European markets have opened lower today, as investors avoided taking stronger bets amid thin trade and after China revealed weakening of its economic growth in the fourth-quarter. Closer home, Rightmove reported that the average asking price for a home in the UK rose 6.3% YoY in January and recorded its biggest annual gain since November […]
Daily chart: The USDX is consolidating above the 200-day moving average, so it is very likely that the bullish trend is extended by a few more weeks in the USDX, but we must bear in mind that the USDX could find resistance at current levels, as the USDX formed a fractal last week at this […]
Daily chart: This pair has found resistance at the level of 1.6447, but the bearish trend in the medium term is still maintained, as this pair hasn’t formed patterns that may indicate a change in trend. However, the trend may change if the pair manages to break the resistance level of 1.6447. Moreover, if this […]
The recovery of the US economy makes the crude prices fly high. The US housing data was better than expected. This shows the health of the US economy. Oil prices are in a deep correction from August 2013 after making a high at the level of $112. Prices rebounded from the lower level of $91 […]
Dow gave a strong rally from October 2012. Now it is trading at a strong resistance trend line. We recommended to sell in our last couple of reports, where 16,700 were acting as a strong resistance. Dow closed above 16,700 and created a new trend setter targets. Support- 16,346 16,190 Resistance- 16,562 16,700 Recommendation- Dow […]
Gold ended the week on a high note close above the 4 weeks high. Gold prices trading near major crucial juncture either break down or short term breakout rally towards up. This new year, gold started its run on a bullish note in a bear market, framed a classic bottom and fitted with higher low […]
Technical outlook and chart setups: 1. The currency pair has formed a lower low at 140.30/40 in early trade today. Still implications are for a counter trend rally to take shape towards 1430.00/50 levels before further decline. It is recommended to go short around this region. 2. Resistance is at 143.00, followed by 145.50, while […]
Technical outlook and chart setups: 1. The currency pair is just shy of 1.5020 as seen here. Also please note that the back side of the trend line is being tested as well. It is recommended to hold short positions for now with risk at 1.5020. 2. Resistance is fixed at the 1.5020 level, while […]
Daily chart The USD/CHF after it closed with a clear sailing bullish last Friday, it is more likely that this new week it begins with the upward trend. First, after its final upward momentum, closing above the 5/8 line (green line) which is, as we know the top line of its trading range after having […]
When the European market opens, some economic news will be released such as German PPI m/m, German Buba Monthly Report.The US will not release any economic data because of the Bank Holiday, so amid the reports, EUR/USD will move with low to medium volatility during this day. TODAY’s TECHNICAL LEVELS: Breakout BUY Level: 1.3579. Strong […]
Daily chart Crude Oil ended last week with a Doji of indecision and formed a new maximum although not very far from the previous one. Although it is located in a area of purchase and has been traded at the 4/8 line (blue line) and on its pivot weekly that is located at 93.48 , […]
In Asia, Japan will release theRevised Industrial Production m/mand the US will not release any economic data because of the Bank Holiday. So there is a big probability that the USD/JPY will move with low volatility during this day. TODAY’s TECHNICAL LEVELS: Resistance. 3 : 104.54. Resistance. 2 : 104.34. Resistance. 1 : 104.13. Support. […]
Technical outlook and chart setups: 1. Gold rallies quickly into resistance at $1,260.00 in early trade today. Minimum measured level here is the $1,267.00/70.00 region. It is recommended to remain flat till then and plan to initiate short positions. 2. Resistance for now is at $1,267.00/70.00, followed by $1,295.00, while support is at $1,240.00, followed […]
Technical outlook and chart setups: 1. Silver has taken out the $20.50 resistance last week. At the moment, it is recommended to book profits on long positions taken earlier and to wait for a dip to re-enter buying. 2. Resistance is at $20.50, while support is at $19.40/50, followed by $18.75 and lower respectively. 3. […]
GOLD: While our immediate bias on GOLD remains higher on correction, the commodity will have to take out the 1,267.75 level, its Dec 10’2013 high to convince the market of price extension. However, as long as the mentioned level continues to hold as resistance the risk remains lower despite the mentioned recovery. On the upside, […]
