Cable has changed the direction of the main move of the year (MMOTY) today. Euro should follow soon as well as the other majors. When this happens, usually there is some extension expected. In this case favoring the bullish USD. AUDUSD also broke a very impotant supportive trend line and is heading to change the MMOTY.
Elsewhere, USDx is about to reach a bullish MACD must-reach target @ 78.86. As mentioned quite a few times during this year, the USD will remain bullish possibly well into 2013. Other targets to the upside are 92.63 and 99.51.
I am not going to jump on my horses and criticize fellow analysts, however, during the last few months, I read so many hesitant and illogical analysis from everywhere while all one needed to do was be able ro read the charts accordingly. It bugs me to see so many fellow analysts hesitating not only to see te obvious but also failing to observe matters from a speculator point of view. Some of them, just as economists, calling a few assets as being a safe haven. Most-likely, they will come up and call this a reversal 'as expected'.
On the other hand, I received much criticism from everywhere for having a firm forecast about the future (now becoming present). But at least, I was firm and will not change this while time goes by. I just hope I don't see those who were hesitant and critical about many things come forward and say they knew all about this beforehand.
I guess the market is providing the appropriate answers.
As mentioned here earlier this year as well, next bubble due to burst is GOLD. The aforementioned 'safe-haven'.
Being right or wrong brings me no direct profits (although I am long-term LONG in the USD). However, trying to predict the 'future', is a great means to exercise my TA capabilities. It's good exercise for the brain.
I follow your blog since you started and you're right on.
ReplyDeleteDollar up hill.
Congrats Mr. Andrade.