Tag: intermarket

AUDJPY FX – June 3, 2024

AUDJPY correlates nicely with the NASDAQ

I like to track the AUDJPY and had not taken a look at it for a while. Why? It’s been in a VERY well defined parallel trend channel going back decades. I’ve never traded it, but use it w/ equities. Hugh?

It’s actually known as one of those cross pairs that are associated w/ “risk on” and “risk off.” In this case, AUDJPY is seen as “risk on” and it’s interesting to see how this is correlating pretty nicely w/ the equities.

The candles is the AUDJPY spot currency pair.

The red line is the NASDAQ composite

The black circles are just correlation nodes that corresponding to inflections in the market and the light blue rectangles are just showing the time component. Now, please note, one time it didn’t even register and this correlation pretty much failed. But, every other market move, the AUDJPY was inflecting.

So, top of the range and an ABCD target on the AUDJPY. Usually spells a relief/correction in this ongoing insanity higher.

AUDJPY correlating w/ NASDAQ

Palladium – approaching key level … important to NASDAQ

last post on Palladium: https://bartscharts.com/2021/09/28/keep-an-eye-out-for-palladium-in-the-lower-blue-blox/

as you can see, Palladium is tracking down into our level ID’d above back in September. additionally, you can see that they track each other pretty nicely. it’s NOT exact but the general trend and flow is pretty much the same…

during this sell off in Palladium, the NASDAQ 100 has held up pretty nicely and we are approaching a level on the Palladium chart that represents the LARGEST corrective move in the past 15+ years. this measured move is key …

time to play IF and THEN …

IF we hit the level below on Palladium AND it holds THEN I would look to be a buyer of the NASDAQ 100. note, we have a LOT of thrust coming into this level so let it shuck and jive and look for a weekly signal reversal candle on palladium (in this case the HIGH of the candle that makes the low (the wick is included) on a weekly close above is a signal reversal candle or SRC)