CMTTrader

CMTTrader

USOIL retraced almost exactly 45% of the previous drop, and tried 3 times to overcome the the 48.60s with no success. Now we can draw 2 trend lines up from the bottom seen immediately after this week's open. The 2 trend lines seem to be very close to the top & the bottom of the MA support band on the hourly frame. These 2 MAs are @ 47.63 & 47.17. Both of these...

CMTTrader

Major Short-term Support @ 1618.30, made of the previous channel top on the 4H chart, plus the 50% retracement for the last up move. We have been dropping fast for the past couple of hours, and may get to this level in the next few hours. In case we test this level today, the direction away from it (up or down) seems like it is worth following.

CMTTrader

Recently, both the RSI & Stochastic oscillators failed to reach as high as they did in the near past, topping below recent highs & signaling weakness. Later, we saw a bearish stochastic cross, but while the price is still above the overnight 111.21. Once we start trading below this level, the Stochastic signal will be confirmed. Munther T. Marji CMT

CMTTrader

As expected, the Dollar Index started falling this morning, after failing to overcome a complex resistance area combined of the MA band & the magical 61.8% retracement level. Unless recent tops are penetrated, the DXY is expected to reach a new low this week. Munther T. Marji CMT

CMTTrader

Since the DXY crossed above the MA band on the hourly chart early this month, it has been finding support at or very near this band. At the time, the band bottom is extremely close to yesterday lo 99.68, and this will be a very interesting support to watch for today. Following the direction of the index reaction away from this level sounds like a very good...

CMTTrader

The Euro is still trading Below the falling trend line from Jan 31st top. As the MA band flattens, this trend line becomes more important. It is currently running around 1.0810, and this is our resistance for today. For what is left of this week our strategy is simple: In case it is tested, follow the direction away from this level. I highly recommend against...