Bitcoin has recently gained +30% from its March lows, & at current prices about +60% from 2017 YTD lows. Key support is US$1136-1146, & a good long trade would be to wait for it to clear its 2017 falling the resistance line with strength first. Initial target is $1292 followed by $1488. A break below $1146 may be a concern for bulls.
Dollar Yen is moving within its consolidating triangle. Major support & resistance trendlines are well defined, but short term will likely be hard to trade. Shorter term, support is about 107 & resistance is near 113.
$TLT’s incredible multi-year rising looks is almost too perfect, but this time it is facing immense rates rising pressure compared to previous years. Markets are pricing an 80%+ rate hike probability in 4-5 days time so it could be argued that $TLT’s decline has been priced in already in the short term, & therefore good for a “buy the news” long trade.
Breaking its long term support would require much more than expected rate hikes later this year IMO, so we shall have to wait & see.
$USDSGD has outperformed my own expectations, so heres a timely update before the new year arrives.
1.45 is a clear 61.8% fib retracement level from the 24 Dec 2001 peak of 1.85, so expect to see consolidation here before it makes the next big move. Weekly RSI is slightly overbought but looking at history, whenever it broke above 70RSI, it has gone higher for a couple of months before showing extended weakness, therefore I would be inclined to long on pullbacks, especially if it goes close to 1.40. Rising support trendline is quite well defined. If it breaks above 1.45 with strength, its a clear signal for much prices.
I normally don’t trade FX, but interesting development in GBPSGD. A triangle is forming & resolution will appear soon. Will trade the breakout or down out of the triangle, so lets wait for price confirmation to tell us what to do.
A triangle basically means a directionless trend, so no point trading until a clearer direction is set outside of it.
The last time I talked about $USDSGD, it was at 1.28 & I shared its bull trend idea of hitting 1.35. https://tradeware.wordpress.com/2014/01/30/usdsgd/
It has gone way past that & consolidating back at 1.35 now, so looking at the multi year trend, it is likely to continue its uptrend which begin in 2014. Short term target is 1.38, then 1.42. I have my own economic view of why this will happen but this blog isn’t about economics, its about trading so I leave that rant for some place else.
Triangle resolution soon for Nikkei. Can trade based on whichever way it breaks out of first. Stops can be set on the dotted lines which are fibonacci retracements. No need to 2nd guess the market, just trade it as it goes.