Dollar & Euro Confirm Cycles
06/21/17 Weekly Re-Lay Alert:
“The Dollar Index has turned neutral (from down) after spiking to new intra-year lows during the 23rd week of its latest decline…
The first two signs of a multi-week low have unfolded, with the Dollar Index turning its daily trend up and also its daily 21 MAC up (both of which could prompt a 1–3 day pullback before the next rally). It also remains in an intra-month uptrend that should spur additional gains into late-June.
The Euro has turned its daily trend & daily 21 MAC down (opening the door for a 1–3 day bounce), corroborating its monthly trend pattern, weekly LHR indicator & related cycles & wave targets that projected a peak by June 9th. An initial drop to [reserved for subscribers only] is expected in the coming weeks.
A secondary (lower) high is possible on June 26th – the next phase of multiple daily Cycle Progressions – if the Euro does not drop to new recent lows tomorrow.
The Yen is showing some signs of weakness – peaking mid-month & then generating an outside-week/2 Close Reversal lower. That could signal the end of this (~5-week) rally and the onset of at least a 1–2 week decline.
The only thing the Yen has not yet done is turn its intra-month trend down. It would take a daily close below .8993/JYU to do that. The test (and holding) of intra-month support could spur a brief bounce.
1–4 week traders could have bought Sept. Dollar Index futures around 96.60 and can [reserved for subscribers only]. FUTURES TRADING INVOLVES SUBSTANTIAL RISK!
Gold & Silver appear to be completing their latest sell-off, dropping sharply since early-June, after peaking in line with a 7-week high-high-(high) Cycle Progression converging on June 5–9th. They attacked weekly HLS levels last week, reinforcing the potential for a 1–2 week low on June 19th or 20th.
With both metals testing monthly support and Gold again closing at or above 1243.0/GCQ support, they could see a rebound into June 23rdor 26th. 1261.3/GCQ & 17.100/SIU would be the first level of resistance…
If they make it up to these levels without reversing their daily trends up, Gold & Silver would be in a position to see another decline.
The XAU continues to move in lockstep with daily & weekly cycles, bouncing into short-term cycles on June 6–8th and then dropping into June 16–20th, the latest intermediate cycle low (see June 2017 INSIIDE Track for additional analysis).
It is already bouncing but, as described before, that could be short-lived. The XAU could see a lower high set around June 23/26th – the next phase of a 19–20 day/13 trading-day high-high-high-(high) Cycle Progression.”
Dollar & Euro produce first two signals, confirming early-June cycle extremes. Japanese Yen is corroborating as cryptocurrency (Bitcoin,Ethereum, etc. enter dangerous period (June 23–) when second declines most likely. Daily 21 MACs poised to trigger confirming sell signal (following initial June 11/12th daily sell signal) on June 22–26th… after rebounding 50% & triggering daily trend sell signal on June 20/21st.
Dollar poised to retrace into June 23/26th – after which new advance (and new Euro decline) could take hold. Gold & XAU poised to corroborate with June 23/26th rebound peak. New Dollar rally could have negative impact on cryptocurrency into late-June/early-July… and beyond. July/August 2017 holds important cycle application to Bitcoin.
See Weekly Re-Lay & INSIIDE Track for additional analysis and/or trading strategies.