Overview: Since our last analysis, Gold has been trading sideways, around the level of 1,335.00 on ultra high volume (buying climax), and it may end the small bullish corrective phase as we expected. In the daily chart, we can observe lack of demand on the volume below the average, which is a sign that Gold […]
Overview: Since our last analysis, the EUR/NZD pair has been trading upwards, the price tested 1.6495 on high volume and made bullish corrective phase; we are still expecting more downward movements. We may expect the testing of Fibonacci RE 61.8% at the price of 1.5915. In the daily chart, we can observe buying climax on […]
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Yesterday the British pound was in the limelight. It closed the day dropping 72 points. The first impulse to the decline was the Bank of China’s announcement about record volumes of bad debts in the Chinese banks. Against our assumption about pessimistic outlook of the Bank of England policymakers, despite the “temporary difficulties” they issued […]
The Dollar index continues to make lower lows and lower highs. However, it is very near the resistnce trend line as shown in the chart below. If prices break above 79.40, we should expect a bigger upward bounce towards 79.65-80. If prices do not manage to make a break out above the trend line, then […]
Gold short-term trend remains upward. Short-term support is found at 1,328 and at 1,310. Short term resistance is found at 1,343 and 1,375. As long as prices do not make a new high above 1,343, then blue wave count is most possible one. If prices make a new higher high, then red wave count is […]
The Swiss franc is sometimes used as a proxy for the euro, although some traders prefer it as it is a traditionally a more defensive currency and benefits when risk appetite is negative. It appears from the 4-hourly chart that the US dollar is in a steep downtrend against the franc, trading at levels which […]
USD/CAD Elliott Wave Since our last analyses the USDCAD pair has been trading upwards, just like we expected, we made few slight changes in our primary count to fit yesterday’s move to current wave cycle. During the Wednesday’s Asian and European sessions, we could observe an ascending movement from 1.0281 towards the 1.0337 level. Therefore, during the New York […]
AUD/USD Elliott Wave Since our last analyses, the AUDUSD pair has been trading downwards just like we expected, corrective wave A (coloured blue) of the bigger wave (x) (coloured green) has been developing. Yesterday, during the Asian and European sessions we could observe strong descending movement from 0.9755 towards the 0.9630 level. Therefore, during the early New York […]
General overview for 24/10/2013 08:30 CET Althrough the minimum level needed for Running Flat has been reached there is still a possibility that the recent wave down was just a leg (a) of a ZigZag wave Y. This count would make the whole corrective wave (ii) green quite complex and time consuming, but as long […]
General overview for 24/10/2013 08:15 CET Yesterday’s target level for wave B green top has been reached without any problems and even broken higher to the level of 1.0395. Currently, there are two counts available and the difference is in placing wave (i) or alt:1, so traders might anticipate one more wave to the upside […]
Aussie rallies as China proxy Morning Report: 08.45 London • China continues to exert a powerful influence on the global stage, not least the Australian and New Zealand dollars which are increasingly becoming a proxy for Chinese economic prospects. With its mining boom (and slowdown) linked to the state of the Chinese economy, the Aussie […]
The dollar lost ground again this morning, extending its losses from the Asian session. The euro made a new 2-year high of 1.3807 as the Asian session was drawing to a close, taking out the 1.38 barrier and continuing its advance. The dollar however managed to gain versus the Japanese yen, rising by 0.18% to […]
EURUSD: EURUSD is in a bullish mode. After a minor bearish retracement which occurred yesterday, a new lease of a bullish momentum was added. Soon the price would be trading above the resistance line of 1.3800, going towards another resistance line at 1.3850. USDCHF: USDCHF has become perpetually weak – having dropped by roughly 120 pips since […]
TODAY’s TECHNICAL LEVELS: Resistance. 3 : 97.80. Resistance. 2 : 97.61. Resistance. 1 : 97.42. Support. 1 : 97.18. Support. 2 : 96.99. Support. 3 : 96.79. DESCRIPTION: Please, pay attention to the levels of support 3 (96.79) and resistance 3 (97.80). Normally, when a level is touched, USD/JPY will rebound from […]
TODAY’s TECHNICAL LEVELS: Breakout BUY level: 1.3848. Strong Resistance: 1.3839. Original Resistance: 1.3826. Inner Sell Area: 1.3813. Target Inner Area: 1.3780. Inner Buy Area: 1.3747. Original Support: 1.3734. Strong Support: 1.3721. Breakout SELL level: 1.3712. DESCRIPTION: Today EUR/USD has support and resistance at 1.3734 and 1.3826. The rate is accompanied by strong support at […]
