Week in review: had hoped USDx would fail through a structural...

Week in review: had hoped USDx would fail through a structural gap from an Aug2022 announcement and give us the cupping top that the gold daily chart was alluding to. It still can but neither has followed through. USDx now has important price level support here. Structurally the expected top in this USDx cycle isn't until Mar 2023, and tops can take on many forms before the monthly chart confirms it. In the eurusd long term chart I have a bottom cycle price target in the 0.89's as the bottom of a daily channel. None of this needs to happen but the 1 hour charts show caution here and I pay attention to the heard of sheep that provides me my meals. In the global markets broadly, nothing has been cleared for anything to take a trip to moon.

GOLD 1hr - cupping top maybe, looks weak locally, bottom of recent rally channel now; upside the blue box is 1800, below is channel failure; $eurusd has outperformed gold this week, so it has lost correlation to fx strength/anti USDx



USDx 1 hour price support comes from the 08Aug2022 announcement; is something structural in that? warrants caution for now, don't rule out the bull flag just yet; if the local support holds then the bounce in USDx is the gap above as a minimum target



USDx monthly historically - this upleg doesn't time a top until Q1/2023, although a top of some kind is very near; I note the lack of "markets in turmoil" headlines so far in this equity bear market; there has been no blood on the streets so far so max pain hasn't been achieved