USDCAD Daily Chart
USD/CAD is looking quite nice here, as it's respecting the 38.2% fib and level of resistance.
And from a macro prospective: Bank of Canada came out with hawkish commentary following their rate decision this morning, which could fuel the downside move.
One must not ignore NFP this Friday. NFP could either refuel the trend lower or crush the idea. Nonetheless, I'm bearish on the pair for now.
I am taking trades / sharing updates in our VIP group. Our 40% off sale ends Friday!
If you have any questions about the group, would like to explore it, etc, please chat here
— Alan
USD/CAD is looking quite nice here, as it's respecting the 38.2% fib and level of resistance.
And from a macro prospective: Bank of Canada came out with hawkish commentary following their rate decision this morning, which could fuel the downside move.
One must not ignore NFP this Friday. NFP could either refuel the trend lower or crush the idea. Nonetheless, I'm bearish on the pair for now.
I am taking trades / sharing updates in our VIP group. Our 40% off sale ends Friday!
If you have any questions about the group, would like to explore it, etc, please chat here
— Alan
👍17❤9👀3
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🔔 Closing Bell - Question of the Day
The Point of Control (POC) on a volume profile represents the price level where the least amount of trading activity occurred during the session.
The Point of Control (POC) on a volume profile represents the price level where the least amount of trading activity occurred during the session.
Anonymous Quiz
30%
True
70%
False
❤6👍6
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US Oil Now Clears the Trendline That Capped It All War
Global yields are lower, but do not ignore the oil chart. It's breaking out and is making significant progress to the upside.
I say it's problematic. Yields are lower today, but if oil stays sticky above this resistance at 84 and hovers in the mid-90s, inflation fears come right back into the picture.
We are seeing broader dollar weakness today, most likely due to the JPY intervention. But do not forget this chart. It is very influential. And when the dust settles in the Japanese yen, because it eventually will given the carry-trade dynamics, what happens to the dollar then?
For the record, I'm bearish the Dollar. I'd like to see Oil calm down, and I think it may. But, if you see it sustain the mid 90's, then it clouds my view.
read the full article here.
— Alan
Global yields are lower, but do not ignore the oil chart. It's breaking out and is making significant progress to the upside.
I say it's problematic. Yields are lower today, but if oil stays sticky above this resistance at 84 and hovers in the mid-90s, inflation fears come right back into the picture.
We are seeing broader dollar weakness today, most likely due to the JPY intervention. But do not forget this chart. It is very influential. And when the dust settles in the Japanese yen, because it eventually will given the carry-trade dynamics, what happens to the dollar then?
For the record, I'm bearish the Dollar. I'd like to see Oil calm down, and I think it may. But, if you see it sustain the mid 90's, then it clouds my view.
read the full article here.
— Alan
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USDJPY Daily Chart
I'm really liking this pullback. I've been waiting on it ever since we had Yen intervention chatter.
There's two scenarios I see in the short-term:
1. Strong NFP + Oil remains bid = USD/JPY dip gets bought around 155.5
2. Weaker NFP = Fed likely stays neutral, in that case Yen strength continues to shine through and you see further dips.
Nonetheless I'm looking to get active here despite what happens.
I am taking trades / sharing updates in our VIP group. Our 40% off sale ends Friday!
If you have any questions about the group, would like to explore it, etc, please chat here
— Alan
I'm really liking this pullback. I've been waiting on it ever since we had Yen intervention chatter.
There's two scenarios I see in the short-term:
1. Strong NFP + Oil remains bid = USD/JPY dip gets bought around 155.5
2. Weaker NFP = Fed likely stays neutral, in that case Yen strength continues to shine through and you see further dips.
Nonetheless I'm looking to get active here despite what happens.
I am taking trades / sharing updates in our VIP group. Our 40% off sale ends Friday!