Daily chart: The USDX has been in a phase of slow movements, but without abandoning its primary purpose of forming a bearish pattern (higher low pattern). If the USDX manages to break the support at the 79.19 level, it could fall further to the support level of 78.12. On the other hand, remember that the […]
Technical outlook and chart setups: Perhaps, Gold needs to retrace now. As depicted here, the levels of interest are 1,300-1,285. It is recommended to initiate long positions around 1,285.00, which is confluence of the following: 1. Fibonacci 0.618 support, retracement level. 2. Backside of the resistance line, which provides support now. 3. A possible right […]
Daily chart: GBPUSD performed a bearish rebound at the resistance level of 1.6235 and now, this pair is touching the support level of 1.6146. GBPUSD is forming a lower high pattern, and it is very likely that it will continue to rise for several days. However, if this pair does break the support level of […]
Technical output and chart setups: The metal has already raised above the 22.50 resistance levels recently. It is expected to retrace lower, towards 21.30/40, before rallying further. Hence, it is recommended to initiate long positions there, which are confluence of: 1. Fibonacci 0.618 retracement level 2. Back side of resistance trendline, which is acting as […]
Technical outlook and chart setups: The currency pair is producing an engulfing bearish candle stick formation at current levels, after printing intraday highs at 135.50 yesterday. It is indicative of next move lower from here on. We would either like to go long after a retracement, around 132.20; or to initiate short positions upon a […]
Technical outlook and chart setups: The currency pair is around the fibonacci 0.618 mark at 1.44, as expected earlier. It is likely to produce a bullish reversal here; hence it is recommended to hold long positions and also look to add further at the current levels. The immediate support is at 1.42, followed by 1.4075 […]
European markets have opened higher today, as investors awaited a slew of earnings releases from several UK and European corporations. Further, a private data indicating improvement in Chinese manufacturing activities also added to investors’ optimism. Closer home, investors await the release of the CBI’s industrial orders trends survey data, due later in the day. Related […]
The dollar found itself on the defensive again in New York trading, as the reaction to yesterday’s dollar selloff seemed to peter out. In a session with little news for traders to react to, the euro gained 0.18% to trade at 1.3779. During the session, traders tried to push the euro past its earlier high […]
Daily chart The Greenback fell sharply against its counterparts yesterday after a weak NFP report supported the idea of no Fed taper this year. EUR/USD and GBP/USD popped higher, while USD/CHF dropped to a two-year low. It was not a good day for Uncle Sam yesterday as the delayed September NFP numbers disappointed the […]
Overview Based on the H4 chart above, silver is still stabilizing above the the Support 22.50 after its rebound from the Resistance level 22.80 yesterday. If silver continues its bearish move and manages to break the Support level 22.50 after closing below the upward trend line, it will produce a strong indicator for the […]
Overview From the today’s H4 chart, yesterday’s closing below the resistance level 159.50 gave the price an opportunity for a bearish move after specially after breaking the upward trend line. As shown here, currently the price is trying to continue its bearish move by breaking the support level 156.70 which is tested now. In that […]
Weekly chart Yesterday crude oil continued slipping below $100 per barrel after the previous day’s data showed that oil supplies increased last week. The American Petroleum Institute reported an increase of 3 million barrels for the week ended October 18, 2013. Technically, the weekly chart shows Crude Oil is below line 8/8 and is […]
Overview: USD/JPY is trading with risks skewed lower. The rate is undermined by negative dollar sentiment (ICE spot dollar index hit near-nine-month low 79.182 overnight; last 79.26 versus 79.69 early Tuesday) as expectations for the Federal Reserve to start tapering its $85-billion-a-month bond-purchase program were pushed back further to 2014 after smaller-than-expected 148,000 increase in […]
Overview: NZD/USD is consolidating with bearish bias after hitting near-six-month high 0.8543 on Tuesday. NZD/USD is supported by negative dollar sentiment; Kiwi demand on NZD/JPY cross amid positive risk appetite; firmer commodity prices; Kiwi demand on retreating AUD/NZD cross and on buoyant NZD/CAD cross. But NZD/USD gains are tempered by Kiwi sales on buoyant EUR/NZD […]
