Cycle Trading: The Weekend Report Preview - FXStreet

The Dollar

The dollar printed its lowest point on day 11.  That should have been too early for a daily cycle low to form.

However with the currency manipulation and the conflict in the Mideast it certainly appears as if an early DCL formed.  The dollar formed a swing low and closed above the 10 day MA.  It is running into resistance at the converging 50 day MA and the 200 day MA.   A close above these two moving averages would confirm that day 11 was an early DCL.  The dollar is in a daily downtrend.  It will remain in its daily downtrend unless it closes back above the upper daily cycle band.

Stocks

Stocks printed a new daily cycle high on Friday.  

Friday was day 26 for the daily cycle.  The new high on Friday locks in a right translated daily cycle formation which aligns with stocks begin in a daily uptrend.   There are bearish divergences developing on the oscillators, which often precede a cycle decline.  Stocks did printed a bearish candle on Friday, which eases the parameters for forming a daily swing high.  A break below 3260.86 will form a daily swing high.  Then a break below the daily cycle trend line will signal the daily cycle decline.  Stocks are in a daily uptrend.  Stocks will remain in their daily uptrend unless they close below the lower daily cycle band.

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January 13, 2020 at 07:00AM
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Cycle Trading: The Weekend Report Preview - FXStreet
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