Is it time for the USD to turn ?
The USD has been very weak since the middle of December. Very evidently in the price of gold. Only now we can see some slow down and consolidation (see chart below).
Now the question is when with the USD turn. We first look at the analysis of the all most important pair, the EURUSD. There are Shark and Crab patterns terminating at around the 1.2088/1.2125 zone.
Searching for more evidence to to support the possible turn on the USD lead us to the Dollar Index. Gartley pattern to complete slightly lower is in line with the our views.
Conclusion: Expecting the USD to weaken a little bit more before it starts to turn. I strongly believe that the NFP data tomorrow night will be the catalyst for this last move before the USD starts strengthening.
For those of you who are based in Singapore (or nearby), I am having a sharing session on the 17th Jan 7pm. This will be in a classroom format. Will be sharing the following :
a) the predictive power of Harmonic Patterns
b) revealing the secrets of the Gartley Pattern
Please CLICK HERE to RSVP your seats.