Yesterday we wrote: the outlook for the US dollar remains positive after we spotted the start of the bull trend 2 weeks ago & made strong gains last week, exactly as predicted. We consolidated gains by trading sideways in overbought conditions and this situation is likely to continue at the start of this week. We only consolidated for a short time & despite overbought conditions we continue higher as predicted. Of course outlook remains positive. If you have been holding longs you have had a great 2 weeks & I believe it is still worth holding longs at this stage.
AUDUSD we wrote: consolidating losses in oversold conditions before the next leg lower. We broke lower as predicted hitting almost all targets, as far as 7425/20.
NZDUSD lower again to the next target of 6960/50.
EURUSD sideways for only a day but we did warn: Outlook remains negative/neutral so a break lower would not surprise & targets 1.1885/80, perhaps as far as 1.1835/30. Target hit & we bottomed exactly here.
USDCAD beat 1.2915/20 to breakout of the 2 week range with both targets hit as far as 500 day moving average resistance at 1.2970/80.
GBPUSD we wrote: trades sideways in oversold conditions. No buy signal but we could continue sideways to ease these conditions. Sideways it is as predicted as we topped at 1.3591.
GBPJPY we wrote: In oversold conditions we could start to trade sideways but definitely no buy signal yet. We are seeing a small bounce as expected.
Gold held just above the 200 dma & March low at 1303.5/1302.5 this time for a bounce to targets 1315 & 1318/20. We topped exactly here. We are trading in a short term triangle & bulls need a breakout above 1318.
Silver still holding the 1635 level on the downside & strong resistance at 1650/55....for 4 days now.
Emini S&P consolidating gains as we hold 2 month trend line resistance at 2675/78 in the sideways trend.
Bitcoin outlook remains negative of course.
As far as trades go for today, if you are holding dollar longs as we have suggested for 2 weeks...keep holding. Otherwise it's a case of using the reports for minor support levels in your favourite dollar pair, to buy in to longs on any weakness.
AUDUSD we wrote: consolidating losses in oversold conditions before the next leg lower. We broke lower as predicted hitting almost all targets, as far as 7425/20.
NZDUSD lower again to the next target of 6960/50.
EURUSD sideways for only a day but we did warn: Outlook remains negative/neutral so a break lower would not surprise & targets 1.1885/80, perhaps as far as 1.1835/30. Target hit & we bottomed exactly here.
USDCAD beat 1.2915/20 to breakout of the 2 week range with both targets hit as far as 500 day moving average resistance at 1.2970/80.
GBPUSD we wrote: trades sideways in oversold conditions. No buy signal but we could continue sideways to ease these conditions. Sideways it is as predicted as we topped at 1.3591.
GBPJPY we wrote: In oversold conditions we could start to trade sideways but definitely no buy signal yet. We are seeing a small bounce as expected.
Gold held just above the 200 dma & March low at 1303.5/1302.5 this time for a bounce to targets 1315 & 1318/20. We topped exactly here. We are trading in a short term triangle & bulls need a breakout above 1318.
Silver still holding the 1635 level on the downside & strong resistance at 1650/55....for 4 days now.
Emini S&P consolidating gains as we hold 2 month trend line resistance at 2675/78 in the sideways trend.
Bitcoin outlook remains negative of course.
As far as trades go for today, if you are holding dollar longs as we have suggested for 2 weeks...keep holding. Otherwise it's a case of using the reports for minor support levels in your favourite dollar pair, to buy in to longs on any weakness.
