, completion should be soon. So, short GDX now seems the way to go, but not for long.
US INDEX - GLOBAL FORECAST 2018 (updated)Hello Traders!
Accurately suppose, that the "Flat" model and Bull's "Cumulation Balance", will be on US index the whole 2018 year.
So... Based on intermarket correlation, it gives the opportunity for downtrend on EURUSD, GBPUSD, AUDUSD, NZDUSD and uptrend for USDJPY, USDCAD, USDCHF .
Subscribe to "Powerful Traders"!
Everyday, nine Tengri's traders, creates professional analysis, specializing on Elliotte wave theory, Technichal analysis,
Volume Spread analysis, Market Profile, Depth of Market, Order flow & Footprint.
We trade in all financial markets, there are no boundaries or limitations.
Join us!
«« «« «« «« «« Hold Like! »» »» »» »» »»
(If you have questions, comments, write, reply thoroughly!)
You're welcome!!!
Best regards, the team Traders "Powerful Traders".
EURUSD bearish RSI Divergence and Double topComing week will be interesting for DYX pairs, most of them are in bearish RSI divergence. EURUSD in the manner is in bearish divergence in addition to formed a potential double top in H4 time frame. Break of the up trendline will give a nice risk reward opportunity for coming week. If you dig more there might be much more promising dollar pairs with bearish RSI divergence setup formed for next week up on the rise of dollar end of last week. Happy trading !!!!
USDCAD Daily reviewThe US Dollar continued to be volatile against major currency. The currency is fluctuating based on the fundamental event happening in Davos. Technical indicator is trying relatively high to stop the movement of the currency.
By the middle Friday’s trading session, there was a spike in the USD/CAD pair because of US president speech in Davos. The combination of the 55—hour, 100—hour and 200—hour SMAs is proving resistance near the 1.2386 mark.
Regarding the short- term future, its is likely the fundamental events will drives the currency to be more volatile and is advice to stand aside and watch the movement.