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After last week's extreme of extreme sentiment readings notably on the USD and Euro combined with the DeMark exhaustion signals a turn has occurred with all of the major crosses.  Other markets such as equities, commodities, and bonds have also had some reaction to the currency move.  My belief as of now is that the USD just finished the 3rd of 5 waves up and now is in the 4th wave which is a corrective wave.  In english, this means the pullback in the USD will make a higher low than the low this year and then proceed higher into the final 5th wave.  Maybe a little relief in some of the troubled emerging market currencies.  Argentina and Turkey.

Quick theme - USD corrective drop to be followed by higher USD soon.  

US Dollar Bullish Sentiment is at 71% and has now worked off the extreme sentiment from 94%.  

Commitment of Traders report shows speculators starting to increase barely into the net long zone

US Dollar had upside exhaustion signals and is now in wave 4 and thus an new upside wave 5 price objective has been set at 98.40.  Keep in mind the price objectives on the USD have not been spectacular as some have been surpassed and some not met.

Euro Bullish sentiment is at 27% up from the extreme low of 4%

Commitment of Traders report shows speculators continues to show a drop in long Euro exposure and still a lot of fuel if things start back into the USDEUR up move

EURUSD daily had a perfect downside red Sequential 13 and is now on day 7 of 9 with an upside green Setup

British Pound bullish sentiment is at 23% and also moving higher

This too had a nice downside red Sequential 13 on the low and is moving up

Yen bullish sentiment is at 21% and is at a new low for the cycle

USDJPY daily ran into the 50 day and reversed.  The Yen to have a downside exhaustion vs the USD needs to trade to the close of the 8th red bar.  This chart is inverse fyi

Canadian bullish sentiment is at  15% and spending a little time here without much of a reversal

A break of the 50 day or new highs is how I would play this either way.  As of now trend

Swiss Franc bullish sentiment is at 38% and continues higher

USDCHF 15 min chart shows the chop fest in the past few days.  Watch .9830

Australian Dollar bullish sentiment is at 28% and is lifting off the lows

AUDUSD daily turned higher after chopping around on the bottom.  There is a current green Setup on day 6/9 on the upside and I would expect the 9 to complete

New Zealand Dollar bullish sentiment is at 33%

NZDUSD daily didn't quite get the red Sequential to complete but the turn now has the green Setup on day 7/9 and when the 9 completes the pending red Countdown will be cancelled.

USDNOK daily should continue lower to the 50 day and complete the green Setup 9.  From there we can then figure out if this move continues

USDSEK daily same story

USDDKK daily ditto

If there are any important crosses you would like me to add or send one off, please let me know

Mexican Peso bullish sentiment is at 13% but slightly up from 10%

USDMXN daily should see the Peso increase some more and maybe get to the 50 day

USDCNH daily backed off with the green Setup 9 and now has a wave 3 price objective of 6.52 and that will get some notice when that happens

USDHKD daily slipping ever so slightly

USDSGD daily reversed on the green Setup 9 and now is on day 6/9 with a new Setup count

USDINR daily is actually pretty clean with the exhaustion signals then a reverse and now a green Setup 9.  I could see a new reversal here with a weaker Rupee

USDZAR daily seems to have the trend intact even with the exhaustion signals

USDRUB daily shows no real change with resistance at 60.86 for the Ruble

USDTRY daily has calmed down but has not recovered

USDILS daily is on day 6/9 with the green Setup and should complete near the 50 day

USDRON daily did not complete the red Countdown and is on day 4 of 9 with the green Setup.  

USDCZK daily is on day 6 of 9 with a green Setup and looks similar to many others

USDHUF daily did get the exhaustion 13 and reversal.  Now on day 4 of 9 with green Setup

USDPLN daily same story with it on day 6 of 9 with green Setup

USDARS daily nearly has the red Sequential 13 and did get the green Setup 9.  This could be some relief in Argentina

If there are any important crosses you would like me to add or send one off, please let me know

EURJPY daily is bouncing but will it make anther lower high

EURGBP daily both have been correlated on the way down and now bouncing.  

EURCHF daily shows Euro bounce but I don't believe this will be long lived

EURCAD daily did not get the red Sequential 13 complete and also believe this will be short lived

EURAUD daily should see a continued bounce in the Euro

If there are any important crosses you would like me to add or send one off, please let me know

A lot of lower highs

CHFJPY daily looks likely to break out above 112 and that would change the recent 5 wave down structure.  More on that if it happens

AUDJPY daily has the Aussie bouncing but it is running into resisistance

Gold bullish sentiment is at 14% pretty low but it can and might stay down here

Gold Futures daily still basing and has a downside red Countdown on day 5 of 13.  I'm neutral on Gold for now

GLD Gold ETF daily is on day 6 of 13 with a downside Countdown.  The last long was from December with downside Countdown and extreme low sentiment

XBTUSD daily has gone sideways in a very narrow range and is on day 6 of 9 with an upside green Setup and if it completes the red pending Countdown on day 3 of 13 will be cancelled.  The bad news is the 9's have been pretty good at inflection points.  

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