Here is what I have on the SMT divergence terminal a couple hours before open. While the USDX has ramped approx 17° on the 4 hour, USDCAD has been dead flat (mirroring what it did with the case study while it was distributing on H1), EURUSD, AUDUSD and NZDUSD are divergent and GBPUSDs move was very exaggerated. On the 1 hour, GBPUSD, AUDUSD and NZDUSD are divergent.
AUDCAD update – price has been working its way up beautifully (in nice convergence with other AUD pairs) and has successfully broken structure. The breaker has been messed with more than I typically like to see but should still be game.
AUDJPY update – price failed to have a breakdown at least 10 pips of amplitude, so the breaker predictably failed and the high in the magenta block will probably be raided.
CADCHF update – CAD did the same thing with CHF as it did EUR (unsurprisingly), although not much can be said about the way this breaker was utilized. Not impressed.
CADJPY update – this pair has been an absolute mess, mucking about in structure left and right. In light of developments in other JPY pairs, I have flipped short term bias and if market structure confirms this magenta breaker I’m a buyer.
EURCAD update – this pair respected the underside of the breaker (rounded retest that I don’t trade when my bias is jaded) extremely well (not a body in the BR!), if this ends up smashing, breaking structure, and retesting it will be a gem.
No harmonic update is necessary tonight, the patterns detailed in the last post are still holding their own, but one new pattern has come to my attention:
I have not posted anything regarding crude recently. I am staying bearish for now between the OPEC circle jerk and USD strength. Here’s a chart that converges with what I have on CAD, that dotted line is the “line in the sand” between being short-term bullish and bearish: