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So far the day on the currency markets has been a little dul. Well… be careful not to become too laid back as it is just such moments that lead to a sudden trend.
At this time the USD index is very unclear in it’s pattern. I had hoped it would show it’s colors sooner however it appears we may need to wait yet another day.
Cheers
We saw more USD strength today. There is now a 3 wave affair up so we are back at crossroads without further evidence.
I’m watching for a 4th and 5th wave. Which would then give way to a three wave (or combination) correction back to Fibonacci support. That juncture would be the new pivot point.
Have a great weekend.
At this point the USD/Index is still pointing down.
In circumstances like this, the words of a colleague of mine run through my mind; “if it’s not going up… It’s still going down”.
It feels as if we are sitting on the edge of a turn with the COT sentiment at extremes and indicators highly oversold. So I am being extremely cautious on direction either way at this point.
Wave 5 does seem to be missing, but forcasting its size is dificult in a highly leveraged market that is running at extremes.
Yesterday I wrote about how the current candles on a chart can potentially show sentiment in the market.
Technical trading is not a perfect science however the majority of the time engulfing candles are followed by continuation as evidenced in the last 12 hours or so on the USD Index. Of course this translates to the Dollar pairs for high probability trades.
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