Weekly recap – Ethereum closing in on targets

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Cryptos have been hot! With the COIN IPO today, Coinbase surged in trading today, and it took higher most of the “crypto space” and Ethereum was one of the leaders. The breakout above the 2000 has allowed for another 20%+ climb the last couple weeks. We are nearing a bearish “crab” possible harmonic setup (as confirmed by Andre from the Forex Analytix team) as we make it to the 2500 level. Considering the extensions come in just above 2500, and that is a “big figure” level, bulls should be careful especially as the daily RSI reaches overbought.

Swissy may be ready to fall

The Swissy closed at some key support spawning all the way back to the 2018 lows. The .9180/90 levels have acted as support or resistance on many occasions and today is probably no different. However, today we know that the USDCHF and 10yr yields have a fairly strong correlation, and with today’s 10yr yield looking vulnerable, the risk may be for the USDCHF to break the .9200 level and move towards the 200dma at .9100. Bulls should be careful if the .9180 level is broken.

AUDUSD is back in focus

Last month I noted the AUDUSD was in a head and shoulder pattern, and frankly, not a lot has changed. If you have been listening to the daily FACE webinars, or the exclusive Morning EDGE webinars for Forex Analytix clients, you would know that I always thought we needed more “symmetry” for this pattern. And, we continue to build out the right shoulder keeping the head and shoulder pattern symmetrical. However, the pair should find resistance soon. If we are not capped by the .7800 level (or so) then we may make a move for the highs once again. With stocks at ATH and the AUDUSD lagging, it’s still possible we could move higher. Any move lower in global equities could reverse the AUDUSD lower quickly and this must be noted if you are a bull.

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