The U.S. Dollar nears the end of the week and the month and it’s close to a doji on the monthly bar. This is key as the bearish trend that drove for March and the first three weeks of April has now been on its back foot for the past six weeks, and the weekly bar shows a possible higher-low at a Fibonacci level following last week’s decisive USD sell-off.
Perhaps the bigger question behind USD trends as we move into June is carry unwind in USD/JPY, which continues to display as a messy chart. For traders looking to work with Yen-trends, there could be more amenable pastures on either side of the currency, as looked at in the earlier video on JPY:
For USD-strength, I’m still partial to EUR/USD and that market was showing as a doji as of the recording. This also goes with a lower-high and some longer-term resistance context.
For USD-weakness, GBP/USD has remained as somewhat clean, although the four-hour chart has a question mark given a possible lower-high at 1.3500. And USD/CAD remains of attraction but there’s a shorter-term question there, as well, given the possible hold of a higher-low. Both markets are looked at from both short and long-terms in effort of devising strategy for next week.
For the Tuesday webinar:
To see prior webinars, the link below will take you there: Price Action Webinar Archive Playlist-
James Stanley’s video playlist: #usd
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Couldn’t agree more