Technical outlook and chart setups: Similar to Gold, the white metal has also exceeded expectations and gone up to 25.00 now, taking out the major resistance as depicted in Daily chart. It is recommended to book profits on long positions taken earlier (aggressive trade setup suggested), and remain flat for now. Most probably, a pullback […]
Technical outlook and chart setups: The metal has exceeded the levels of 1,420/25.00 now. It is recommended to book profits on long positions taken earlier (aggressive trade setup suggested earlier). A major resistance in daily chart has been taken out by bulls and hence a pullback should materialize any moment before further rally. Higher resistance […]
Yesterday, the major driving force of the markets decline was rising tension in the Syrian conflict. The DFM General Index, index of the Dubai’s stock market dropped 7%. Strong data on Ifo Business Climate Index in Germany in August (107.5 vs. forecast for 107.1) did not help the euro and the growth of the euro […]
Technical outlook and chart setups: The currency pair is moving in a triangle as it is depicted in the daily chart. It looks like the pair is bottoming around 129.50/130.00 for now. Furthermore, this is also fibonacci 0.618 support level. A bullish bounce should be encouraging long positions further and pushing the price higher towards […]
General overview for 28/08/2013 07:45 CET: After hitting 261%FiboExt at 129.63, the price has started to consolidate in the area of 130.28 – 129.63. The Hidden Bullish Divergence on H1 RSI(14) indicates a possible upward price action as well as a possible wave X brown can develop. The first resistance is the techenical level of […]
Technical outlook and chart setups: The currency pair is trading at the lower end close to the 1.42 levels for now. It is recommended to book profits on short positions taken earlier between the 1.44/1.45 levels. Two scenarios seem to be possible for now and, hence, staying flat is recommended. Looking into the overall trend […]
EURUSD: EURUSD is in an uptrend, though it has not moved upwards in a significant manner. The resistance line at 1.3400 is battered and it will probably be breached upwards as the price goes upwards towards another resistance line at 1.3450. The probability of the price moving upwards is strong. USDCHF: On the flip side, […]
General overview for 28/08/2013 07:30 CET The last leg of corrective wave 4 green needs one small downward sub-wave to be completed. The intraday resistance level of 1.0498 should hold and the price should decline to 38%Fibo level of 1.0461. In case the 38%Fibo is broken, next support is 50%Fibo level of 1.0429. Please notice […]
Daily chart: The USDX made a strong bearish rebound at the level of 81.50. The resistance level is very important in this chart. It is very likely that the USDX will fall to support at the 80.62 level due to the weakness of the USDX in the recent days. However, we do not rule out […]
Daily chart: GBPUSD touched the support level of 1.5506 and now it is trying to break this level. If the pair manages to break it, it is expected to fall to the level of 1.5407. On the other hand, GBPUSD may conduct a bullish rebound at this support point because the 200-day moving average is […]
August 28th, 2013, Daily Market Bite from Ishaq Siddiqi Market Strategist European markets have opened lower today, tracking a selloff in the global equity markets as investors continued to mull over a possible US military action against Syria following reports that US Defence Secretary Chuck Hagel was in discussion with his UK and French counterparts. […]
Today’s Support and Resistance levels: R3: 1.7341 R2: 1.7274 R1: 1.7218 Current Spot: 1.7182 S1: 1.7143 S2: 1.7081 S3: 1.7042 Technical summary: Wave ii only corrected 23.6% of wave i. This is what we would call a sub-normal correction for wave ii. It indicates lots of underlying strength on this pair. With wave ii in […]
Daily chart In 1-day charts we can see that crude oil, during the first hour of trading on Wednesday, reached the first objective point of 109.38 from our yesterday’s analysis. Now the pair is trading above 110 per barrel. It passed the line 7/8 (yellow line) of Murrey math lines easily and it is developing […]
Stress in emerging markets and jitters over Syria fuelled a flight to safety that benefited the yen and gold. The Australian dollar was the worst performer in the Asian session on Tuesday, as investors moved out of the riskier Aussie to its safer counterpart, the yen, retreating more than half a yen. AUDJPY reached as […]
Today’s Support and Resistance levels: R3: 131.04 R2: 130.50 R1: 130.15 Current Spot: 129.93 S1: 129.65 S2: 129.28 S3: 129.00 Technical summary: According to the decline to 129.65, just above our second target, we are, likely, very close to the bottom of the final e wave of the triangle and a new powerful impulsive rally […]
