I am back for my Covid19 enforced hiatus and I am sure you all missed me even though it was only 1 week.
With all the intra week volatility we experienced not once has this chart had a weekly close under R14.48 and his is why weekly closes are so VERY important!
All I want to say is that the chart is headed north and that come 1 November 2021, we would have printed R17.00.
Let us see how well this views ages, as I have a track record of views aging finer than a 1960 Chateau Lafite Rothchild.
The oscillator also has a very bullish formation IMO and I am happy to own the USD here.
“Stick to the levels always, and remember that intra-week traded levels are noise and the weekly close is KING!”- I have left this here for a month now and for good reason
The Daily chart is very bullish now that it’s done with its ST correction.
The greater formation is really bullish an although this is a candle chart please trust me that R14.84 is massive on a daily close and I mean MASSIVE!
I can’t find a reason to be short this chart at all.
I have tried to draw in a simple formation and all I can say is that in a perfect world the chart makes ST double tops at R15.00, consolidates between R14.80 and R15.00 before blowing higher.
“Gun to the head, I think we see R14.26, and this IMO would be a great buying opportunity. “ – Some fine wine aging going on here!
The below commentary has not changed at all, but based on this chart’s current formation all I want to say is that if $1.16 goes its could all be over bar the shouting and the print of $1.08!
This chart needs a weekly close under $1.1753 for continued downside momentum.
I am still unsure if this is a correction to trade north of $1.24 in the coming months or if we hit the MT top?
As with the DXY below this is either the start of big things or another / last leg in the trend before the Mother of all moves.
This chart’s commentary has not changed much other than a print over 97.00 could see the lows in and a move so hard that we could see 120.00!
The 96.60 level still looks to be on the cards, but as with the Euro, I am unsure if we push lower for the last leg down or if this chart blows higher.
My alternative road map in white (no change yet) has a very similar outcome in the bigger picture.
The 10.30% level was never tested on this chart and that now we can look to print 11.10% and thereafter 11.80% with new ATH’s not being off the cards.
My bigger view remains that we will see the chart rally & rally hard.
The 10.30% level REMAINS CRITICAL on a Weekly close!!!!!
Not much change in the below other than this chart is set to take many players to the cleaners!
These are the buying levels IMO.
I would look at buying a move back to 1.90% – 1.80% that will have upside targets from 2.58% – 2.71%.
Please note that only a weekly close of over 3.50% will confirm that the trend has been broken.
As for now the downtrend is still intact!