Gold has continued to rise upwards steadily towards 1,380 in order to test the resistance and previous high at 1,382. Since it has reached thus far, we believe it is only a matter of time that prices will break to new highs and may even reach the 1,400 price level. We were bullish from yesterday […]
Overview: AUD/USD: According to the previous events, the price has still been trapped between 0.9030 and 0.9000. 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 bearish signs. In other words, it will be a good sign to sell […]
NZD/USD: Trading recommendations: According to the previous events, the price is still between the levels of 0.7777 and 0.7810. The descending movement will probably be lower than the 0.7850 level with the first target at 0.7800 and 0.8, then the trend will be going to test the weekly support 2 at the price of […]
General overview for 23/08/2013 09:00 CET As I’d recommended yesterday, buying was the way to go in anticipation of wave 5 to unfold to the upside. Currently, it looks like bulls buying power is diminishing as we can see by looking on Awesome Oscillator: the Bearish Divergence between waves 3-5 green occurs now. There are […]
USD/CAD Elliott Wave Since our last analysis the USDCAD pair has continued trading upwards, impulsive wave .3 (coloured green) of the bigger wave C (coloured blue) has been developing. Yesterday, during the European session we could observe small descending movement from 1.0499 towards the 1.0469 level. Therefore, during the early New York session this currency did not manage to […]
AUDUSD Elliott Wave Since our last analysis the AUDUSD pair has been trading slightly upwards, just like we expected, corrective wave .A (coloured green) of the bigger wave Y (coloured blue) has started developing. Yesterday, during the Asian and European session we could observe ascending movement from 0.8930 towards the 0.9022 level. Therefore, during the New York session this major […]
Overview: USD/JPY to consolidate with bullish bias after hitting near a three-week high of 98.83 Thursday. Underpinned by reduced safe-haven appeal of yen and yen-funded carry trades as global risk sentiment improves (VIX fear gauge eased 7.4% to 14.76; S&P rose 0.86% overnight) after better-than-forecast manufacturing PMI data out of China and the euro zone. […]
Overview: USD/CHF to trade in lower range. Undermined by franc demand on buoyant CHF/JPY cross amid positive investor risk appetite. But USD/CHF losses tempered by positive dollar sentiment; positions adjustment before weekend. Daily chart is mixed as MACD is flat, stochastics is turning bullish. Trading recommendation: The pair is trading below its pivot point. It […]
Overview: GBP/JPY to consolidate with bullish bias. Underpinned by positive risk sentiment; demand from Japan importers. But EUR/JPY gains tempered by Japan exporter sales; positions adjustment before weekend. Daily chart positive-biased as MACD and stochastics in bullish mode. Trading recommendations: The pair is trading above its pivot point. It is likely to trade in a […]
August 23, 2013, Daily Market Bite from Ishaq Siddiqi Market Strategist European markets have opened mostly lower today, despite yesterday’s data from China to Europe which signalled that the global economy was on a recovery path. Investors eyed the second-quarter GDP from the UK, consumer confidence from the Eurozone and new home sales in the […]
Today’s Support and Resistance levels: R3: 1.7153 (the top from August 5) R2: 1.7100 (the ideal target for wave i) R1: 1.7080 (current high for wave i) Current Spot: 170.37 S1: 1.6998 (break below here will be first indication of a finish wave i) S2: 1.6936 S3: 1.6855 Technical summary: We have almost reached […]
TODAY’s TECHNICAL LEVELS: Resistance. 3: 99.49. Resistance. 2: 99.29. Resistance. 1: 99.10. Support. 1: 98.86. Support. 2: 98.66. Support. 3: 98.47. DESCRIPTION: Please, pay attention to the levels of support 3 (98.47) and resistance 3 (99.49). 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: 1.3406. Strong Resistance: 1.3398. Original Resistance: 1.3385. Inner Sell Area: 1.3372. Target Inner Area: 1.3341. Inner Buy Area: 1.3310. Original Support: 1.3297. Strong Support: 1.3284. Breakout SELL Level: 1.3276. DESCRIPTION: Today, EUR/USD has support and resistance at 1.3297 and 1.3385. The rate is accompanied by strong support at […]
Daily chart: The CL made a strong bullish rebound in the 103.85 support level, making of the CL, in an asset very difficult to negotiate at the moment, because this is kept within the range between 106.70 and 103.85 levels. If the CL manages to break the support level of 103.85, it is expected to […]
Daily chart: The USDJPY broke the resistance at the 98.25 level and now, this is trying to climb to the resistance at the 99.81 level. It is very likely that this bullish trend continue next week, because of the strength he has shown this pair in recent days due to the weakness of the yen […]
