The threat of a pullback has been set up, the unpleasant rally in USD as investors rush to park capital in the greenback.
Just at the right moment, because of lockdowns, covid chapter II and things of this nature the highs can be burst open. Although we are in LONG TERM structural decline in the dollar, it does not mean we will not have to rush and take cover under the table when the storm hits shore.
Buyers thus have a fortunate swing in play this week towards 95.4x. The job is only half finished, governments are aiming to default on the debt and covid / lockdowns provide the perfect cover. Capitalism is taking a sabbatical, it's being undermined and globalisation is collapsing like a house of cards.
Thanks as usual for keeping the feedback coming πor π
γ³γ‘γ³γ
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USDCAD exploding to the topside:
γ³γ‘γ³γ
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We must monitor the flows here extremely carefully over the coming sessions... I will be posting major chart and political updates ahead of Tuesday.
Looks like an ending diagonal, so 5 seems to be ongoing. symmetrical 3s before "A or 1" on the main chart lean me that way, plus the price action fits the billing.
Wonder what will happen when gold bounces and if USD does as well. Defacto opposites would then become correlated?
Very unsure how this plays out.
ABFX6
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@ridethepig hey, love your style and ideas. However I am curious to understand a triangle in wave 2?
lu1977hk
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Any update on DXY?
Nico.Muselle
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Interesting, I have the same idea about incoming dollar strength due to the lack of liquidity. Did not analyse DXY (although I did have a look at it), but my idea on EURUSD is pretty much in line with your analysis.
mdtitonali1450
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Thanks for sharing.!! Newbie here. In your opinion, is this a fakeout or breakout is confirmed ..? Thanks
RezzaHmt
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Please don't do this to EW!
ridethepig
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@RezzaHmt, you can't talk to me like that young buck!
Wonder what will happen when gold bounces and if USD does as well. Defacto opposites would then become correlated?
Very unsure how this plays out.