Yesterday, after the EUR/JPY had breached bellow 131.25, the uptrend changed to downtrend. This condition has been already confirmed by all the three moving average form the “Death Cross” Pattern. It means, the downside momentum is stronge then the upside movement. However, if EUR/JPY breachs above 130.50 today, then the downside movement will be hold, […]
TODAY’s TECHNICAL LEVELS: Resistance. 3: 97.70. Resistance. 2: 97.51. Resistance. 1: 97.32. Support. 1: 97.09. Support. 2: 96.90. Support. 3: 96.70. DESCRIPTION: Please, pay attention to the levels of support 3 (96.70) and resistance 3 (97.70). Usually, when a level is touched, USD/JPY rebounds from the previous minimum by 10 to 20 pips, but if […]
TODAY’s TECHNICAL LEVELS: Breakout BUY Level: 1.3457. Strong Resistance: 1.3449. Original Resistance: 1.3436. Inner Sell Area: 1.3423. Target Inner Area: 1.3391. Inner Buy Area: 1.3359. Original Support: 1.3346. Strong Support: 1.3333. Breakout SELL Level: 1.3325. DESCRIPTION: Today, EUR/USD has support and resistance at 1.3346 and 1.3436. The rate is accompanied by strong support at 1.3333 […]
Markets do not like uncertainly and this has been evident on Tuesday with alot of investors being cautious and putting their funds into safe haven assets like the yen and Swiss Franc. Precious metals like gold and silver also rose. The biggest risk dominating the markets today was geopolitical headlines with regards to turmoil in […]
Overview The H4 chart demonstrates that Silver would take an upward move after its rebound from the Support level 23.90 and currently is testing the Resistance level 24.40 trying to break it through to continue its bullish move. More buy signals would be provided in case of closing 4H above this Resistance level with […]
Overview From the attached H4 chart, the price is closing below the support area of 152.85-152.15 after it moved out of the bullish channel. It gave a new opportunity for more bearish signals today. As shown, the price has already broken 152.15 and now is testing the support level of 151.00. Closing below this level […]
Strong bullish pressure was seen during 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 the price below for 5 days before bullish breakout took place on August 15. The cable established ascending […]
The USD/CAD pair rose steeply approaching the key resistance level of the ascending channel around 1.0530 as depicted in the chart. This happened when the pair 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 […]
Overview: USD/CHF is trading with descending risk. It is undermined by the weaker dollar sentiment; flows to the safe-haven franc on increased expectations of U.S. military action against Syria. Daily chart is mixed as MACD is flat, stochastics is neutral. The inside-day-range pattern was completed on Monday. Trading recommendation: The pair is trading below its […]
Strong bullish sentiment was expected to be found at 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 off 1.5400 towards 1.5100 where an ascending bottom was established on […]
Overview: USD/JPY is consolidating with risks skewed lower as U.S. data focus shift to 14:00 GMT U.S. August consumer confidence index (expected 79.1 versus July’s 80.3). USD/JPY is undermined by weaker dollar sentiment after bigger-than-expected 7.3% drop in U.S. July durable goods orders (versus minus 4.0% forecast) which reduced odds that the Federal Reserve will […]
Overview: GBP/JPY is trading with downward risks. It is undermined by negative risk sentiment, Japan exporter sales. But GBP/JPY downside movement is limited by demand from Japan importers. Daily chart is mixed as the five-day moving average is above the 15-day MA and advancing, MACD is bullish, but stochastics is turning bearish in overbought territory. […]
Overview: NZD/USD is in range-trade. The rate is supported by weaker dollar sentiment; buoyant commodity prices; reduced worries over China slowdown; Kiwi demand on retreating AUD/NZD cross. But NZD/USD upside is limited by Kiwi sales on NZD/JPY cross amid negative risk sentiment; lingering worries over regional emerging markets. Daily chart is still negative-biased as MACD […]
Consolidation above the previously broken downtrend depicted in the chart goes on for the 9th day in a row. This took place after finding solid supply around 1.3200. The previous weekly candlestick had a small bullish body representing failure of the bulls to close above the high of the precceeding weekly candlestick at 1.3380 which is being tested […]
Daily chart Having found the support area of 106.25, as it was already discussed in our analysis on Monday, crude oil is trading at 107.15 now that is the third day after the rebound from the upward trend last week. This is because the markets keep one eye on the Syrian conflict and the other […]
