As expected price has bounced off of the 200 dma only to find strong overhead resistance at 1.1220, nothing has changed, the down trend that started May 3rd on a daily pin bar reversal remains the dominate trend, With price sitting in between strong support/resistance, nothing to do here but wait to see which side wins
Note; 200 day moving average crosses do not happen very often, and price can stay above or below this moving average for many months and move 1000’s of pips from the cross point, So catching a 200 ma crossing can make your trading year
Big miss for NFP 38K actual vs. 159K expected. So this takes interest rate hikes off the table again. Result is sell off in USD. Here is EURUSD weekly, if this weekly candle holds then the US dollar bears will be in control
A weak dollar is good for Gold, My preferred way to play gold is the Gold Miners index, Huge weekly candle, if this holds then the 4 week pullback in metals should be over
That was an incredible 200+ pip ride in EURUSD today, congrats to anyone who caught it. Clearly today’s news and markets reaction to that news is a game changer, at least until the next game changer. I will be using the weekend to make a game plan to take advantage of this latest trend change
Here is a nice little pin bar reversal off the 200 ma on 4 hr chart of AUDUSD, Pretty common to see such a opening candle move after a big move on Friday, people who missed Friday’s action will chase the move causing an opening gap, this is why you never chase a move. Now after those who got in late get stopped out for a loss price should start heading higher
Here is my latest SW rankings, we see New Zealand taking the number one spot, this is only the second day this year NZD has been my top ranked currency, and last Monday’s top currency the Pound has fallen all the way to 8th , along with the kiwi and looney is making a move
Big move in Kiwi today, GBPNZD is my top SW trade, had you shorted this pair on June 6th you would be up 500+ pips. Matching strong with weak pays again and again
Here is my Strong Weak rankings for Monday, Top SW trade GBPNZD gave us a reversal daily candle today, prices were very extended to the down side so this was expected
When I first saw how strong Yen was today and how weak Aussie was, I fully expected US stocks to be down big, but no, they are mostly up today, this is a wacky world we are trying to trade in these day’s
the “pro’s” started to switch their carry trades from yen to euro since euro is this weak and cheap starting from april 2015 with its huge QE programm. that way the old equation of
