Highlights and themes
The US Dollar strength theme has paused with the US Dollar backing off of the extreme sentiment and at the top of the upside wave 3 of 5. A higher low wave 4 pullback is pending. After this qualifies, we will see a new upside wave 5 potential price objective. The opposite is happening with Euro. UK Sterling did qualify lower highs wave 4 of 5 and has risk lower with a DeMark Sequential in progress. Japanese Yen weakness continues with risk above 150 with USDJPY.
Crypto has Ethereum still in a consolidation near the lows while Bitcoin should get a completed DeMark Sequential sell Countdown 13 on Tuesday.
Currency Sentiment Overview
Currency sentiment highlights shows the US Dollar off recent highs and below the 70% midpoint level
US Dollar Indexes
DXY US Dollar Index daily still hasn’t qualified the higher low wave 4 with a 13 days closing low.
Bloomberg US Dollar Index daily also has not qualified higher low wave 4 of 5. Sequential more established vs DXY Index
Bloomberg US Dollar Index weekly with recent Setup 9 and a potential Sequential if the trend continues.
US Dollar bullish sentiment has been rolling over after reaching an extreme level over 90%
US Dollar Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Major USD Crosses
EURUSD Euro / US Dollar bouncing and has now qualified lower high wave 4 of 5. There is a pending Sequential on day 2 of 13.
Euro bullish sentiment bouncing off oversold levels inverse to USD
Euro Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
GBPUSD British Pound Sterling / US Dollar did qualify lower high wave 4 of 5. Breaking downside wave 3 will qualify downside wave 5. Sequential in progress on downside.
British Pound Sterling bullish sentiment trying to turn but remains under pressure
British Pound Sterling Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
AUDUSD Australian Dollar / US Dollar with new Sequential 13. Previous 13’s didn’t get much of a response.
Australian Dollar bullish sentiment remains under pressure
Australian Dollar Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
USDCAD US Dollar / Canadian Dollar still has risk with lower Canadian dollar
Canadian Dollar bullish sentiment remains under pressured
Canadian Dollar Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
USDCHF US Dollar / Swiss Franc backed off and did qualify higher low wave 2 of 5
Swiss Franc bullish sentiment with a strong bounce with resistance at 60ish
Swiss Franc Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
USDJPY Japanese Yen daily continues to weaken with important level at 150
Yen bullish sentiment remains under pressure.
Yen Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
crypto
Bitcoin daily should get the Sequential sell Countdown 13 tomorrow
Bitcoin bullish sentiment hasn’t really responded higher with price action
Ethereum daily range bound
RISK On Risk Off
This cross is often used as a risk-on / risk-off indicator
EURAUD Euro / Australian Dollar could be close to making a lower high
Three major Yen crosses
Alll three are steady sideways
EURJPY Euro / Japanese Yen
GBPJPY British Pound Sterling / Japanese Yen
AUDJPY Australian Dollar / Japanese Yen
US Dollar vs Emerging Markets
USDBRL US Dollar / Brazilian Real
USDMXN US Dollar / Mexican Peso still trying to turn after a long period of strong Peso
Mexican Peso bullish sentiment holding the 50% midpoint level. Risk is that this breaks lower
Mexican Peso Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
USDZAR US Dollar / South African Rand
USDCNH US Dollar / Chinese Offshore Renminbi (Yuan) still has a pending Sequential on day 12 of 13.
DeMark Sequential Basics from Bloomberg
Detailed Commitment of Traders explanation
