XDR seems to go bullish and target 1.556Weekly chart, the Special Drawing Right (XDR) is about to complete chart patterns V and Triangle
The targets will be 1.443 then 1.556, after crossing resistance 2 line.
Technical indicators MACD and RSI are positive. RSI is in over-bought area, which signals a near resistance.
USDXDR trade ideas
USDX wave (A) up finishing - (B) correction soonIm not bullish, bearish, or neutral. It all depends on what the timeline is.
Short term, bearish;
- 5 waves up complete,
- strong rejection of the bulls shown in long wicks up,
- I would call strong bearish divergence on daily RSI (several peaks show declining RSI peaks while price has been rising),
- A strong recent rally in USD.
indicates that a correction is expected. By my count this would be a wave B of (B) for <100% retracement of wave A - I arbitrarily chose a 0.618 retrace.
Medium term (couple of weeks time) bullish;
- wave C (of wave (B) assumed to reach 1:1 of wave A, although it may not reach that high,
- This is based on a B wave being comprised of a 5 (or 3) waves A, followed by 3 wave B, and (always) 5 wave C. This would mean 3 waves down is next on the sequence.
Medium - long (after the ABC sub-move has terminated finishing wave (B) and the wave (C) commences) strongly bearish;
- Wave (C) always comprises 5 wave where wave (A) also had 5 waves,
- Wave (A) was quite strong and I will be interested to see if wave (C) is as strong because it will mean a significant move down.
This analysis is 100% technical and includes no fundamental analysis. Let's see if it can stand on its own. I am not a FOREX trader and don't expect to become one. My trading is limited to cryptocurrency, crude, silver, and gold currently, although, I am keen to expand to other commodities. This is published for my own education.
GBPUSD Going ForwardGU Decline from end of June 2014 is not complete. Currently correcting October 2016 low. Price clearly rejected from the channel above 1.242 - Loud bully silenced with the snow shovel. Regardless of the outcome of the Parlament vote and deliberation - Brexit means Brexit. CBE contributions to ECB have been suportive to/of the £. It is highly likely that it will end. Demand for UK Gilts created by UK deficit spending have dried up and it become too obvious that the CBE is the purchaser of last resort. Should the equity markets continue to sell off, demand for £ is miniscule relative to demand for $. CBE has turned attention to EM currencies and will continue to follow suit. Strengthening London Sharia financing along with the London yuan exchanges confirms that. The recent price action jolts is a distraction. Sleazy, devious and perfidious Albion £ took advantage of everybody in the neighborhood and is retreating afraid of being slapped senseless. CBE has run out of morons abroad and is breeding them domestically instead.