Today’s Support and Resistance levels: R3: 133.81 (top on May 22) R2: 132.74 (top of wave c of the triangle) R1: 132.34 Current Spot: 132.14 S1: 131.92 S2: 131.52 S1: 131.05 Technical summary: We have seen the expected rally towards the triangle resistance-line near 132.00 and we will now be looking for the final e-wave […]
The yen was the worst performer during the Asian session on Friday, extending losses against the dollar and reaching a one-month low against the euro on expectations of bolder monetary policy measures by the Bank of Japan. The yen lost 0.3 percent against the dollar and is poised for a 1.5 percent loss since August […]
Yesterday, the strong resistance on the EUR/JPY has been already breached by this pair, for today seems the 132.00 level will be tested by this currency pair because we have got confirmation by all the three Moving Averages already form a “Golden Cross” formation pattern. This pattern will be the indication for the EUR/JPY which […]
Currency markets remain obsessed with Fed minutes and tapering, which is keeping the U.S. dollar supported. As seen on Wednesday after the publication, the July minutes showed that the FOMC committee was comfortable with Bernanke’s plan to begin tapering bond purchases “sometime this year.” Dollar gained most against the yen today, as well as against […]
Daily chart: The USDX is breaking the resistance at the 81.50 level and this continues to respect the bullish trend line. It is very likely that the USDX rises to the 200-day moving average near the 81.85 level. On the other hand, it is likely to fall back to bullish trend line. However, the USDX […]
Daily chart: The GBPUSD pair found strong resistance at the 1.5642 level. It is very likely that this pair falls to support at the 1.5506 level, but we must be careful, because this fall could be the formation of a lower high pattern, to continue strengthening the current trend bullish. However, if this pair manages […]
Overview: GBP/JPY is trading in higher range. The rate is undermined by increased risk aversion; Japan exporter sales. But GBP/JPY losses are tempered by demand from Japan importers. Daily chart is still positive-biased as MACD and stochastics are in bullish mode. Trading recommendations: The pair is trading above its pivot point. It is likely to trade […]
Overview: NZD/USD is trading with bearish bias. The rate is weighted by stronger dollar sentiment; soft commodity prices; Kiwi sales on NZD/JPY cross amid increased risk aversion and contagion from weak regional emerging-market currencies; reduced expectations for near-term RBNZ rate hike; Kiwi sales on buoyant AUD/NZD cross. Daily chart is negative-biased as MACD and stochastics […]
Overview From today’s H4 chart, yesterday the pair failed to break the intersection point between the lower limit of the bullish channel with the Support level 152.50 to reverse its bearish movement taking an upward move and managed to break the Resistance level 152.90. Currently it is testing the Resistance level 153.75 keeping its […]
Strong bullish sentiment was expected to be found off the support zone around 1.4830 which pushed the pair to the upside reaching 50% Fibonacci level around 1.5275, 1.5400 corresponding to 61.8% Fibonacci level then 78% Fibonacci around 1.5533. Some bearish rebound took place beyond 1.5400 towards 1.5100 where an ascending buttom was established on August […]
The USD/CAD pair rose steeply approaching the key resistance level of the ascending channel around 1.0530 as depicted in the chart. Since then, the pair has established a consolidation range between 1.0450-1.0560 that expressed a false bullish breakout above 1.0555 which was followed by intensive bearish pressure that led to the breakdown of 1.0450 and 1.0380 with a record low […]
Overview From the today’s H4 chart, yesterday the metal failed to break the Support level 22.50 to bounce again from it and trade between the Support level 22.80 and the Resistance level 23.40. Currently the metal is re-testing the Resistance level 23.40 again, therefore we should wait for closing above to continue its upward […]
Last week, strong bullish pressure was applied at retesting 50% Fibonacci, resulting in bullish engulfing candlestick extending further above 1.5400 (61.8% Fibonacci). This opened the way directly to 78% Fibonacci around 1.5550 which constituted temporary intraday resistance that held price below for 5 days before bullish breakout took place on Thursday. The cable established ascending […]
Overview: USD/CHF is trading with bullish bias. The rate is underpinned by stronger dollar sentiment. But USD/CHF gains are tempered by flows to haven franc amid increased risk aversion. Daily chart is mixed as stochastics is in bearish mode, but MACD is turning bullish. Trading recommendations: The pair is trading above its pivot point. It […]
Overview: USD/JPY is trading with bullish bias. The USD/JPY pair is underpinned by stronger dollar sentiment (ICE spot dollar index last 81.37 versus 80.92 early Wednesday) and higher U.S. Treasury yields after minutes from Federal Reserve’s July policy meeting indicated policy makers broadly support tapering this year but no clarity on exactly when the taper […]
