#AUDUSD and #Majors

All the majors made at least some expansion today in the same direction of the weekly trend. The exception was  #AUDUSD that made a pivotal change in weekly trend direction defying all odds and most likely finishing the week in an uptrend.

Also, we had some incredible daily ranges for some pairs during these last couple of days. Today the range expansion had an obvious reason.

#USDx

USDx has reached today my last projected minimum target for  bearish MACD divergencies. I truly believe we are very close to observing the last 'bottom' of the buck.

However, since I am not in the fortune telling business, it's none of practical use. I usually (more than 90%) of the time, just follow the trend.

In reality, I could care less if it's going to go up or down. It's of no practical use when formulating a trade plan. Rather, I try to follow the swings of the market whichever way it is.

;-)

Multiple bearish divergencies on #EURUSD

With the excessive range we had today (thursday) I wouldn't be surprised to see the Euro dropping for tomorrow. We have multiple MACD bearish divergences on smaller time frames (60m/30m/15m) confirmed by RSI. Therefore, I expect at least one good pullback to, at least, tuesdays low of the day.

Also resistance at 1.4519.

#GBPUSD Trade Ideas

The best way to elevate ones probability is to trade in the direction of the trend. Therefore I am thinking about placing a short just belows todays low which also is the weeks low. Like this, we will be breaking some support around the 1.64048 level May 19.

Another idea would be to place a short entry @1.6452, just below Asian session high. However, I consider this one a bit riskier as the trend of the day is still up.

Check it out:

#NZDUSD and #USDCHF

Good entries on the pullback on Kiwi and Swissy.

#GBPUSD, #USDx and #USDJPY

As expected, cable resumes its further expansion south. I truly expect this pair to drop ~ 1500-1600+ pips from the high of the year. Some 730 pips until the H&S neckline from the high established on March 4th. The neckline extends all the way from Jan 31st. It will be a 4th and mos likely definitive touch thus breaking the line. Price has dropped some 240 pips already from this weeks high.

  I am glad I took this one and will let it ride.

USDx, as announced on my Twitter page, will go up for late NY session and probably Asian session to cover gaps above as well as bullish MACD divegencies on lower time frames (m15/m30). Than it should resume its drop to 73.93 where it should complete a descending H&S formation observed on the daily chart.

The yen still has a valid diamond-like shape in the works for the daily chart. Lets see if it can hold. In any case, a break south is more likely. For this formation to be valid, we need at least one swing high below last months high which most likely will occur around the 83.42 level.

Cheers to all.

#USDx on smaller time frames

On smaller time frames we can observe some bullish divergencies that point toward covering gaps above. This will probably delay the beginning of the reversal/correction however not negating its high probable outcome.

So expect a bullish USDx tomorrow and maybe Friday.