USD showing big weakness across the board

Today the USD was very weak due to the bad news reported concerning home sales.

Will the USD continue to show weakness or have a major bounce tomorrow?

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  • Simon thanks for great comment I appreciate that information and it is helpful to our readers. Keep up the good work.

  • Michael M

    Because I have open sell trades on the USDJPY I would say it will go up ,up up and drain my account again.

  • Chris

    Hi Nathan! Good work! I was wondering if you could give your view of the USDJPY? Thanks!

  • Ian D Edwards

    Good reporting, and the usual good advice to ‘wait’ and ‘watch for the breakouts’, not to anticipate them! Your notes help me stay out and keep my own discipline when I otherwise might have been tempted.

  • Simon

    Whoops.. my bad, 2. Stoch is nicely overbought

  • Simon

    Toto, decision points like this will kill your account. Don’t hope for a bounce, wait for a bounce. Technically, I think a long here is far to risky.

    1. Bounce of a strong weekly downward sloping trend line (Larger picture – we are in an overall down trend)
    2. Stoch is nicely oversold
    3. Formed an exhausted doji followed by sincere continuation in the last few days movement. US news today has left us with a hammer candle :/ Hopefully doesn’t scare off too many of the sellers

    The only thing that i’m questioning now is that kiss of the 200 day MA, it has recently found support here 3 times before. If we get a close below, 1.27 is in sight.

    Technically, my heart is to the downside.. just my opinion

    Thanks Nathan as always, great stuff!

  • Toto

    Agree with you! Just opened longs @ 1.2941 (and instead I am loosing some pips) I am convinced it will bounce!