Highlights and themes
- With the current overall market volatility, the US Dollar remains the safe haven
- Several central bank actions saw a sharp reaction with the Swiss Franc and no change of direction with the Yen
- Crypto with Bitcoin and Ethereum has downside DeMark buy Countdown 13’s developing
Currency Sentiment Overview
Currency sentiment highlights shows the US Dollar remaining the safe haven with all of the volatility
US Dollar Indexes
DXY US Dollar Index daily
DXY US Dollar Index weekly
Bloomberg US Dollar Index daily
Bloomberg US Dollar Index weekly
US Dollar bullish sentiment did test the lower end of the range but rebounded back to 93% and remains in the extreme zone over 90%
US Dollar Commitment of Traders shows speculators increasing long exposure
Bitcoin and Ethereum – potential bottoming
Bitcoin Daily does have some exhaustion signals in place and might get a few more this week
Bitcoin Weekly finally achieved the downside wave 3 of 5 price objective with a new Sequential buy Countdown 13. Keep in mind the next wave is a corrective wave 4 of 5 lower high wave bounce. Then a lower low wave 5 in the horizon
Bitcoin Bullish Sentiment has been under severe pressure for the last two months
Ethereum Daily did get both the Sequential and Combo buy Countdown 13’s achieving the downside wave 5 price objective of 958
Ethereum Weekly also hit the downside wave 3 of 5 price objective with the new DeMark Sequential buy Countdown 13. The wave 4 of 5 comments above on Bitcoin applies here too
Major USD Crosses
EURUSD Euro / US Dollar with a higher low wave 2 of 3
Euro bullish sentiment bounced off extreme lows again
Euro Commitment of Traders shows speculators significantly increasing SHORT exposure
GBPUSD British Pound Sterling / US Dollar made another lower low
British Pound Sterling bullish sentiment bounced off extreme lows last week
British Pound Sterling Commitment of Traders shows speculators decreasing SHORT exposure
AUDUSD Australian Dollar / US Dollar
Australian Dollar bullish sentiment also hit extreme lows last week
Australian Dollar Commitment of Traders shows speculators decreasing SHORT exposure
USDCAD US Dollar / Canadian Dollar
Canadian Dollar bullish sentiment failed to get through the midpoint 50% level and is back to the lows
Canadian Dollar Commitment of Traders shows speculators increasing long exposure
USDCHF US Dollar / Swiss Franc had quite a week with the SNB surprise news
Swiss Franc bullish sentiment bounced off the extreme lows
Swiss Franc Commitment of Traders shows speculators decreasing short exposure
USDJPY US Dollar / Japanese Yen could not reverse with no change after the BoJ meeting
Japanese Yen Bullish Sentiment remains under pressure
Japanese Yen Commitment of Traders shows speculators decreasing significantly SHORT positioning
RISK On Risk Off
This cross is often used as a risk-on / risk-off indicator
EURAUD Euro / Australian Dollar
Three major Yen crosses
EURJPY Euro / Japanese Yen
GBPJPY British Pound Sterling / Japanese Yen
AUDJPY Australian Dollar / Japanese Yen
US Dollar vs Emerging Markets
USDTRY US Dollar / Turkish Lira
USDBRL US Dollar / Brazilian Real
USDMXN US Dollar / Mexican Peso
Mexican Peso bullish sentiment holding the 50% midpoint level
Mexican Peso Commitment of Traders shows speculators significantly decreasing long exposure
USDZAR US Dollar / South African Rand
USDCNH US Dollar / Chinese Offshore Renminbi (Yuan)
DeMark Sequential Basics from Bloomberg
More detailed Commitment of Traders explanation
