LewkP_FX

LewkP_FX

This zone we've been in since January 2021 is going to look like the flat spot on most of your charts. You need to view it on a logarithmic scale to really appreciate the market structure.

LewkP_FX

EURUSD has been exhibiting a clear bearish trend over the past few months, with significant resistance encountered around the 1.11 level. The RSI readings provide crucial insights into the pair's momentum. On December 27, 2023, we saw an RSI of 70.94, indicating overbought conditions that preceded a reversal. This pattern repeated on March 7 and 13, 2024, with RSI...

LewkP_FX

NASDAQ:TSLA is changing character, and we are under bullish market flow. This is the cleanest inverted head and shoulders pattern. Personally, I don't typically look at the market this way, but you can see the accumulation that happened before the shakeout—that's the shoulder. The head is the shakeout, and the other shoulder is currently being formed. This price...

LewkP_FX

Tesla appears to be setting up for a short squeeze. Bears may find themselves in trouble as the stock could break above the resistance line typically observed among retail investors. This breakout might prompt some bears to exit their positions and lure in breakout longs. However, the price is likely to retreat below the trend line, enticing more bears to enter...

LewkP_FX

The GBPUSD pair appears to be undergoing a significant shift, marked by distinct phases that reflect both technical and market sentiment dynamics. Initially, a preliminary support level at 1.28240 suggests a foundational point where buying interest had been prominent. However, recent movements indicate a reversal in this sentiment, with indications that large...

LewkP_FX

RSI hidden divergence is easier to identify than regular divergence. If you enter a trade based on regular divergence and hold for a few weeks, buying the dip becomes easier once the hidden divergence sets up. As we are currently in profit by about 400 pips, we are able to observe the current market flow on higher time frames without emotions. Hidden divergence...

LewkP_FX

USDJPY continues to display a robust bullish trend, with its price action showing resilience and maintaining upward momentum. This strength is further evidenced by the RSI trending upwards on the weekly chart, currently at 62.23, indicating increasing buying pressure. Additionally, the MACD indicator on the weekly chart remains above its midline, with the last...

LewkP_FX

With the accumulation phase completed and a full wyckoff cycle concluding a spring with an upward movement, USDJPY is expected to sustain its bullish momentum. Examining the technical indicators on the weekly chart, we observe that RSI is converging with price action and trending upward, currently at 59.32. The MACD is holding above its midline and could...

LewkP_FX

Observing the S&P 500, I notice the beginning of what appears to be a Wyckoff distribution phase. I don't anticipate a flat consolidation at this level; historically, distribution phases tend to occur with a downward slope. The key point to watch is when the price drops below the dashed white Choch line at 4903.56. If this occurs, it could lead to a pattern of...

LewkP_FX

Market makers are going to sweep sell-side liquidity from the October swing low before the rally takes off to new all-time highs. You can see the divergence forming in the RSI on all the low-timeframe charts under the daily. The MACD is printing smaller red bars and is near its extreme oversold conditions. Earnings next week will set the stage for a massive rally....

LewkP_FX

USDJPY recently completed the first phase of the accumulation cycle, indicating the beginning of the subsequent stage, propelled by the sustained bearish momentum of the dollar. Despite conflicting signals from the RSI and MACD, both suggesting a bullish trend, the price action displayed a failed ChoCH followed by a bearish rejection below the swing high from...

LewkP_FX

Observing the current trend in the DXY (US Dollar Currency Index) for the week, it appears poised to revisit the low established on December 28th, aligning with last week's price action. The previous week saw DXY establishing this low before a rally that aimed to fill the preceding week's bearish imbalance but ultimately faced rejection from this level....

LewkP_FX

GBPJPY appears to be consolidating within a tight range on the 4-hour chart. Should the dollar maintain its bearish trend this week, it will likely continue bolstering the JXY, applying further downside pressure on this currency pair. A breakout and sustained position above the upper boundary outlined by the dotted white line would indicate a bullish shift,...

LewkP_FX

As of the last trading day of 2023, the USDJPY pair appears poised for a potential reversal, with the weekly chart's RSI bouncing off the 30 line at 32.08. Given the anticipated volatility on this day, caution is advised. The pair seems to be starting an accumulation phase, marked by a successful purge of sell-side liquidity from the July swing low. On the daily...

LewkP_FX

The technical analysis of the US30 index reveals a compelling narrative of sustained bullish momentum across various time frames. Zooming in on the monthly chart, a formidable market surge is evident, characterized by a commanding engulfing bull candle that decisively broke above the previous three months. This pattern sets the stage for an optimistic outlook,...

LewkP_FX

In the current week, a definitive bearish sentiment is evident in the USDJPY pair. On the monthly chart, November closed with a bearish engulfing pattern, breaking and holding below October. The RSI is now sloping down at 62.10, and the MACD is printing smaller green bars, indicating a weakening bullish momentum. Shifting focus to the weekly chart, a clear...

LewkP_FX

The monthly chart for EUR/USD indicates a notably bullish trend in November, with the candle engulfing the previous two months. However, the current December candle shows signs of weakness, although the RSI remains flat above the midline at 52.62, and the MACD continues to print green bars. Moving to the weekly chart, last week witnessed the opening of price with...

LewkP_FX

The DXY (US Dollar Index) exhibited a bearish trend across various timeframes last month. On the monthly chart, a pronounced bearish engulfing pattern unfolded, coinciding with a downward-sloping RSI below the midline at 49.58 and a MACD showing an increase in red bars. Zooming in on the weekly chart, despite clearing an old swing low from August, the price closed...