Another week of decent volatility and another weekly close over R14.48 that is now starting to give this chart a strong base!
In my perfect world I would like this chart to have a weekly close between R14.50 – R14.60 to complete the correction so that from next week we can start to attack the R15.00 level.
If I am right the chart is headed north and that come 1 November 2021, we would have printed R17.00.
The oscillator has a very bullish formation IMO and I am happy to own the USD here.
Looking at all the EMA’s you will see just how big a weekly close over R15.00 will be, and a move through there should be quite explosive.
The Daily chart remains bullish, but could still see a ST move down to R14.52 as to complete the correction / consolidation.
R14.84 remains a massive level on a daily close, I cannot emphasise this enough.
I can’t find a reason to be short this chart at all.
This time frame is playing out very nicely and in my perfect world , we have a little leg up to R14.82, then down to R14.52 before blowing higher.
I would look to buy the USD sub R14.62.
#No Change in Commentary
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.
#No Change in Commentary
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.
All though the chart keeps coming lower it has rising bottoms and the 10.30% level was not tested over the last weeks.
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 commentary below other than this chart is set to take many players to the cleaners but will need to close over 2.00% to confirm!
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!