Wave analysis: The other attempt of the GBP/USD pair to consolidate under the level of figure 60 has failed and the price reversed more than 60 points from the day’s low. Meanwhile, wave structure put into question the possibility of the currency pair to resume the growth of the quotes in favour of the British […]
The Dollar Index has broken outside of the downward sloping trend channel. However, the break out has not been accompanied by an upward impulsive move. The move is a sideways pattern with overlapping structure and no clear trend. The pattern looks more like a bearish flag ready to break downards. The Dollar Index currently trades […]
Yesterday Gold managed to break above the 1,329 resistance but it got rejected. Gold has most probably made 5 waves up from the low of 1,305 and we expect a small pullback towards 1,315 to take place. We are bullish as long as the prices trade above 1,305. It is important to note the important […]
On Tuesday, the euro dropped 20 points. The major reason was weak data on Ifo Business Climate Index in Germany. Ifo Business Climate Index in Germany in September was 107.7 vs. forecast for 108.4. US House Price Index grew (HPI in July was 1.0% vs. forecast for 0.9%). The expectations about increase in US budget […]
General overview for 25/09/2013 09:45 CET The count has been slightly changed: wave (v) green must have been finished earlier and now the whole overlapsing wave progression to the downside is a corrective cycle of wave 4 green. Currently the price is developing last sub waves of the corrective downward move. The key level is […]
EURUSD: There are mixed signals in the market: the Williams’ % Range is in the overbought region, while the EMAs still show the northward possibility. It is either the Williams’ % Range portends a long opportunity in the context of an uptrend, or the price goes below the support line of 1.3400, proving that the […]
General overview for 25/09/2013 09:30 CET This is a slightly changed count with higher degree waves on it. The bias is to the upside and the price must break out of the intraday range to confirm this view. The key level to the upside is 1.0317 technical resistance. Please notice that I expect one […]
European markets have opened lower today, as investors traded with caution and avoided large bets, as US lawmakers struggle to reach consensus before the deadline of 30 September 2013, to avoid a Government shutdown. Closer home, investors await the release of CBI’s distributive trade survey data, due later today, t o determine the market direction. […]
USDJPY has been ranging all week and has not shown any clear direction yet. The main level the pair has been pivoting around is 98.90 yen, which is the 38.2 % Fibonacci retracement of the move from the September 18 low to the September 20 high. While the long term trend is up since August […]
Today’s Support and Resistance levels: R3: 1.6507 R2: 1.6451 R1: 1.6389 Current Spot: 1.6372 S1: 1.6311 S2: 1.6255 S3: 1.6227 Technical summary: What should have been the final decline to a new low near 1.6011 turned out to be a fifth failure, with a low at 1.6089 and we have now begun a new major […]
Daily chart: The USDX is trying to break the resistance at the 80.62 level, after it has made a strong bullish rebound days ago on the support at 80.11 level. If the USDX manages to break this resistance, it is expected to rise to the level of 81.10. On the other hand, if the USDX […]
Today’s Support and Resistance levels: R3: 134.00 R2: 133.56 R1: 133.10 Current Spot: 132.87 S1: 132.58 S2: 132.27 S1: 131.90 Technical summary: As the correction from 134.95 continues to put pressure on the downside, the odd is shifting towards the rally from 129.60 being an expanded leading diagonal (see the chart below). At this point […]
Daily chart: The GBPUSD pair continues to fall below the resistance level at 1.6046. It is very likely that this pair falls to support at the 1.5883 level, because this pair has been weakening in recent hours. However, we must remember that this is still forming a lower high pattern. If this pair does break […]
TODAY’S TECHNICAL LEVELS: Resistance 3: 99.12. Resistance 2: 98.93. Resistance 1: 98.73. Support 1: 98.49. Support 2: 98.30. Support 3: 98.10. DESCRIPTION: Please pay attention to the levels of support 3 (98.10) and resistance 3 (99.12). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but […]
TODAY’S TECHNICAL LEVELS: Breakout BUY Level: 1.3538. Strong Resistance: 1.3530. Original Resistance: 1.3517. Inner Sell Area: 1.3504. Target Inner Area: 1.3472. Inner Buy Area: 1.3440. Original Support: 1.3427. Strong Support: 1.3414. Breakout SELL Level: 1.3406. DESCRIPTION: Today EUR/USD has support and resistance at 1.3427 and 1.3517. The rate is accompanied by strong support at 1.3414 […]
USD/CAD Elliott Wave Since our last analysis the USDCAD pair has been trading upwards, corrective wave b (coloured blue) of the bigger wave (b) (coloured green) has been developing. Yesterday, during the Asian and European sessions we could observe ascending movement from 1.0273 towards the 1.0304 level. Therefore, during the early New York session the USDCAD pair made a new low […]
