Highlights and themes
- Some extreme action in the currency markets led by the yen strength
- Dollar Index is on day 7 of 13 with the Sequential while USDJPY is on day 8 of 13 with the Sequential.
- I’ve been saying everything has revolved around the Yen and so many carry trades are blowing up
- Crypto has been weak recently and breaking down hard this Sunday night.
- More on the notes this week
- I had to redo all of the charts with DeMark indicators with tonights action.
Comments on charts. If you have questions or would like more context, please email.
Currency Sentiment Overview
Currency sentiment highlights with some massive moves from Friday and into this evening.
US Dollar Indexes
DXY US Dollar Index daily breaking down with Sequential on day 7 of 13 nearing some targets but I’d rather wait for the Sequential 13 vs the targets.
DXY US Dollar Index weekly has a new DeMark Sequential buy Countdown 13 with default version. If using the more conservative 8 vs 5 setting the Sequential continues. It’s when the red counts halt until it trades under the 5th red bar.
Bloomberg US Dollar Index daily is right at support at 200 day
Bloomberg US Dollar Index weekly has been making higher lows but the pending Sequential is something I continue to watch.
US Dollar bullish sentiment has been dropping now at new 2024 lows. Getting closer to oversold
US Dollar Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Major USD Crosses
EURUSD Euro / US Dollar shows range bound trading with Euro strength
Euro bullish sentiment has remains steady and not that bad
Euro Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
GBPUSD British Pound Sterling / US Dollar has a pending downside Sequential but not breaking down. Below 1.26 and things could get slippery
British Pound Sterling bullish sentiment has been hanging around the 50% level
British Pound Sterling Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
AUDUSD Australian Dollar / US Dollar shows a fading Aussie Dollar
Australian Dollar bullish sentiment broke down
Australian Dollar Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
USDCAD US Dollar / Canadian Dollar is moving higher with weak Canadian Dollar
Canadian Dollar bullish sentiment oversold but could stay depressed
Canadian Dollar Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
USDCHF US Dollar / Swiss Franc with Setup 9. Stronger Swiss Franc
Swiss Franc bullish sentiment has been spiking
Swiss Franc Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
USDJPY Japanese Yen daily complete breakdown with Yen strength. Sequential on day 8 of 13
Japanese Yen bullish sentiment had been surpressed on lows and now spiked to extreme zone 80%
Yen Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
Crypto
Bitcoin daily breaking down hard Sunday night on day 7 of 9 with Setup. 50k wave 5 price objective could be met soon or surpassed
Bitcoin bullish sentiment has made lower highs and lower lows
Ethereum broken all levels
Three major Yen crosses – holy shet
Not done yet
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
Mexican Peso bullish sentiment was one of the strongest currencies in the last few years and now it’s breaking down hard
Mexican Peso Commitment of Traders large speculators and weekly DeMark Setup, Sequential, and Combo indicators
USDZAR US Dollar / South African Rand range bound
USDCNH US Dollar / Chinese Offshore Renminbi (Yuan) also with a Sequential in progress
DeMark Sequential Basics from Bloomberg
Detailed Commitment of Traders explanation
