Investors were generally avoiding risk today, as damp sentiment followed through from the US session after disappointing US data. As a result the US dollar was broadly weaker against most of its major counterparts while safe haven flows went to currencies like the yen. Falling US Treasury yields didn’t help the dollar. Meanwhile, Chinese manufacturing […]
General overview for 24/01/2014 07:30 CET Due to waves overlap, the main count has been invalidated and alternate count is the correct one. Intraday waves progression suggests a possible triangle pattern forming within the wave X black, as long as the green trend lines are not violated. Otherwise, the sell-off might accelerate once the level […]
European markets have opened slightly higher today, as positive earnings reports of some major companies managed to more than offset the losses in US and Asian equity markets. Investors also mulled over upcoming earnings updates from several European companies, to gauge the direction of the market movement. Closer home, investors await data which might show […]
There is no economic data to be released in Japan and the US today, so there is probability for this pair to move with low volatility. TODAY’s TECHNICAL LEVELS: Resistance. 3 : 104.03. Resistance. 2 : 103.83. Resistance. 1 : 103.63. Support. 1 : 103.38. Support. 2 : 103.18. Support. 3 : 102.97. DESCRIPTION: Please, […]
When the European market opens, some economic news will be released such as Italian Retail Sales m/m, Belgian NBB Business Climate.The US will not release any economic data today, so amid the reports, EUR/USD will move low with medium volatility during this day. TODAY’s TECHNICAL LEVELS: Breakout BUY Level: 1.3756. Strong Resistance:1.3747. Original Resistance: 1.3734. […]
Technical outlook and chart setups: 1. Gold rallied towards resistance at $1,267.00 yesterday. This surprising move also tested the dropping trend line resistance. It is still recommended to remain flat and watch for a reaction here. 2. Immediate resistance is still at $1,267.00/70, while supports are spread through $1,230.00/32.00, $1,220.00/10.00, and $1,184.00 respectively. 3. Structure […]
Technical outlook and chart setups: 1. The EUR/JPY pair remains unchanged since a few trade sessions, drifting sideways between 140.50 and 142.00. It is recommended to remain flat for now and initiate short positions around 143.00/50. 2. Immediate resistance is at 143.00, followed by 145.00/50, while support is at 140.50 (intermediary), followed by 138.50, 134.00 […]
Technical outlook and chart setups: 1. The GBP/CHF pair reverses just shy – by 20 pips – of the fibonacci convergence at 1.5145/50, as seen on the chart here. It is recommended to sell rallies from here on. The risk remains at 1.5180. 2.Immediate resistance is at 1.5140/50, followed by 1.5250, while supports are spread […]
Daily chart: Finally, the USDX was able to consolidate again below the 200 SMA, after it had found dynamic resistance at that level. Now, the USDX is consolidating below the level of 80.62. It is very likely that the USDX start forming a higher low pattern, to fall to the support level of 80.11. The […]
Gold is in the first strongest intraday rally in the new year of 2014 trading at a 5-week high. Looking at gold chart, we see that this yellow metal has corrected for more than a year now. It seems gold could be making a triangle or a flat. As we have consecutive abc’s in the […]
The weaker existing home sales and unemployment data makes the US dollar weaker. The US housing market sales jumped in December for the first time in 5 months. Total existing home sales increased 1% to a seasonally adjusted annual rate of 4.87 million in December, whereas 4.94 million units had been expected. Comparing with the […]
Daily chart: The GBP/USD is consolidating above the level of 1.6540, after it has made a very bullish move vertically. If this pair manages to break the resistance level of 1.6663, it would be expected to rise to the level of 1.6851. Furthermore, this pair is forming a bullish pattern below the level of 1.6663, […]
Overview: The EUR/USD pair resistance was broken and it was turned to support at the price of 1.3653 yesterday (January 23, 2014), therefore the pair has already formed a new strong support at the 1.3653 level. Moreover, after it had closed above it today, the pair started signing the bullish market, Additionaly, It should also […]
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CRUDE OIL: With a third day of strength seen on Thursday, further upside offensive is envisaged. This development leaves the commodity targeting the 98.18 level, representing its 200 ema with a violation of here turning focus to the 99.38 level, representing its Dec 31 2013 high. We may see a pull back threat at this […]
