February 4, 2014 – Forex News Hot asset for today: GBP/USD The EUR/USD rebounded on Monday from the 10 weeks lows as the U.S. ISM Manufacturing PMI plumed. The actual figure showed 51.3 which would be the lowest result since June 2013. This number is very disappointing but might be caused by bad weather and […]
General overview for 04/02/2014 09:30 CET Five impulsive waves from the level of 1.1222 has been done and currently the price is in the corrective cycle wave (ii) blue. The shape of the correction starts to look like a zigzag pattern, therefore one more wave to the upside is needed to complete the cycle. The […]
Bullish RBA lifts Aussie Morning Report: 08.45 London • This morning, markets are holding steady after heavy losses last night. Those losses, inspired by by some lack luster earnings could see the S&P 500 fall for two months in a row for the first time since May 2012. • It’s not all bad news […]
General overview for 04/02/2014 08:30 CET For last two weeks we have been tracking this downside sloping triple zigzag correction in wave 4 purple. Currently, the market is very close to invalidate the main purple count as the invalidation line is at the level of 135.44. The alternate count has been labeled in the H4 […]
GBPJPY on the daily chart is currently bearish and has retraced 61.8% of the up-leg from the November 5 low (156.61) to the January 2 high (174.74). The decline accelerated after the pair broke below an important support level at 167.80 (which is the 38.2% Fibonacci retracement level). Support is currently being provided by the […]
Today’s Support and Resistance levels: R3: 1.6723 R2: 1.6702 R1: 1.6683 Current Spot: 1.6638 S1: 1.6600 S2: 1.6577 S3: 1.6512 Technical summary: After reviewing our count, we have moved wave iii higher to 1.6787. The reason is that the sub-wave four of iii was a running triangle and then we saw the wave five of […]
Today’s Support and Resistance levels: R3: 138.09 R2: 137.65 R1: 137.10 Current Spot: 136.72 S1: 136.18 S2: 135.81 S3: 135.33 Technical summary: With the break below the base channel support line we have seen the expected acceleration lower. Blue wave (iii) has extended slightly further than we first expected and has reached a low of […]
The Australian dollar was the main currency that stood out today after it surged by over 1% against the US dollar on the back of a more upbeat Reserve Bank of Australia policy statement. The RBA left its main interest rate on hold at a record low 0.25% and issued a less dovish statement that […]
EUR/USD: This pair remains a weak market irrespective of the rally that is currently taking place on it. As long as the price stays below the resistance line at 1.3600, it is safe to assume that the bears are in control. The support line 1.3500 was once breached and it will likely be breached to […]
Big correction for Asian markets overnight; Hang Seng, Nikkei 225 all in correction mode. Japan’s Topix fell 4.8% and down by 12.5% year-to-date after registering stellar gains for 2013. Asian markets followed the declines on Wall Street Monday after the US ISM manufacturing report slapped investor confidence by dropping to 51.2 from 64.4, the biggest […]
The GBP/USD pair had been trapped inside a wide-ranged price zone extending between 1.5900 and 1.6250 until November 27 when a bullish breakout took place. Since then, the bulls have been defending 1.6250 as a prominent support. Another successful bullish retesting took place in the mid-December that pushed the pair again to the upside. Based […]
A bullish breakout above 1.6250 took place on November 27. The GBP/USD pair successfully achieved its projection target around 1.6600. This price level is acting as a daily resistance for the pair until now. Last bullish movement exceeded 1.6600 rendering 1.6666 as the highest price in January. However, bearish engulfing daily candlestick was immediately expressed […]
A breakout above the previous resistance level of 1.3450 allowed the bulls to push within the bullish channel to hit higher levels around 1.3650, and then 1.3750. Later on, obvious bearish rejection was expressed at 1.3850 (failing to reach 100% Fibonacci Expansion at 1.3904). Instead, a breakdown of the lower limit of the depicted bullish […]
Technical outlook and chart setups: 1. The EUR/JPY pair has been drifting lower without producing a pullback as expected. It is now recommended to await prices towards 135.00 levels before going long. 2. Immediate resistance is at 143.00, followed by 145.00/50, while supports are spread through 134.00, 131.00, and 128.00/29.00 respectively. 3. The structure reveals […]
When the European market opens, some economic news will be released such as Spanish Unemployment Change, Italian Prelim CPI m/m, PPI m/m. The US will unveil the most important economic data such as the US-Factory Orders m/m, US-IBD/TIPP Economic Optimism. So amid the reports, the EUR/USD will move low to medium volatility during this day. […]
