USD/CAD Elliott Wave Since our last analysis the USD/CAD pair has been trading downwards, impulsive wave 1 (coloured blue) of the bigger wave (C) (coloured green) has been developing. Yesterday, during the Asian and European sessions we could observe strong descending movement from 1.0420 towards 1.0360 that confirms that wave (B) is in place. Therefore, […]
AUDUSD Elliott Wave For the last few days the AUD/USD pair was trading upwards, our first invalidation was broken, so we adjusted our wave count a little bit. Yesterday, during the Asian and European sessions we could observe ascending movement from 0.9040 towards the 0.9133 level. Therefore, during the New York session this major currency did not manage to […]
Trend on the Dollar Index remains downward as the price continues to trade within the short-term downward sloping channel. Short-term resistance is found at 81.10 and 81.25. Support is found at 81.00 and 80.90. Although we still believe a bigger trend reversal should be expected, we will not enter long positions yet unless we see […]
Gold managed to break above resistance levels yesterday and reached our important resistance level of 1,320 but it did not manage to overcome it. This is the most important price area for determination of the immediate trend. We remain in the longer term bearish with short-term target at 1,255 and longer-term target at a new […]
Data on trade balance in China was published, it was $17.8 billion vs. estimates for 26.2 billion. However, the import grew 10.9% vs. expectations for 1.0%. The British pound grew 53 points. Today at 12:30 UTC+4 data on UK Trade Balance in June is revealed; forecast -8.4 billion pounds vs. -8.5 billion pounds. However, taking […]
Overview: USD/JPY is consolidating in a higher range after hitting a seven-week low of 95.81 Thursday. It is underpinned by reduced safe-haven appeal of yen and yen-funded carry trades as global risk sentiment improves (VIX fear gauge eased 1.93% to 12.73; S&P rose 0.39% overnight) after stronger-than-expected China July trade data suggest economic slowdown in […]
Yesterday several questions were added to a list of questions. Besides traditional ones there is a new one. It concerns the reason why amid increasing demand on US bonds the US dollar loses demand. The other question is why amid weakening positions of Angela Merkel the euro is growing. Why strong macroeconomic US news does […]
EURUSD: This pair has moved upwards close to 120 pips during this week, testing the resistance line at 1.3400. Since the price tested the aforementioned resistance line, it has been experiencing some minor bearish correction. However, with the continuation of the bulls’ strength, the resistance line would eventually be breached. USDCHF: USDCHF has moved downwards […]
Overview: USD/CHF is consolidating with bearish bias after hitting a seven-week low of 0.9172 Thursday. it is undermined by broadly weaker dollar undertone. But CHF sentiment is dented by rise in Switzerland unemployment rate to 3.0% in July from 2.9% in June. USD/CHF losses are also tempered by the franc sales on buoyant EUR/CHF cross; […]
Overview: NZD/USD is consolidating with bullish bias after hitting an eight-day high of 0.8046 Thursday. It is supported by Kiwi demand on buoyant NZD/JPY cross amid positive global risk sentiment; stronger commodity prices. But NZD/USD gains are tempered by Kiwi sales on rebounding AUD/NZD cross; positions adjustment before weekend. Kiwi vulnerable to China July […]
Technical outlook and chart setups: The metal has breached through the resistance line now, around 20.25/30 levels. Hence, it is recommended to initiate short positions against 21.00. Immediate resistance is at 20.70/75, followed by 22.50/23.00; while support is around 18.70, followed by 18.25 levels. The wave structure indicates that a dip down ward movement towards […]
Overview: GBP/JPY is consolidating in a higher range after hitting a one-month low. It is supported by positive global risk sentiment; demand from Japan importers. But GBP/JPY gains has been tempered by Japan exporter sales; positions adjustment before weekend. Daily chart is mixed as MACD is bearish, but stochastics is turning bullish to oversold zone. […]
Technical outlook and chart setups: The metal went through the resistance region at 1,309.00/1,312.00 levels yesterday. It is recommended to initiate short positions against 1,325.00 now. Immediate resistance is the 1320/21 region, followed by 1340/50 region on the higher side; while support is the 1260/50 region. Looking into the wave structure, it is possible to […]
Technical outlook and chart setups: The currency pair fell towards our measured minimum expectations around 128.00 levels. At the moment, a bounce should be expected as depicted in chart setup here; hence, it is recommended to book profit on short positions taken before. Aggressive traders might want to even go long against 127.50. Resistance is […]
