USD buying is cranking up
The US dollar is putting some pressure other currencies as it carries on pulling higher.
USDJPY has been a one way trade since Europe opened and it’s showing no signs of abating just yet.
USDJPY H4 chart 18 10 2017
We should find some resistanmce around 112.80, and 113.00 might be a tougher nut to crack before looking at the Sep highs. Support looks to be in place around 112.60, 112.45/50 and then 112.20/25.
EURUSD is looking very soggy as it tumbles to 1.1730. 1.174/50 is already building as resistance.
EURUSD Weekly chart 18 10 2017
The 1.1700-1.1685/90 area has seen some decent support and it’s further supported now by the 200 WMA at 1.1699.
I’m going to watch the euro if it has a look at 1.1700, with a view to taking a long into the big figure. I’ll look at a stop under 1.1680.
It’s pretty much the same picture elsewhere with AUDUSD hovering around yesterday’s lows at 0.7820. USDCHF is trying to hold a break into 0.9800 and has managed a 0.9817 high so far.
US bond yields have crept up again with 10’s getting you 2.33% from 2.30%. Where they go, the dollar is never too far behind.
Philosophy: “Don’t be a Dick for a tick”
Read how Ryan got into trading here
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Hi Ryan! Buyer of GBPUSD at this level? I sold at 1.3215 because of the trend line, now closed but I bought some at 1.3145. And didn’t expect the 1.17 level, bought at 1.1735 in eurusd… Any opinion about S&P? Just amazing level…
I’m not really touching the pound unless we hit some big levels. It’s jumpy as a box of frogs right now.
The S&P is unbelievable isn’t it? They all are. How do you trade it? I’m not one for trying to call tops etc but we’re well overdue a corrective dip.
Lol… I replied U in the post but I was telling to give my name and mail. And I don’t see the answer and disqus was out. About S&P it seems that the 55 or 100 ma H1 are doing the job but until when? I’m shorting since 2540 and I will add until 2600… but…. pff…. it seems insane not having a little correction. And that since end of august. Only Trump or KK NK could do the job….
It’s very difficult to short because there’r no tech to lean against. All you can do is look at a hourly-daily chart and look for price action that suggests a pause in the trend. Like you say, it seems to be the big figures that are holding the most support and resistance areas.
Hi Stephane…..I am very late on this conversation….I have had wonderful success with US indeces. Think twice about shorting them Stephane. While Trumps tax plans, Fed chair decision and a good earnings season are underway, long is the only realistic choice imho. You may or may not be too late to join the fray as any one of those decisions is imminent. Shorts are only viable imho for instance IF tax plans disappoint. earnings season so far is giving excellent results and so a disappointment in tax plans might signal a deeper correction, especially in SnPs
I think the problem is when you give an answer to someone, we have to pass through this process… I guess. Not the first time.
What’s the issue Stephane? It’s should just be a straight forward reply.
Ah. I think I see the problem. It looks like Disqus didn’t load and the wordpress comment function went up instead. You say this isn’t the first time?
I’ll keep an eye on it but please let me know if it happens again. Also, try a refresh next time to see if that fixes it.
Maybe it’s edge, next time I’ll tale a screen capture. It’s like the clock on the topside, I just see the city but not the time. By the way, I’m not a critic, just saying the things I see to help U and change the little détails! But it’s a very useful website, Thank U all!
https://uploads.disquscdn.com/images/4ba23132f34f601107ac0a078a33ed95df76cbcedb7a8975b8798fe7447549aa.jpg
Ah-ha. I think perhaps it’s a sizing issue with your browser window. The site is responsive so it fits to whatever size window you’re using. Looking at the menu buttons, they should all be in a line next to the ForexFlow logo. There’s a point at which the clock will disappear because it switches off for mobile viewing.
I will take a look with Mozilla or chrome 😉 And thanks for the eurgbp options, I think Mike enjoyed them too 🙂
Mozilla doesn’t work too. Sincerely it’s not an issue. I don’t know why but I have so many issues, fxl I have to reload every time, before it’s was just working and having the last news or comments without reloading.
https://uploads.disquscdn.com/images/46232a17edf910c5cc2ccfc5330dd476847766ac9fa9126bf019e5504a382870.jpg
Home page. The black part is smaller than in the flow news. I always have the flow news opened not the other one. That’s your issue, the size 😉
And only a few seconds in homepage we can see the quotes then out. We have to go down then up and u see 1 second the quotes. Same issue in homepage… Good Luck 😉
Ha, story of my life 😉
One last thing to look at, do you have your page size zoomed in? On Chrome, if I hit CTLR and Alt I get a sizing button to increase the view in percentages. If you happen to be more than 100%, it has the same effect on the page squeezing down.
Maybe your browsers need updating or something. I know they’re forever changing stuff and one minute something works, and the next it doesn’t.
Your thoughts and input are most welcome Stephane, so please shoot me any issues you have. I’ve got to say I’ve found that Edge is a pain in the backside so it could well be that.
Hola Ryan, as much as ING keep calling this bounce in the US dollar index ‘not to last long’ I think Saxo Bank might got it right. Apparently, Jeff Hardy in their ‘Macro Portfolio’ (humble 10M euros) has been playing long DXY targeting 1st 95.80, later 96 something.
Adding this view! We can see how it back on track above its 50-DMA (good news for bulls) with so much negative sentiment against the poor greenback, one has to wonder about trading to beat up the herd. On top of that, having to big guns ING vs. Saxo Bank positioning themselves (let’s see who wins) I think it is worth to be prepared to experience a decent surprise if the US dollar does ‘crack and settle’ above 94.10 handle.
DXY
https://uploads.disquscdn.com/images/661ee285d4db68ad15e65f69d634fced09fb678ce776583e48b0268ceaa1f642.png
Hi Jose.
It’s a bit of a surprise to me. I don’t think we’re up because everyone suddenly likes the dollar. Unless we break any real levels, this is just the market stretching its legs for a bit.
You got it Ryan. DXY is just ‘seducing’ retail and enthusiasts to buy a leg that has no future. I am afraid as ‘Jim Rogers’ mentioned that a 10% correction (almost that figure in 2017) is not a lot, and if seasonality is ‘correct’ then expect something like 83 levels in 2018.
I can’t stop thinking about this mid-class rise in Emerging Markets and a strong US dollar plays no part in that 2020 to 2030 future.