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Greetings once again, Everyone!
We finally embark on some Accumulating Activity with most Units after Deep Surges in Price Appreciation… especially on The Aussie and The Queen.
The Russian Reserves Situation took Its Toll on some additional Sell-Off Momentum, as The Massive Holds from Russia in U.S. Treasury Reserves are Cut.
Additionally, U.S. Trade Balance and U.K. Trade Balance Figures on the Macro-View cam in “Wider-Than-Expected”… and At the U.S. Equities Open, we see The Dow bidding up slightly by around 64 Points and The S&P 500 by about 7 Points, respectively.
As we now move throughout the U.S. Session… in my personal View… The Equity Markets and Indices will prove to be The Bellwether of Guidance for The Major Currencies as we move along.
Equities and Indices will digest the Data Point Figures and The Russian News and also as Bond Yields soar to about 4.7% for the 30Y and 3.0% for the 10Y Notes.
We check in with The USD/CAD and The EUR/USD as well as Crude Oil… with the EIA Builds expected to be “Better-Than-Expected” with API and EIA Upgrades, which are also a Factor in continuing Dollar Weakness overall.
Give the Captures a Click for Levels of Reference, and Commentary is above as usual.
Post-Time is 14:00 GMT.
The Loonie is Capped in a Tight Consolidative Range between the 1.0980’s and the 1.1060’s “Transitive Rollover” Dynamic Support Area. Some may View the Technical Formation of the Hourly Head & Shoulders to be Complete with the Downside Momentum leading into Consolidation as largely Complete in this Case.
A Break back into the Daily Bear Flag Formation “Channel” ( which we are seeing now…) will see Dynamic Resistance at the Weekly 38.2% Fib Variant of the May 17th Downleg here on The Hourly IntraDay View.
The Fiber shows our IntraDay Range Accumulation, as Price is “Anchored” by the 110-Pip Range of about 1.4034 to 1.4144. A Downside-Violation is Highly Probable here, as Price looks in the Immediate-Term towards the 1.4000 Figure as a Near-Term Base… which we are seeing right now as of Post-Time.
A Breach out of the Range sees a Visit back into the Uptrend Daily Channel, which originated at the May 18th Lows… where Solid Daily Static Resistance at the 1.4250’s Area may Clip the Appreciation moving forward.
Crude also shows the Deep Sentiment in actual Inventory Expectations and Builds… as well as more Momentum for the Inverse Crude Oil/Dollar Correlation Factor.
Anchored in an IntraDay Range, Price is beginning to see Accumulation, which if Continued…will Cut back into the Mid-Line S.D. Channel Range with Near-Term Corrections possibly Held at the $67.30’s Area.
If Seen and Held… The Area will simply attract more Bullish Builds to move back into the “New Range” of the Low $70’s as seen on the Hourly Capture.
So there we are for now!… and more Updates to follow, as always!
Please be Mindful as this Accumulation continues into Consolidation, and the Extent at which we may see Corrective Sentiment moving forward. As we always say… other Styles of Trading and Viewpoints excel in these Climates… so there is Opportunity for All!
Remember… I try to Write and Design The Blog as an “Equal Opportunity Area”… so All Trading Views are Welcome as long as your Risk Profile is in Good Shape for your particular Views!
