Good evening,
Being a Sunday in Sydney, it’s time for my weekly preview with a look at the key higher time frame charts that will form the basis for my intraday trading ideas throughout the week.
Last week’s was a huge double post featuring a ton of charts, but with the higher time frame charts not changing too much (and it being late here right now after a long day), I’m going to keep today’s blog to the key #forex and #indices charts only.
Well I hope you’re still enjoying your weekend, guys!
😇.
Forex Markets
The overriding forex market theme these pastcouple of week’s, has been the unrivalled strength of the US Dollar.
As I only really trade the forex majors, I’ve gotta start with the Dollar Index chart and the key zone that has been dictating the moves we’ve been trading:
DXY Weekly
I’m definitely taking note of that weekly candle close though. You certainly can’t say that it inspires strength.
Early week’s price action is going to be telling.
One such forex market that is going to be relying on USD strength to continue on with its current bearish move, is the Aussie:
AUD/USD Weekly
As you can see, price has dropped through that weekly trend line and quite frankly, never looked like pausing.
There is just zero buying strength, but as I spoke about above, we’ll see what happens with USD into the week.
Indices Markets
With the US economy holding up well, it’s allowed the Fed to persist with their interest rate normalisation process. Yes, raising rates.
But with the higher cost of borrowing, comes a lower incentive to borrow to invest in equities and the S&P 500 index suffers as a result:
SPX Weekly
You can see that price wants to drop, rejecting off highs and remaining below that key weekly zone... Just not yet.
But while the US stock market looks like it’s hanging on for dear life, the Aussie market looks red hot:
XJO Weekly
Look at how price has bounced off that weekly trend line and the candle closing basically at its highs after a big green body looks pretty strong.
✌🏻.
@forexbrokr | Steemit Blog
Market Analyst and Forex Broker.
Twitter: @forexbrokr
Instagram: @forexbrokr
I am Shorting Silver. so far so good. :D
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Thanks for sharing your chart. Nice entries I see!
I haven’t been looking at Silver lately but I’ll have to add it to my watch list.
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¡Good post! I will follow and update you. Congratulations.
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Replying to an English post in Spanish?
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Thanks for the info :)
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No worries. What’re you trading this week?
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Ethos and Power amongst others, and I'm looking at a lithium mine at Perth :)
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Are you even allowed to talk about individual ASX stocks on a crypto blog like Steemit? Shhh 🤫.
😂.
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Lol... Oops :-)
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i have been attached with forex for the last two years and so. i am quiet astonished to read post by @forexbrokr
well bro if you don't mind plz upload various time frame charts as well for more detail so invester may get better result. as we know different people use different timeframe because everybody has different strategies
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Yep, give me a follow and you’ll see my intraday focus blogs through the week focus on lower time frame charts and trade setups.
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yes i do and honored to be your follower
stay blessed
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Nice post bro
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Cheers buddy.
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hi mate..i already am in for a buy position on USDJPY..i went heavy....lolz...its regurgitating profits already...bullish bias in voke..we will rock the market till we get to our HA. moment
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USD/JPY still looks pretty strong though.
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what is your view about GBPUSD?
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I’ve been shorting GBP/USD.
Also still adding into the short on each pullback, so long as the momentum is strong like this.
It might be wise taking some profits in here though:
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