AUD/USD Elliott Wave For the last few days the AUDUSD pair has been trading downwards, corrective wave [4] (coloured black) of the bigger wave A (coloured red) has been developing. Yesterday, during the Asian and European sessions we could observe descending movement from 0.9424 towards the 0.9364 level. Therefore, during the early New York session this major currency […]
September 25th, 2013, Daily Market Bite from Ishaq Siddiqi Market Strategist. European markets have opened lower today, as investors traded with caution and avoided large bets, as US lawmakers struggle to reach consensus before the deadline of 30 September 2013, to avoid a Government shutdown. Closer home, investors await the release of CBI’s distributive trade […]
Trading recommendations: NZD/USD: According to the previous events, the price has still been trapped between 0.8225 and 0.8274. Long buying: Buy above 0.8162 with the first target at 0.8240, it might resume to 0.8290 (0.8296: 61.8 of Fibonacci retracement). Short selling: Outlook -1-: Swing trade at 0.8300/0.8295 in order to sell with a traget of […]
Overview: AUD/USD: According to the previous events, the price has still been trapped between 0.9380 and 0.9420. Therefore, the first step is to wait for a period of tight sideways market before breakouts. Then, probably, the market is going to start showing bullish signs. In other words, it will be a good sign to […]
The Asian session on Wednesday was quiet, following an equally calm US session. Most G10 currency pairs consolidated the prior day’s moves. Risk sentiment remains off, thereby helping support the dollar and yen as safe havens. Euro, sterling and aussie all barely moved out of a 20-point range against the dollar and are going into […]
The US dollar rebounded against the yen and was higher against euro and sterling as data on US house prices stoked optimism amongst investors on Tuesday. Data showed house prices rose on a yearly basis, at the biggest annual rise in seven years. Meanwhile, the impact of the delay in the Fed’s tapering has been […]
On 21 September 2013, XM hosted their latest free trading seminar in Reggio Emilia, Italy, presented by professional traders and instructors Mr. Massimo Golfarelli and Roberto Pesce. For the second time since April, XM welcomed numerous clients with the free forex seminar entitled The ABC of Trading, especially held for those keen on acquiring practical […]
Strong bullish sentiment was found in the support zone around 1.4830, which pushed the pair to the upside reaching 1.5400 then 1.5700 where two prominent tops were established. The uptrend line around 1.5430-1.5400 applied bullish pressure on the pair which was able to break trough 1.5720 which corresponds to August’s highest level and the recent […]
Two months ago, a prominent bottom was established around 1.0260. This happened after the pair broke down a consolidation range between 1.0450-1.0560, which was followed by intensive bearish pressure that led to 1.0254. Important key level was located around 1.0505. This was the key level for last week’s movement as re-closure below it enabled the pair to […]
Price Zone 1.3515-1.3560 represents a valuable Supply zone that kept price below for almost two months. The pair is showing some bearish rejection manifested in the Daily candlesticks of previous week as well as Yesterday’s bearish engulfing candlestick. Looking at the Inside-Bar of Friday, a bearish retracement movement is expected after breakdown of Friday’s low […]
Daily view: The cable invalidated the reversal Head and Shoulders pattern maintaining quite strong bullish momentum to the upside. Daily closure above 1.5719 (the highest level in August) enhanced further bullish pressure to be applied, so that the bulls could step above 1.5760 (the highest level in June). Previous bullish swing targeted 100% Fibonacci Expansion […]
Overview As it was expected yesterday, more bearish signals would be available after breaking the Support level 21.70 yesterday, then the metal continued its downward move after breaking the Support level, which gave us another good opportunity to sell till reaching the Support level 21.30. Currently and as shown the metal hits the Support […]
Overview From the shown H4 chart, the price’s closing 4H below the support area which consists of the Support level of 158.20 with the lower boundary of the bullish channel gave a new opportunity for more bearish signals. Currently the price tests the Support level 157.45, but this time out of the bullish channel, […]
Daily chart In our view crude oil remains bearish. While at this time it is finding some degree of support in 103.13 where the line eighth (yellow line), but this line is considered as a weak support zone. It is likely that the price breaks this level and follows its downward movement. However, it […]
