The DXY starts 2022 with a move toward our target, while we start this brand New Year with renewed hope and optimism. While we watch for DXY to reach our first upside objective in 2022, we are feeling refreshed after from some time away from charts, and are ready and committed to make 2022 the most profitable year ever.
News this week is still dominated by the Omicron variant, which seems to make it more difficult to predict when the world will shift to an endemic phase. In financial news, the OPEC-JMMC Meetings have ended with an appointment of a new secretary, Haitham al-Ghais, and there will be another discussion tomorrow regarding oil output that we will be monitoring. We will also be watching for the FOMC meeting minutes this Wednesday, January 5, which are expected to provide economic insight on the Federal plans for 2022.
The DXY starts 2022 heading for our target. With today’s candle, it looks like it will reach our upside objective. 2022’s first new quarter is here, and DXY typically starts to go up, so expect higher prices on DXY.
EURUSD is also heading for our target of ( members only ). Look for sells on EURUSD, with a first target of 1.12217.
Turning to GBPUSD, GBP broke market structure this afternoon, so we will be looking for sells going into the rest of the week. Our targets are ( members only ).
For AUDUSD, AUD is now in discount relative to the trading range, so we will not be selling this pair. We will use the strength to trade EURAUD and GBPAUD.
With NZDUSD, NZD is also in discount relative to the dealing range on the daily time frame. Just like AUD, we will use the strength to trade the cross EURNZD and GBPNZD.
Looking at EURGBP, price is looking to reverse and go up on this pair. We will be watching on the lower time frame for signs of reversal.
For USOIL, oil formed a swing high on the daily, so we are anticipating a drop likely tomorrow to ( members only ).
GOLD reached our second target and has given another pull back. We will look at price tomorrow during London session for a potential reversal.
Finally, BTC is heading towards our downside objective of ( members only ), so look for sells on BTC.
We’re glad to have you back for another year of trading, and are excited for what’s in store for us all in 2022.
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