Each time we see the daily charts form some type of bullish pattern gold market traders become instantly bullish. And each time this happens they get another reality check about their trading technique of trying to pick a bottom. I just published a book in December which teaches readers how to identify trends and stages […]
Each time we see the daily charts form some type of bullish pattern gold market traders become instantly bullish. And each time this happens they get another reality check about their trading technique of trying to pick a bottom. I just published a book in December which teaches readers how to identify trends and stages […]
He created these charts – which cover markets like the S&P 500, NASDAQ, gold, and mutual funds – to explain where financial markets have been and where they are headed. These are not your typical price charts. They combine history and patterns to tell the story clearly, all from his distinctly different point of view. […]
As you likely know, the Asian markets have become an undeniable force in the global economy, and they have provided some of the most exciting investment opportunities in the past few years. Should you invest in China and Japan now? Discover an entirely fresh perspective on their economies in an eye-opening new free report from […]
As you likely know, the Asian markets have become an undeniable force in the global economy, and they have provided some of the most exciting investment opportunities in the past few years. Should you invest in China and Japan now? Discover an entirely fresh perspective on their economies in an eye-opening new free report from […]
The USD/CAD continued to pull ahead one day after breaching the psychological 1.10 barrier. The pair is riding a four-year high, as investors set their sights on deepening US recovery. The pair was seemingly unaffected by strong retail sales data, courtesy of Statistics Canada. Canadian retailers saw their revenues rise 0.6% in November, compared to […]
The EUR/GBP ended its weeklong skid following the release of robust PMI data, courtesy of Markit Group. The PMI data showed recovery is gathering pace in the Eurozone, led by a robust German manufacturing sector. Manufacturing output in the Eurozone rose considerably in January. Germany’s manufacturing PMI rose to the highest level in 32 months, […]
The EUR/USD escaped several days of bearish pressure after Markit Economics produced solid Eurozone PMI data. Meanwhile, in the United States, PMI data was less than stellar, falling below forecasts. Eurozone manufacturing PMI rose 1.2 percentage points to 53.9, the highest reading since June 2011. At the same time, services PMI rose 0.9 percentage points […]
General overview for 23/01/2014 15:50 CET The corrective structure on hourly time frame is getting more complex and time-consuming as the price is rather close to invalidate the main impulsive count. The critical area for impulsive count not to be invalidated is between weekly pivot at the level of 141.42 and intraday support at the […]
Overview: USD/JPY is under pressure. It is supported by positive dollar sentiment(ICE spot dollar index last 81.19 versus 81.09 early Wednesday), higher U.S. Treasury yields amid expectations that the Federal Reserve will continue winding down its bond-buying program at the end of its two-day meeting on Jan. 29, and ultra-loose Bank of Japan’s monetary policy. […]
General overview for 23/01/2014 14:50 CET The target area indicated yesterday has been hit but the market extended the move up even higher and this was the reason to take a look at my longer term count for this pair. The outlook is not very much bullish anymore as the impulsive wave development on daily […]
Overview: USD/CHF is trading in a lower range and is expected to continue the trend. It is supported by positive dollar sentiment and a drop in Switzerland ZEW-Credit Suisse indicator of economic sentiment to 36.4 in January from 39.4 in December. Daily chart is mixed as MACD is bullish, 5 and 15-day moving averages are […]
Hello eTorians, Today has been one of those days you wouldn’t want to miss. Your favorite companies, the ECB, China – they surprised traders with big decisions that impacted the markets. This is the kind of day I like to spend on eToro OpenBook talking to investors about the impact of these unexpected events on our […]
The euro was the big winner of today’s European session, as business surveys pointed to improving economic prospects for the Eurozone. The euro was up 0.86% against the dollar to trade at 1.3666, while against the yen it managed to gain 0.31% to trade at 141.75. The Eurozone Markit flash PMIs for January exceeded expectations, […]
USDCAD: The pair is now seen following through higher on the back of its Wednesday rally during Thursday trading session. This development has created scope for more strength towards the 1.1200 level where a breach if seen will trigger further gain towards the 1.1250 level. Further out, resistance comes in at the 1.1300 level where […]
