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January 19, 2017
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January 19, 2017

Nice Dollar strength across most pairs yesterday but I believe it will be short-lived. I believe that the patterns in major pairs and in the Dollar index imply more downside and more Dollar weakness.

USDX-Dollar index

Price remains inside the bearish channel and below the 4 hour Ichimoku cloud. The last low made was  a confirmed one according to the RSI reading and this implies that more downside should be expected. There is no bullish divergence yet to imply a full scale reversal. The bounce has reached the channel resistance levels and price is giving bearish divergence RSI readings in the 1 hour chart. At least a pull back is imminent.

usdxd usdx

EURUSD

I’m pretty confident of this wave pattern as I believe the upside for the EURUSD is unfinished. Price remains above the 4 hour Ichimoku cloud and I believe even if we reach that area, a strong bounce will follow. 1.0750 is my target area.

eurusd

USDJPY

I was bearish from 118 and closed 60% of my position at 113 and let the rest run with a stop at 114.25.

Now price has reached important resistance levels while price continues to trade below the Ichimoku cloud.

usdjpy2 usdjpy

I believe we will see below 114 until Friday.

AUDUSD-NZDUSD

Both pairs have respected their bullish short-term channels and so should we. A new high is expected in both pairs.

audusd nzdusd

Thank you for taking the time to read my latest post.

Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.