LikesMoney
Independent Analyst
The Miners have been closing above the upper daily cycle band to signal that they are in a daily uptrend. They will continue in their uptrend until they close below the lower daily cycle band.
The Miners printed another higher high on Thursday. At 43 days the Miners are very late in their timing band to print a daily cycle low. The True Strength Indicator is beginning to rollover signaling that a daily cycle decline is imminent. The new high on day 43 assures us of a right translated daily cycle formation. Therefore once a decline into a daily cycle low begins, the decline should be brief and then we can expect the Miners to go on to break out to new highs.
And the dollar collapsing is, in part, driving the Miners higher.
The dollar has been closing below the lower daily cycle band, which indicates that the dollar is in a daily downtrend. The dollar will continue in its daily downtrend until it can close above the upper daily cycle band. With 7 of the previous 9 daily cycles stretching pass 30 days and Thursday being only day 25, there are good odds for the dollar to continue lower for the next 2 to 3 weeks before printing a final daily cycle low.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
EUR/USD falls back toward 1.1150 as US Dollar rebounds
EUR/USD is falling back toward 1.1150 in European trading on Friday, reversing early gains. Risk sentiment sours and lifts the haven demand for the US Dollar, fuelling a pullback in the pair. The focus now remains on the Fedspeak for fresh directives.
GBP/USD struggles near 1.3300 amid renewed US Dollar demand
GBP/USD is paring back gains to trade near 1.3300 in the European session. The data from the UK showed that Retail Sales rose at a stronger pace than expected in August, briefly supporting Pound Sterling but the US Dollar comeback checks the pair's upside. Fedspeak eyed.
Gold hits new highs on expectations of global cuts to interest rates
Gold (XAU/USD) breaks to a new record high near $2,610 on Friday on heightened expectations that global central banks will follow the Federal Reserve (Fed) in easing policy and slashing interest rates.
Pepe price forecast: Eyes for 30% rally
Pepe’s price broke and closed above the descending trendline on Thursday, eyeing for a rally. On-chain data hints at a bullish move as PEPE’s dormant wallets are active, and the long-to-short ratio is above one.
Bank of Japan set to keep rates on hold after July’s hike shocked markets
The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.