Dollar-Index
Weekly Chart:
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| Dollar Index Weekly |
The
Dollar-Index is testing major resistance on the weekly chart, which tells us
that a falling-dollar may be what we see the rest of the week. With a Dollar-Index pushing lower, the
correlation will push prices higher on most of the markets we trade, especially
the Euro and Gold.
Dollar-Index
60-Minute Chart:
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| Dollar Index 60-Minute |
We can see
the bull price-channel has held at the lows and prices are moving higher at the
beginning of this week. We have resistance
levels overhead, and we can expect to see pullbacks on the way higher this
morning. Keep an eye on the weekly chart
resistance, and remember that at any minute this Dollar-Index may collapse.
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| Crude Oil 4-Hour |
Our 4-hour
anchor is one of the most important because it shows us exactly where to be
looking for buying-opportunities this morning.
We can see the trend-line support below, which makes for an excellent price-reversal
level. We certainly know that prices are
moving higher, and that means 100.00 is on our radar, and we can expect by the
end of this week that prices will indeed reach that psychological price level
on our charts.
Crude Oil 60-Minute
Chart:
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| Crude Oil 60-Minute |
The hourly
chart of Crude Oil shows us the bull price-channel but most recently we can see
a consolidation in price-action just off the lows of the price-channel. This looks like a price-wedge structure in
the short term, which means we can expect to see 2-sided trading in a narrow
range until something changes the market personality and we breakout. We will be patient to look for price-action to
pullback into the lows of the price-channel because that’s where the high-percentage-trades
will occur this morning. We want to buy
the lows of the price-channel today for the best trade of the day, and we will
stay patient to see which direction we see the breakout.
Crude Oil 5-Minute
Chart:
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| Crude Oil 5-Minute |
We can see
VERY sideways and range-bound trading this morning as we come out of the London
trading Session. We don’t see this type
of price-action very often, trading the majority of the overnight session in
the middle of the trading-range, so we should take this as a big RED FLAG for
things to come this morning. We will
sell the highs, buy the lows, and avoid trading in the middle of this range
today.
We should
make note that the previous week’s high is at the low of the price
reversal-zone below us at 97.82. This price
will act as support until it’s broken and then we may see a big tumble lower if
price-action stays below it today. We
expect to see rising prices into the middle of this week, so we will be
watching closely.
VIP Buy-zone
Level for today: 98.46 – 98.35
VIP Sell-zone
Level for today: 97.93 – 97.82
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