Price action on USDCHF, USDSGD and GBPUSD all agree that USD is likely to continue strengthening. GBPUSD has the clearest setup.
WTI and XLE are correlated. Unless WTI is wrong, higher 52-week highs point to XLE breakout when chart is shouting continuation patterns.
WTI printed new 52-week high this year, new high in 3.5 years so it could justify a long continuation trade despite its current correction. In this post, 3 charts of WTI with 3 potential support zones for WTI bulls.
It’s about time for a little bit of retracement, consolidation for the DXY. After all markets don’t travel in a straight line – they usually move in zigzags. Besides, there was previously a resistance here so this level might over some support. Price action at the moment with the kink there appears to agree.
DXY has now fallen out 3-year range with new 52-week low with 13-week and 26-week exponential moving average acting as resistance. This setup has happened before, we can see from this example that happened late-2002.
Key observations of Wilmar: Price rebounded from 6-year support twice in 2017. Printed new 52-week highs in 2016 and 2017. Last week bullish expansion over last 6 weeks of 2017.
Based on 5 simple technical analysis concepts, these two DXY weekly charts from mid-2014 to present show a Dollar Index that terminated previous uptrend.