6j1! having a nice little bounce here at support to pop back above the 20 year low also a 1:0.618 long term fib extension just below.
This has already had the fear test plunge followed by rocketing automatic rally and now has pulled back to the 20 year low again.
May meander, may pump - who knows really but this is the big one mark my non financial advice words.
My pick for a FX pair is USDJPY because I think DXY has also hit a major top. Idea linked below.
Not advice.
This has already had the fear test plunge followed by rocketing automatic rally and now has pulled back to the 20 year low again.
May meander, may pump - who knows really but this is the big one mark my non financial advice words.
My pick for a FX pair is USDJPY because I think DXY has also hit a major top. Idea linked below.
Not advice.
Note
Also its had 3 waves now - could be a flat correction. It sits right between the 0.5 and 0.618. It looks good to go.Note
USD is just too risky to short against and also considering my stock market bias is to the downside then I think that DXY may have another leg up. And so I am short CADJPY that seems quite a bit safer to hold long term.Note
More fear testing probing lower I think. Its now in the common reversal area of 0.618 - 0.786 and 4H RSI soon to go oversold.This decline looks more corrective than previous.
Note
Look like i was wrong as its moved passed retracement fibs in a hurry and was a running flat ABC dominant trend appears to be returning.Next fib is 0.006.
Bail !
Note
Very bearish upper wicked engulfing momentum candle on the monthly. It was good to exit. Next stop $0.006 for the 1:1 extension where i will be interested again if it gets there.
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Your FA guru can't read a chart💭
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.