USD may lose upside momentum

Norm Winski Independent Analyst

June Review – “Our May analysis for a new uptrend for the US Dollar Index was correct. The US Dollar Index had a strong rally for almost all of May. In the past few trading days, it has pulled back to the bottom of its trading channel.

Key Dates – 6/4, 6/5, 6/6, 6/7, 6/11, 6/25, 6/28”

Results – 6/4 was a one day low. 6/5 was a short term high. 6/6 was close in price and one day ahead of a very good low. 6/7 was a very good low. 6/11 was a good re-test low of the 6/7 low. 6/25 was very close in price and one day ahead of a good low. 6/28 was the exact high of the month. Score - 7 out of 7 good dates = 100%.

July Update – Since April, the US Dollar Index has been in a strong uptrend. The chart shows that it may now be losing some upside momentum and that a correction or consolidation is coming soon.

Key Dates – 7/5, 7/9, 7/10, 7/11, 7/13 (Solar Eclipse), 7/30 (includes Lunar Eclipse).

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This is an excerpt from the Astro Trend newsletter. Astro-Trend covers about thirty futures related markets including the major Financial Markets, such as the Stock Market, T-Bonds, Currencies, and most major commodities. We also offer intra day data which identifies potential change in trend points to the minute.

Author

Norm Winski

Independent Analyst

www.astro-trend.com

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.