EURUSD: This pair has bounced upwards from the support line of 1.3450, but this is supposed to be a rally in the context of an uptrend. The rally should not go beyond the resistance line of 1.3600 (in an extreme case), otherwise the extant bearish outlook would be put in jeopardy. USDCHF: USDCHF has pulled […]
General overview for 05/11/2013 06:40 CET The range of a Triangle is being maintained and so far it looks more and more like one more wave to the downside needed to complete the cycle. It is very possible that the DEMAND zone is the target for this fifth wave (unless it would get extended). That […]
The Australian dollar was the biggest mover in today’s Asian session, falling 0.3% against its US counterpart following a statement from the Reserve Bank of Australia which commented that the Australian currency value was too high. While the RBA held its benchmark interest rate unchanged at 2.5% as expected, it noted that that a lower […]
Today’s Support and Resistance levels: R3: 1.6471 R2: 1.6423 R1: 1.6349 Current Spot: 1.6320 S1: 1.6289 S2: 1.6270 S3: 1.6246 Technical summary: The rally from the 1.6246 low observed yesterday does have a clear impulsive character, but to confirm that we have seen an important low at 1.6246, we would like to see support […]
General overview for 05/11/2013 06:30 CET The projected level for the ZigZag completion has not been hit and this structure was finished earlier that was expected; so called Running ZigZag shape. Currently, the overall retracement is not deep enough in price and time to call 1.0395 for a low for wave B green, so I […]
Overview: NZD/USD is trading with risks skewed higher. It is supported by softer dollar sentiment; positive risk appetite; optimism over economic pickup in China. But NZD/USD gains are tempered by weak commodity prices; the Kiwi sales in the rebounding AUD/NZD cross. Daily chart is mixed as MACD is bearish, but stochastics is turning bullish staying […]
European markets have opened higher today, after several US Federal Reserve officials signalled overnight that the US central bank is in no rush to cut its programme of bond purchases, and amid expectations that the European and UK central banks would continue with their accommodative monetary policies. Closer home, the British Retail Consortium (BRC) reported […]
Overview: GBP/JPY is trading in a higher range. It is supported by positive risk appetite; demand from Japan importers. But GBP/JPY gains are tempered by Japan exporter sales. Daily chart is still negative-biased as MACD and stochastics are bearish, the 5-day moving average is below the 15-day MA and declining; although the inside-day-range pattern was […]
Daily chart: The USDX is forming a higher low pattern below the resistance level of 80.62. If the USDX manages to break that level, it is likely that the USDX will try to consolidate above the 200-day moving average and the resistance level at 81.50. On the other hand, the USDX may do a bearish […]
Daily chart: GBPUSD made a bullish rebound at the support level of 1.5883. It is very likely that this movement is the formation of a higher low pattern to continue falling in the coming days. However, the possibility exists that this pair will rise to the resistance level of 1.6046. On the other hand, if […]
Today’s Support and Resistance levels: R3: 134.84 R2: 134.15 R1: 133.42 Current Spot: 132.94 S1: 132.60 S2: 132.44 S3: 132.20 Technical summary: The pair has been trading in a narrow range between 132.60 and 133.42 since yesterday, and we need a break above 133.42 to confirm that wave b is over and wave c […]
Yesterday, after the release of the Italian Manufacturing PMI below the market expectations, the EUR/USD got under pressure to go down. For today, we wait for the US ISM Manufacturing release. All the market participants are now waiting for next Friday to see the US Non Farm Payrolls and the US Unemployment Rate data. TODAY’s […]
After the Fed’s plan to start tappering in the US earlier, all the market participant thought it was not a good sign for them, so that is why all the regional stock indices dropped into the red zone, including metals such as Gold (XAU/USD) and all the major pairs against USD. Friday, we will see […]
The euro managed to consolidate its earlier bounce, gaining a slight 0.04% to trade at 1.3515 during late New York trading. The pound lost just 0.04% to 1.5968 versus the dollar. The euro was supported by Eurozone manufacturing surveys released earlier during the European session that showed that the region’s manufacturers were on a recovering […]
Overview Based on the H4 chart above, silver is still stabilizing between the Support 21.50 and the Resistance level of 22.00 after its failure to break the Resistance level 22.00 last week. If silver continues its bearish move and manages to break the Support level 21.50 which is tested now, it will produce a […]
