The USD continues to rip. Below are several analysis/trade examples from the last 2 weeks. FX is trading with ‘technical clarity’ right now so it’s a great time to join the SB community. Click on the discount code below to join.
6/23/2021 Swing Update
GBPUSD 4 HOUR
Cable nailed 1.4000 and reversed lower. I’m a bear again and looking for 1.3750 or so. The level is defined by a slope confluence that includes the median line from the fork that originates at the 2016 low (see below).
EURJPY 4 HOUR
EURJPY also nailed resistance today and put in a 4 hour reversal candle. The rally can be counted as an impulse so downside focus is daily reversal support at 131.35.
6/28/2021 Swing Update
AUDJPY is respecting parallels from the fork that originates at the May high. As such, I’m looking lower against the 6/25 high BUT respecting potential for a higher low in the 82.94-83.15 range because the rally from 6/21 counts in 5 waves.
6/30/2021 Swing Update
Is USDJPY about to go parabolic? Price is well above the trendline from the 2018 high and action since the April low is a possible running wedge. Running wedges occur when price breaks above the upper wedge barrier. When that happens, the rally tends to accelerate. One example I recall is USDMXN in 2014 (see below). Bottom line, a close above the upper wedge barrier in USDJPY would warrant a long position.
USDMXN DAILY (2014)