General overview for 09/08/2013 08:00 CET: Demand area was hit and the price bounced up to corrective cycle of wave (ii). There is a possibility that the correction is over (the main count) and to confirm this point of view, the price should break the Intraday Support at 128.90 and make a new low. Otherwise […]
Technical outlook and chart setups: The currency pair has raised towards the backside of the rising trendline again, which is resistance now. The resistance zone is around 1.4320/40 at the moment; followed by 1.44/45, 1.48 and 1.5 are on the higher side; while support is around 1.4. It is expected that the pair would reverse […]
General overview for 09/08/2013 07:30 CET: The price chose to follow the alternate labeling here that I put on chart yesterday and warned about: Irregular Flat correction of wave (ii) could be still possible. Currently, there is one more wave to the downside missing in wave Y of wave (ii) and then the price should […]
August 9th, 2013, Daily Market Bite from Ishaq Siddiqi Market Strategist European markets have opened higher this morning, as upbeat Chinese economic data reassured investors that China’s economic recovery is underway. However, gains were kept in check after the ECB lowered its Eurozone GDP forecast in its monthly bulletin. Closer home, investors await the release […]
Daily chart: CL again found support at the level of 103.85. As we have said before, if CL manages to break that level, we will expect it to drop to the level of 100.33. On the other hand, it is very likely that CL will carry out another bullish rebound in this support and if […]
Daily chart: GBPUSD continues to strengthen its bullish trend in this chart, breaking the resistance level of 1.5506. This pair is trying to consolidate above the 200-day moving average and it is very possible that it will rise to the resistance level of 1.5642. By now, we are expecting that GBPUSD will start making corrective […]
Today’s Support and Resistance levels: R3: 1.6946 R2: 1.6872 R1: 1.6796 Current Spot: 1.6743 S1: 1.6674 S2: 1.6623 S3: 1.6572 Technical summary: We are looking for a C-wave of the major flat correction to develop towards strong support at 1.6225. In the short-term prospect, we expect minor resistance at 1.6796 to protect the upside trend […]
Today’s Support and Resistance levels: R3: 130.16 R2: 129.72 R1: 129.20 Current Sport: 129.05 S1: 128.83 S2: 128.21 S3: 127.62 Technical summary: After a push towards 129.71, we should be ready for next impulsive decline towards 126.06 and our ideal target for wave C of this flat correction is near 124.96. In the short-term outlook, […]
Overview As it was expected yesterday, the metal would reverse its bearish move to start its upward direction and open its way towards 20.00 in case of closing 4H above the Resistance area of the upper limit of its bearish channel and the Resistance level 19.50. Today and as shown from the today’s H4 […]
Overview As it was expected yesterday, we should wait for breaking the Resistance level 150.00 before making the decision to continue the bullish move. Today and as shown from the H4 chart, the pair failed to break this Resistance level and is still trading below it after its rebound to reverse its bullish move […]
The British Pound is consolidating at yesterday’s highs, after the BOE report on inflation, and back to the levels of rates of June 25, however, we believe this bullish momentum should stop at the 1.5585 fractal and very strong resistance area, so we recommend selling at this level because it is more likely to see […]
The Australian Dollar is showing recovery to dissipate the likelihood that the Reserve Bank of Australia continue cutting interest rates, as it did at the beginning of the week. The Aussie could even find the area of 0.92/0.93 for the next few days, reversing losses so strong in recent weeks, however at this moment, it […]
The euro-dollar pair is trading near previous levels of June 19, due to the German trade balance surplus that came out better-than-expected and boosted the euro very close to the level we were talking about 1.3388 Fractal. Some people believe that Europe is beginning to provide some signs of recovery, of course, coming from the […]
Overview: USD/CHF: It should be noted that the price has still been trapped between 0.9200 and 0.9250 and the price has been set below strong resistance at the level of 0.9285 (23.8% of Fibonacci retracement levels in H4 chart). Moreover, it is worth noting that these levels are coinciding between 23.6% and […]
Overview: Since our last analysis, Gold has been trading sideways around the price of 1,289.00, we are waiting for a deeper downtrend. I placed Fibonacci expansion levels to find the potential end of the ascendant corrective phase. We are still likely to see testing of the weekly FE level 161.8% at the price of 1,151.00. […]
Overview: Since our last analysis, the EUR/NZD pair has been trading downwards, the price has tested the level of 1.6661 on high volume. We are still waiting larger move and future uptrend. Since we have got our first short-term target at the level of 1.700 I have placed Fibonacci expansion to find next target level […]
