Daily Market Analysis

The last 100 years has seen many significant advancements and changes in the investing world.

Later today Tiff Macklem, the governor of the BoC (Bank of Canada) is expected to speak at the Riksbank's International Symposium as part of a discussion panel on 'Central Bank Independence'.

The trend in the scenario above is clearly bearish. We have also had a recent break of structure at the marked horizontal arrows, which means we can expect price to react from the supply zone that broke the structure.

The US Dollar has been remarkably sluggish for the past few weeks despite being within a distinct Demand zone…

Hello, my beautiful readers. This week, we continue our critically detailed look at the markets in hopes of getting profitable trading opportunities. As usual, I'll be starting with the DXY (US Dollar Index) since it holds considerable sway over the Major currency pairs.

The most prominent technical factor that jumped at me as soon as I saw the chart though was the wedge I marked above.

If you've followed my analyses closely for a while now you'll already understand why I always look to the price action on the DXY (US Dollar) chart for clarity on how to approach trading the major pairs. Looking at the chart above, we see clearly the descending wedge leading price off right into the PIVOT demand zone

A comparative examination of the strength of the US-Dollar often gives tangible insight into the direction of Gold (XAUUSD). The chart above indicates the expectation of a bullish price reaction from the demand zone.

A comparative examination of the strength of the US-Dollar often gives tangible insight into the direction of Gold (XAUUSD). The chart above indicates the expectation of a bullish price reaction from the demand zone

The US Dollar has been remarkably sluggish for the past few weeks despite being within a distinct Demand zone. My expectation of a springing rebound off the demand zone has not exactly played out yet, however, the zone remains unbroken.

For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances

Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.