SB Trade Desk Highlights: 7/1/2021

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.

@JamieSaettele

Discount Offer!

6/23/2021 Swing Update

GBPUSD 4 HOUR

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 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 HOURLY

AUDJPY Hourly

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

USDJPY DAILY

USDJPY Daily

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)

USDMXN Daily (2014)