The Periodical: 7th October 2022
GBPUSD rockets from the 40 week nominal low after a bearish media frenzy, gold and silver lift from 20 week nominal lows and stock markets move up from a likely 40 day nominal low
Chart Highlight: Dollar Index
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Round Up
It has been a good couple of weeks from a Hurstonian perspective, once again proving the robust nature of this approach with contrarian and correct calls in huge global markets, namely Gold, Silver, Equity indices and GBPUSD/EURUSD.
Starting with the currency markets and the stand out story to tell is that of at least a 20 week nominal low in GBPUSD (and other USD crosses) occurring on the 26th of September. This low was anticipated for many weeks (even months) by our phasing analysis so it is immensely satisfying to see such a sharp reaction at concisely timed areas. This so often will happen at large lows or peaks and is a time of maximum opportunity. Hurst would refer to this area of buying as an ‘edge band transaction’, being as it would be…