EURUSD: Weakens On Loss Of Trendline Support EURUSD: With a reversal of its previous week gains and a break below its rising trendline support occurring the past week, further downside is likely. Support stands at the 1.3489 level where a violation will aim at the 1.3400 level, its psycho level. Further down, support resides at […]
Happy 100th Birthday, Fed Excerpted from Elliott Wave International’s market analysis By Elliott Wave International On December 23, the U.S. Federal Reserve celebrated its 100th birthday. When legislation creating its existence was signed on December 23, 1913 (in a sneaky move during a holiday week), Congress granted the Fed a monopoly on creating dollars backed […]
The Best of 2013: Seven Classic Elliott Wave Trade Setups You’ll See Again in 2014 We have hand-picked for you seven of the best trade set-ups of 2013 that are bound to be repeated in 2014. Here is one of seven By Elliott Wave International The best thing about Elliott wave patterns? Easy: They repeat. […]
USDCHF: With USDCHF reversing almost all of its previous week losses to close higher at the end of the week, the risk is for the pair to recapture the 0.9126 level in the new week. Above here will trigger the resumption of its short term recovery offensive towards the 0.9200 level, its psycho level. A […]
In talking to prospective students at the sales events that I conduct it is always intriguing to see how many of them don’t use stops. The reasons vary widely why the majority of retail traders/investors don’t implement stops. Some don’t even know what a stop is and therefore don’t know any better. Others refuse to […]
Overview In H4 chart, the pair failed more than once to break the support level of 170.50 and it has been trading above that level since yesterday. In today’s H4 chart the pair bounced from the support area again and started to take a slightly upward move approaching the resistance level of 171.50 which […]
Daily chart: The USDX is to finalize the formation of the lower high pattern below the 200 SMA. The USDX intends to consolidate its bullish trend, but pressure from the bears increasingly manifested at current levels, so it is very likely for the bearish trend to rebound and USDX to fall back to the support level of […]
Daily chart: The GBP/USD has made a bullish rebound on the support level of 1.6326 and now this pair is trying to break the resistance level of 1.6447. If the pair manages to break that level, it is expected to rise to the level of 1.6540. The current movements show a clear indecision in the […]
Sterling was the star performer of the day following the release of much higher-than-expected retail sales for December. The data showed that UK consumers ratcheted up their spending in the run-up and during the Christmas period. The month-on-month increase was 2.6% compared to a 0.3% increase the previous month and much higher than a 0.4% […]
The daily chart shows multiple bearish rejections at the upper limit of the ongoing channel resulting in an atypical bearish head and shoulders pattern. Despite Tuesday’s bullish reversal towards 1.6460 intraday resistance, a bearish engulfing daily candlestick was expressed on Wednesday indicating the strength of this price level as resistance. Yesterday’s daily candlestick failed to […]
USD/CAD Elliott Wave For the last few days, the USD/CAD pair has been trading downwards, corrective wave (b) (coloured red) of thebigger wave [y] (coloured green) has been developing. In the 1-hour chart above, you can see that we are trackingdownward move from 1.0990 as FLAT correction inside wave (b) (coloured red). While the price […]
AUD/USD Elliott Wave Since our last analyses the AUD/USD pair has been trading upwards, corrective wave ii (coloured blue) of thebigger wave (v) (coloured red) has started developing. In the 1-hour chart of the AUD/USD pair we can see that the price is pushing higher from 0.8776, and while the price stays above the 0.8750 […]
Bullish movement above 1.3450 within the depicted bullish channel allowed the pair to reach further supply levels around 1.3650 and 1.3750, respectively. This was taking place until obvious bearish rejection was expressed at 1.3850 (failing to reach 100% Fibonacci Expansion at 1.3904). A breakdown of the depicted bullish channel took place shortly after. This led […]
(click to enlarge) The release of December retail sales showed that UK consumers ratcheted up their spending in the run-up to Christmas last year. The month-on-month increase was 2.6% compared to a 0.3% increase the previous month and much higher than a 0.4% rise that was expected by economists. The year-on-year increase was 5.3% in […]
Overview: Since our last analysis, gold has been trading upwards, the price tested the level of 1,244.90 on high volume.We can also observe that demand has entered the market at 1,237.50 which caused the price to start small bullish movement. If the price breaks the level of 1,245.00 on high volume, we may see re-testing […]
