Overview As shown from the today’s H4 chart, the metal is stabilizing between the Support level 22.50 and the Resistance level 22.80 after its failure to break the Support level and the upward trend line again yesterday. Currently we must wait for re-testing the Support level 22.50 again and closing below to get the […]
Daily chart On the daily chart the USD/CHF pair is finding support at line 1/8 (yellow line) located at 0.8911. Even that line is regarded as a weak support line, however if the price stops very close to it for some time there is a good chance that the price will reverse in the opposite […]
Daily chart US light sweet oil price was falling since the release of EIA’s Weekly Petroleum Status Report which hit a four-month low at $96.46 per barrel. The delayed report showed that US crude stockpiles had increased more than expected in a week ending h October 11 (by 4 million barrels instead of expected […]
Today’s Support and Resistance levels: R3: 1.6740 R2: 1.6685 R1: 1.6608 – Likely target for wave i of the new impulsive uptrend Current Spot: 1.6578 S1: 1.6518 S2: 1.6475 S3: 1.6397 Technical summary: With a clear break above 1.6518 all doubts about this rally have been removed. A new impulsive rally is clearly developing. […]
Today’s Support and Resistance levels: R3: 135.76 R2: 135.50 R1: 134.79 Current Spot: 134.26 S1: 133.89 S2: 133.60 S3: 133.33 Technical summary: After a scary deep correction to 133.60 (100% of green wave i) yesterday we are looking for a new impulsive rally to develop. In the short term we expect minor support at 133.89 […]
Overview: NZD/USD is trading with bearish bias. It is undermined by the Kiwi sales in the NZD/JPY cross amid decreased investor risk appetite as concerns mount over China’s banking system liquidity; weaker commodity prices. But the Kiwi sentiment is boosted by narrower-than-expected New Zealand September trade deficit of NZ$199 million (versus forecast for deficit of […]
Overview: GBP/JPY is trading with bearish bias. It is undermined by increased risk aversion as concerns mount over China’s banking system liquidity; Japan exporter sales. But GBP/JPY losses are tempered by demand from Japan importers. Daily chart is mixed as MACD is bullish, but stochastics turned bearish at overbought. Trading recommendation: The pair is […]
Overview: USD/JPY is trading in a lower range. It is undermined by flows to the safe-haven JPY and unwinding of JPY-funded carry trades as investor risk appetite crimped (S&P fell 0.47% overnight) amid concerns about China’s monetary policy and banking system liquidity, and the euro-zone bank stress tests. USD/JPY fell one yen to the two-week […]
Overview: USD/CHF is consolidating with bearish bias after hitting a 20-month low of 0.8908 Wednesday. USD/CHF is undermined by flows to the safe-haven franc amid increased risk aversion as concerns mount over China’s banking system liquidity; expectations that the Federal Reserve will continue its current pace of bond-buying well into 2014. But USD/CHF losses are […]
Overview: The resistance for USD/CAD is set at the level of 1.0425, therefore, the bears are going to sell below 1.0430, because there is a new top at the price of 1.0425/1.0430 (between 61.8% Fibonacci retracement levels and 50%). So it should also be noted that the resistance is set at the level of 1.0430; […]
The euro pared gains but managed to remain relatively buoyant during European trading on Thursday, following weaker-than-expected Markit PMI business sentiment flash estimates for October. Stocks were also little moved by the weak data, remaining positive during the session. The euro was flat versus the dollar at 1.3806. The Eurozone manufacturing PMI for October came […]
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: GBP/USD: The weekly pivot point sets at the level of 1.6097; hence the support has been set at the same level for October 24, 2013. It should be noted that, according to the previous events, the price has still been trapped between 1.6235 and 1.6170, then it also should be noted that the […]
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 […]
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: 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 […]
