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XAGUSD – Silver – Monthly
I was playing with this puppy like 25 years ago, but as I avoid anything that has mixed liquidity I avoid it as well.
But one of the Internet “Gurus” provoked me to take a closer look…Guy is calling for immediate reversal , talking how he’s selling it ( oh gimme a break…you might be selling eggs on the farmers market somewhere, but not this) on every uptick and blah, blah, blah..
He is declaring the double top ( No it’s not – we had a marginally new high already this month ) , and only problem that I see here is that 50% Fibo line just above the head – about 30.500-31.000.
However, pattern suggest more to come….so let’s see
To me more important is that trend line above at 31.600 – if above it, it can fly….
GBPUSD DAILY CHART –
GBPUSD tested 1.27, just shy of the key 1.2709 level but has since backed off.
tHE STRAIGHT LONE MOVE UP YESTERDAY LEAVES LITTLE IN THE WAY OF OBVIOUS SUPPORT SO EITHER LOOK AT SHORTER TIME FRAME CHARTS OR USE RETRACEMENT LEVELS.
In this regard, check out our FIBONACCI CALCULATOR and calculate FIBO levels for whatever time frame you are looking at, such as 4 hour chart
BTC DAILY CHART – DO TECHNICALS MATTER?
Technical traders may like this but I am not sure about how valid technical levels are in something that can move 5-10% in one day.
This is why I prefer to focus on psychological or what I call “magic” levels such as 60k,65k, and 70k.as well as the pattrtns formed on a chart
In this regard, 65000 is now a key level that needs to hold to put 70000 back on the radar.
If I was focusing on levels 65478 is support and 67166 is a key resistance.
EURUSD 4h
The way I draw my charts
I am going to skip on levels – I want to explain few things here and I will elaborate at length in an article later on.
The trend lines that I come up with ( you probably have seen that sometimes they don’t have much sense in the beginning – there are no “at least two lows/highs to connect”, but later on they prove right…
For now please just bare with me, and look at this chart – I am sure you all have an urge to buy it right now , but is it the right thing to do?
Well, yes it can hit another leg up from here, but more probable is to have at least some kind of a correction first – be it a real wave down or just some sideways one with few downticks – and this is the game of probability and timing !
The trick is to wait for the right pattern to emerge and follow it . That much from me for now…
USDX DAILY CHART – BREAKDOWN BUT..
The break of 104.61 confirms a downtrend but to remove all doubts 103.93 and the trendline need to be taken oit.
On the upside, USDX needs to stay below 104.61 to maintain the breakdown.
NOTE THE USD DOWNMOVE STARTED LAST WEEK WITH A JUMP IN US WEEKLY JOBLESS CLAIMS. THIS ELEVATES THIS REPORT IN IMPORTANCE ON THURSDAY.
US500 DAILY CHART – UNCHARTERED WATERS
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