Overview Today’s H4 chart shows that the pair might take a new bullish signal after it opened above 156.70 level with the beginning of the current week, as it was expected. Today the pair took an upward movement approaching the resistance level of 158.00 trying to break it through to continue the bullish trend. […]
The euro managed to continue its moderate bounce off the lows made in the Asian session, while the pound benefited from stronger-than-expected construction PMI data. The euro rose 0.13% against the dollar to 1.3510, after hitting 1.3442 earlier in the day. The market was looking forward to signs from the ECB later in the week, […]
Trading recommendations: Pair:NZD/USD Date: 04/11/2013 According to the previous events, the price has still been trapped between 0.8310 and 0.8280. Long buying: Buy above 0.8203 with the first target of 0.8290, it might resume to 0.8330. Short selling: Outlook -1-: Swing trade at 0.8370 in order to sell with a traget of 0.8330. Outlook -2-: […]
Weekly technical levels: pivot point: R3 and S3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well in the sideways markets, as the prices are most likely to be located between the R1 and S1 lines. Within a strong trend, […]
Overview: Since our last analysis, Gold has been trading downwards,as we expected; the price tested the level of 1,305.62 on high volume, and we ended the small bullish corrective phase as we expected. In the daily chart, we can observe good supply on the volume above the average, which is a sign that Gold started […]
Overview: USD/JPY is trading in a range. It is underpinned by positive dollar sentiment (ICE spot dollar index last 80.24 versus 79.74 early Thursday) after a surprise surge in U.S. ISM-Chicago PMI to 65.9 in October from 55.7 in September, the biggest monthly increase in more than 30 years (versus forecast for a drop to […]
Overview: NZD/USD is trading with bullish bias. It is undermined by positive dollar sentiment; reduced investor risk appetite; soft commodity prices; concerns about liquidity conditions in China. But NZD/USD downside is limited by the Kiwi demand in the soft AUD/NZD cross; positions adjustment before weekend. Daily chart is negative-biased as MACD is bearish, stochastics stays […]
Weekly technical levels: General idea about the pivot point: R3 and S3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well in the sideways markets, as the prices are most likely to be located between the R1 and […]
Overview: Since our last analysis, the EUR/NZD pair has been trading sideways, around the price of 1.6300. We have almost finished bearish corrective phase, and we are still waiting for the testing of 1.6800. I placed Fibonacci and I got FR 61.8% at the price of 1.6800. I also calculated volume in the legs and […]
Overview: GBP/JPY is consolidating with bullish bias. It is undermined by weak euro sentiment; reduced investor risk appetite; Japan exporter sales. But GBP/JPY losses are tempered by demand from Japan importers; positions adjustment before Japan long weekend. Daily chart is negative-biased as MACD and stochastics turned bearish; bearish parabolic stop-and-reverse signal was hit Thursday. Trading […]
The Dollar index has broken all short-term support levels and reached our target as we predicted in the previous analysis. All downward sloping trend lines have been broken. The upward move is impulsive. The pattern of lower lows and lower highs has now been violated by the index since prices have made a higher high […]
Gold has paused its decline from 1,360 to 1,306 (50% Fibonacci retracement). Prices are now trading at 1,314 and the short-term resistance is found at 1,325. Today’s pivot point is 1,317. If prices move above that level, then bulls will have increased chances of testing the first resistance level at 1,325. Breaking above that level […]
Overview: USD/CHF is consolidating with bullish bias after hitting a two-week high of 0.9076 Thursday. It is underpinned by positive dollar sentiment. But USD/CHF gains are tempered by the franc demand in the soft EUR/CHF cross; positions adjustment before weekend. Daily chart is positive-biased as MACD and stochastics are in the bullish mode; bullish parabolic […]
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Today data on PMI Manufacturing in the Eurozone in October is published (at 13:00 UTC+4), it is expected to be flat, 51.3. In the United Kingdom PMI Construction in October is revealed (at 13:30 UTC+4), it is forecast to be also unchanged, 58.9. In the United States data on Factory Orders is published for two-month […]
