There are some who continue to talk negatively about what I do and that 123pattern does not work, in fact the only things that do not work are those who own their time to be negative and only good at criticizing others. It is a pity that such are called traders given how low they have fallen in their behavior.
This I have published 01aug, target hit
Now that we've got NFP figures we start hearing many people shout that dollars should fall, many base their analysis on Friday's event.
Let me ask this question: NFP was 235k, unemployment fell to 5.2% and average hr earning went up to 0.6, can you explain this? how could the usa market produce only 235k jobs but still managed to fall from 5.4 to 5.2%. Could it be that 235k but average earning 0.6 is better purely economical than 943k with 0.4?
Well, there is a risk that the market will interpret it that way and that's all what it matters.
Again all other currencies lack any reason to get stronger, based on what it looks like from an economic perspective, the fact is a lot is very bad compared to the US dollar.
I think the market will evaluate the NFP figures and get a different picture very soon, with that said the dollar should get stronger soon again.
If we look at DXY, we see clearly that the price broke the uptrend channel only to reach now support area or the bottom of the channel.
A professional trader should be able to filter all noise that distracts from reality, the real target is there in front of you all you need is to pull the trigger.
hats what I see, and shall follow :
EurUsd : Down expect resistance 1,1910. Next R 1,1935/50
AudUsd : Down expect resistance 0,7477/0,75
UsdCad : Up expect support 1,2480
UsdChf : Up expect support 0,9020-0,9090 target 0,9185 then 0,9370
UsdJpy : Up Support 109.00/50 targeting 111,18
Gold : Down first target 1808 then maybe 1792. Next resistance 1838/43
Gold right now creating a bearish pattern on H4, breaking 1834 will neglect this scenario and open the way to targeting 1838/43 area
I am aware that this may be against what most people have expected, but this is what I see and this will follow.
Remember that trading is not about you being right or wrong but about following your analysis and being able to update them if it turns out to be wrong.