If you have any questions about the group, would like to explore it, etc, please chat here
— Alan
❤19👍3😍1
Gold is absolutely ripping! 📈
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Congrats to any who are also riding this. All of my trades and updates are being shared in VIP here (40% off memberships ends tomorrow)
- Nick
Took me a few tries, but fortunately was able to catch the right entry 🙂
Congrats to any who are also riding this. All of my trades and updates are being shared in VIP here (40% off memberships ends tomorrow)
- Nick
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🔔 Closing Bell - Question of the Day
When the 50-day moving average crosses above the 200-day, this pattern is called:
When the 50-day moving average crosses above the 200-day, this pattern is called:
Anonymous Quiz
15%
Death cross — the start of a bearish trend
22%
Bullish divergence — momentum outpacing price
63%
Golden cross — often viewed as a bullish long-term signal
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Gold daily chart:
NFP was a big beat, which temporarily spiked the dollar.
Gold bulls are holding up decently well though, rebounding intraday nicely.
The recent 1-2 month uptrend still remains largely intact, and I think attention is now set squarely on next weeks inflation prints (CPI & PPI on Thursday and Friday)
I remain long for now!
If you want updates / alerts of new trades being taken, join our VIP group here! Today is the last day for 40% off.
- Nick
NFP was a big beat, which temporarily spiked the dollar.
Gold bulls are holding up decently well though, rebounding intraday nicely.
The recent 1-2 month uptrend still remains largely intact, and I think attention is now set squarely on next weeks inflation prints (CPI & PPI on Thursday and Friday)
I remain long for now!
If you want updates / alerts of new trades being taken, join our VIP group here! Today is the last day for 40% off.
- Nick
👍25👀3😎2
DXY Fails to Hold a Stellar Jobs Report Pop
The dollar popped this morning off a stellar jobs number, 162k versus 56k expected. Oddly enough, it was not enough for the dollar to follow through.
Why? My speculation is the market is now eyeing inflation more than ever. Reflect back a couple weeks: Warsh was very hawkish at Jackson Hole, saying inflation was running too hot. Then yesterday Waller, another hawk, said he would hold rates if inflation keeps cooling. So the hawks are turning neutral to dovish, and the market is holding onto the idea that inflation is truly trending lower.
Notice oil is elevated in the 90s but lower today, and yields popped then faded. So the great jobs print jumped September hike odds toward 59%, but it may not stay.
From a price action prespective: DXY tapped previous support turned resistance and is back below the 200-day.
read the full article here.
— Alan
The dollar popped this morning off a stellar jobs number, 162k versus 56k expected. Oddly enough, it was not enough for the dollar to follow through.
Why? My speculation is the market is now eyeing inflation more than ever. Reflect back a couple weeks: Warsh was very hawkish at Jackson Hole, saying inflation was running too hot. Then yesterday Waller, another hawk, said he would hold rates if inflation keeps cooling. So the hawks are turning neutral to dovish, and the market is holding onto the idea that inflation is truly trending lower.
Notice oil is elevated in the 90s but lower today, and yields popped then faded. So the great jobs print jumped September hike odds toward 59%, but it may not stay.
From a price action prespective: DXY tapped previous support turned resistance and is back below the 200-day.
read the full article here.
— Alan
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AUD/USD Daily Chart
Aussie has been chugging higher for some time now, but I'm especially liking how relatively strong it was during USD's pop this morning.
I'm looking at opening some exposure in Aussie. Whether it be AUD/USD or starting a long campaign across multiple trades with the Aussie basket.
If you want updates / alerts of new trades being taken, join our VIP group here! Today is the last day for 40% off.
— Alan
Aussie has been chugging higher for some time now, but I'm especially liking how relatively strong it was during USD's pop this morning.
I'm looking at opening some exposure in Aussie. Whether it be AUD/USD or starting a long campaign across multiple trades with the Aussie basket.
If you want updates / alerts of new trades being taken, join our VIP group here! Today is the last day for 40% off.
— Alan
👍19❤6
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🔔 Closing Bell - Question of the Day
A bull trap occurs when:
A bull trap occurs when:
Anonymous Quiz
8%
Price breaks above resistance and holds, confirming the breakout
82%
Price breaks above resistance but reverses, trapping breakout buyers
5%
Price consolidates above resistance before continuing higher
5%
Price retests broken resistance as support before continuing
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🔔 Closing Bell - Question of the Day
ATR indicates the direction of an asset's trend.
ATR indicates the direction of an asset's trend.
Anonymous Quiz
39%
True
61%
False
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