Everything is red, there is a small rally as I post this so yen pairs are off their lows, Top Trade EURJPY scores another 100 pip move
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after a two-week rally, AUDUSD is giving us a reversal signal, this could be the beginning of the next step down and I would expect stocks to also selloff
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I saw USDCAD and EURCAD also reversing. Would like to get your view on these two, Dennis.
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I’m expecting another step down, there’s nothing really pointing otherwise. But, I think we’ll see a bit more upside first. This is strictly based on my TA on the weekly chart.
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CAD is a play on oil, oil is pulling back, if the US recession worsens then oil might go lower and that would not be good for the CAD
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What a difference a few hours makes, big reversal in all Yen pairs, EURJPY is not looking so good right now, I hope you took out some profits and have a break-even stop in place
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USDCAD isn’t reversing. That was just a retracement.
Expect it to go down on the short side like a rock tonight.
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Stocks had a strong July led by the NASDAQ, short term ( 1-hour chart) NASDAQ has a double top at 12,500 , that top holding looked pretty good this morning, now with the yen falling, stocks could rally again
Yen remains number one but big reversal today suggests that might not be the case for long
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All green day, oil is at it’s lowest point since Feburay, Yesterday day’s rally in Yen pairs saw follow through today. Risk on is back in play
Another good day for Yen pairs, Risk on currencies AUD, NZD and CAD are leading this rally
the CAD is a surprise as this rally is happening oil is at a 5 month low
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a mild pullback following a strong move is normal and good to see, the Euro being green today is begging to be shorted
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Oil just broke below the 200-day moving average, this average has offered strong support, if we don’t see a reversal here a move down to 65 a barrel could be in play. Gas prices in my area are now under 3.50 a gallon, High energy prices have been the driver of inflation across all goods, maybe this is a sign people have run out of all that stimulus money and are cutting back in purchases of goods and gasoline
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pullback day, JPY stays number one for another day, CAD gets hit hard as oil prices drop
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Waiting for the NFP numbers - we’re in the bad news is good news and vice versa right now. Wouldn’t be surprised if NFP unleashes another stock leg up before we get the next big leg down. Still think somewhere around Sep-Oct might be the long term bottom in stocks.
By the way - Dennis - do you incorporate Oil, Gold, Stock indices in your SW analysis? Seems like it should be pretty easy to include other instruments than just currencies there?
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The Yen holds on to number one but the trend has clearly reversed to the down side for the Yen
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How do u calculate it? From the marketmilk tool to excel?
Easy?
Waiting for an example calculation from you…
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Yes, that’s it, so easy 2
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