DOLLAR - Back in Bullish mode
EURUSD - Convergence of moving averages
USDJPY - Might eventually break above 152
GBPUSD - Weaker than expected
EURGBP - Churning in the range
XBTUSD - The bullishness level is suspicious
The Dollar index appears to have ignited a fresh Bull move from the March 6th low @ 102.35, but the on-going up leg might find nearby resistance at 104.29. We expect a short continuation of the upward push towards the mentioned level, followed by a light correction and henceforth a continuation of the bull move.
The Euro is trading at the confluence of the 21 / 55 / 200 dmas, all within a 30 pips range, which is usually a prelude to a strong move. RSI is pointing down as MACD just gave a fresh Sell signal, and a strong down move within a couple weeks a likely, and the downside is currently favored.
Our conviction that the ultra-significant 151.94 resistance would hold is waning. The market has spent too much time near the highs not to eventually break this zone. We expect a continuation of the uptrend till the mentioned level, then a small correction followed by a genuine break up.
GBP is near the support connecting the major lows since October 2023 and on the 55 dma. The market could witness a short-term bounce from a slightly lower level, which might then provide a Selling opportunity.
Rarely have I witnessed so much bullishness towards a financial product than what’s currently going on around Bitcoins. My contrarian vibes are telling me the false break to new highs of last week might turn out to be a significant high. For those looking to go long, I would wait until the market reaches the 200dma (currently @ 40,7k but rising rapidly) which has been an excellent Buy signal in the past corrections.
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