In Asia, Japan will release the Monetary Base y/y, and the 10-y Bond Auction. Meanwhile, the US will disclose some economic data such as US-Factory Orders m/m, US-IBD/TIPP Economic Optimism. So there is a big probability the USD/JPY will move with low volatility during this day. Today’s technical levels: Resistance. 3: 101.81. Resistance. 2: 101.62. […]
Technical outlook and chart setups: 1. Silver has produced a morning star at our expected levels of $19.00, as seen here. It is recommended to hold long positions. For now. the risk remains at $18.50. 2. Immediate support is at $18.75, followed by $18.00, while resistance is at $20.50 (intermediary), followed by sub $21.00 and […]
Technical outlook and chart setups: 1. The yellow metal has reversed from ahead of $1,229.00/30.00 support. This could still be a retracement and hence recommendations are to hold short positions. Risk remains at $1,285.00. 2. Immediate resistance remains at $1,279.00 (intermediary), followed by $1,294.00, while supports are spread through $1,238.00/37.00 (intermediary), followed by $1,230.00/20.00 and […]
Technical outlook and chart setups: 1. The GBP/CHF has finally reversed sharply after testing back side of the support turned resistance line as seen here. It is still recommended to remain short, with risk at 1.5120/30. 2. Immediate resistance is at 1.4930, followed by 1.5120/30, while supports are spread through 1.4550/60, 1.4370/80, 1.4200 and 1.4000 […]
European markets have opened lower today, tracking negative cues from an overnight selloff on the Wall Street after an eight month low in US factory activity heightened fears of a slowing US economy. Closer home, investors await data that might reveal that the UK construction PMI slowed to a reading of 61.5 in January from […]
The gold price closed positively on Monday having found support from the previous two days’ low of $1,237.7 and resistance at Thursday’s high of $1,267. After a closely-watched US factory barometer dipped in January posting a 7-month low. Purchasing managers index fell to a record low of 51.3, while analysts expected it to be 56.4. […]
DJIA As mentioned in my previous reviews, the Dow Jones seems to be an expandable pattern. The new year started on a negative note for equities. It was its first negative start since 2008. Close below 15,500 makes more weakness in the coming trading days. DAX German DAX seems to be in huge sideways pattern […]
Yesterday, the US dollar was trading in line with our expectations. It failed to break the resistance level of 81.32 in the hourly chart. After making three attempts the US dollar lost momentum. Meanwhile, oscillators were not in the bull favor as well. So securing profit is recommended. It holds the support of 81.0. This […]
Daily chart: The GBP/USD has strongly consolidated below the level of 1.6447, and now it is trying to make a breakout in the support level of 1.6326. Near current levels, it has formed a bullish trend line, so this pair is likely to find support there. However, if it makes a breakout in the trend […]
Daily chart: The USDX has temporarily found resistance at the level of 81.33. However, the USDX remains above the 200-day moving average. Thus, the USDX is likely to have bullish momentum and climb to the resistance level of 81.50. Furthermore, any consolidation below the 200 SMA could be a change in the trend in the […]
Trading recommendations: The NZD/USD pair is in the short term. It should be noted that the market will turn to bearish sentiment from the level of 0.8140. Therefore, it will a good sign to sell below 0.8140 with the first target of 0.8061 to form double bottom. It will call for downtrend in order to […]
Overview: According to previous events, the resistance of the GBP/USD pair has been already set at the level of 1.6370. Furthermore, the weekly support 1 sets at the level of 1.6370). But it should be noted that support has been broken and turned to resistance. Equally important, the weekly support 3 has been set at […]
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EURJPY: Follows Through Lower, Tests. 618 Fib Ret EURJPY- With EURJPY following through lower on the back of its past week losses and testing its .618 Feb Ret (its 131.21 -145.61 rally) located at the 136.54 level, the risk is for price extension to occur. Support comes in at the 136.00 level with a cut […]
February 3, 2014 – Indices News Asian markets are down today on worse than expected Chinese non manufacturing PMI data and anxiety over a possible global slowdown. Keep in mind, Chinese and many other markets are still closed due to the lunar new year. Thus, most of the movement happened in the Nikkei, which shed […]
