Overview: Since our last analysis, Gold has been trading downwards, as we had expected. The price tested the level of 1,272.61 on ultra high volume. 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 […]
Overview: Since our last analysis, the EUR/NZD pair has been trading sideways around the price of 1.6822. We are still waiting larger move and future uptrend. The price tested the level of 1.6819 due to high volume. Since we have got our first shor-term target at the level of 1.700 I have placed Fibonacci expansion […]
Gold is now testing lower support levels below 1,280. The decline looks impulsive and despite some small pauses in the downward move, resistance levels are not even tested. The trend is descendant and our primary bearish scenario that implied that the move from 1,180 to 1,349 is corrective and becoming stronger day by day. The […]
On Tuesday, news on the UK was strong. UK Manufacturing Production in June grew 1.9% vs. expectations for 0.9%. Industrial Production grew 1.1% vs. estimates for 0.7%. Gross domestic product rose 0.7 percent compared with a 0.6 percent gain in the second quarter, the London-based institute, NIESR. However, the pound closed the day with a […]
The Dollar Index slided lower as buyers pushed EURUSD above 1.33, but it is still in a corrective pattern and there are no real concern for bears. The downward move in USDX has an overlapping pattern and we believe that the break out that is trying to take place now will break resistance at 81.70. […]
On Tuesday, data from the Eurozone was strong. Italy’s Industrial Production in June grew 0.3%. It was lower than a 0.5% rise forecasted earlier. However, it was better than a 0.1% rise observed in May. Italy’s GDP in the second quarter dropped 0.2% vs. estimates for -0.4%. Germany’s Factory Orders in June grew 3.9% vs. […]
General overview for 07/08/2013 09:30 CET Wave progression is developing exactly according to the main count: an impulsive wave to the upside has just broken out the SUPPLY area at 1.0400 and it looks like the next meaningfull resistance is at 1.0439 – 1.0445 zone. There is one more resistance along the way: 50% Fibo […]
General overview for 07/08/2013 09:00 CET: Intraday Resistance area mentioned yesterday was not broken, in fact the price did not even touch the level of 132.75. It looks like the price might be developing the extended wave v to the downside now with first target at 128.55. Then some corrective price action is expected that […]
August 7th, 2013, Daily Market Bite from Ishaq Siddiqi Market Strategist Find us on social media to be kept up to date with the latest ETX Capital news: Facebook: https://www.facebook.com/#!/ETXCapita… Twitter: https://twitter.com/#!/etxcapital LinkedIn: http://www.linkedin.com/company/44542… ETX Capital’s RSS site: http://my.etxcapital.co.uk Related Posts:Behind the scenes of Wall Street’s rise: the impact of… April 8, 2024 At the […]
Daily chart: The CL failed to consolidate above resistance at 106.70 level and formed a fractal. Now, the CL is falling and it is very likely that this fall extends to the support at 103.85 level. If the CL manages to break that level, it is expected to fall to the level of 100.33 and […]
Daily chart: GBPUSD is forming a lower high pattern, below the resistance level of 1.5407. This pair has been reluctant to continue falling as well, this has been reluctant to continue the current bullish trend. If this pair does break the support at the level of 1.5266, it is expected to drop to the level […]
Today’s Support and Resistance levels: R3: 1.6987 R2: 1.6946 R1: 1.6883 Current Spot: 1.6848 S1: 1.6799 S2: 1.6771 (top of blue wave i – A break invalidates the bullish count) S3: 1.6720 Technical summary: We are still looking for important support at 1.6771 (top of blue wave i) to protect the downside movement from a […]
Today’s Support and Resistance levels: R3: 130.11 R2: 129.88 R1: 129.69 Current Spot: 129.50 S1: 129.14 S2: 128.89 S3: 128.54 Technical summary: The correction we had expected yesterday became slightly bigger, than we had thought. We expected a correction towards 130.40, but the high came in at 130.73. However, the decline from 131.97 to 129.80 […]
Technical outlook and chart setups: The metal has almost met minimum expectations at 1,270.00 levels this morning. It is recommended to book maximum profits at this point and to refrain from initiating fresh short positions now. Possibilities remain for a further slide towards the 1,250.00 levels, while a rally has not started. Immediate support is […]
Technical outlook and chart setups: Now the currency pair has broken the support channel indicating further weakness. As it is depicted here, the minimum downside expected levels could be just above 127.00 level. A push below 127.00 could drag the price lower though. It is recommended to reduce risk on short positions now and to […]
Technical outlook and chart setups: The currency pair tested the rising support line and fell back yesterday, as depicted in the Daily chart. Implications are bearish for GBP/CHF from here. Hence the recommendation is not changed – to maintain short positions for now. Immediate resistance would be at 1.4300 level, which was a high two […]
The euro was between 1.33 and 1.3275 level for nine days. Today it is located at 1.3295 because of German factory orders report that keeps the rate near 1.33. Analyzing these unsuccessful attempts to hold the price above 1.3310, it is suggested that the bullish condition is disappearing; although the movements of the euro […]
Overview As shown from the today’s H4 chart, the metal failed again to break the Support level 19.50 and is still trading above the Support level 19.50 and inside its bearish channel. Currently silver is bouncing from the Support level and starting for the bullish move. So we still suggest waiting for closing above […]
Overview From the today’s H4 chart and as it was expected yesterday, we should wait for breaking the Resistance level 151.30 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 yesterday it failed to break it as […]
Today early in the day session, as expected, the Reserve Bank of Australia cut interest rates to 2.5% from 2.75% previously, which gave strength to the Aussie. It reached its highest since July 31 and could extend its gains for the next few hours, although we noticed that it could back to the bottom, […]
The pound maintains the upward trend, derived from a solid manufacturing report in the UK, which reached its highest level since September 2012. The British currency is close to 1.54, and while it has slowed its upward movement, only a close below the 1.5333 fractal daily would direct the pound to 1.5080 support level. […]
The USD/CAD pair rose steeply approaching the key resistance level of the ascending channel around 1.0530 as depicted on 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 breakdown of 1.0450 and 1.0380 with a recorded low 1.0254. […]
Supply Levels: 1,340.20, 1,370.40, and 1,423.30. Demand Levels: 1,282.00, 1,266.00, 1,255.10 and 1,209. Bullish breakout above previous congestion zone extending between 1,265-1,298 took place on Monday, the bullish momentum was confirmed with Friday’s price action (bullish hammer). However, lack of bullish steam is still apparent on the daily chart after hiting 1,347.8. Today the metal is expressing […]
Consolidation above the previously broken uptrend line still goes on after the pair established a consolidation range between 1.3060 and 1.3180. The weekly candlestick was a pin-bar representing hesitation, this came after 3 successive bullish weekly candlesticks after hiting 1.3300 which is considered an important resistance zone. Moreover, yesterday the EUR/USD pair retreated from 1.3300 […]
Overview: The resistance of USD/CAD sets at the level of 1.0430, therefore the bears are going to sell below 1.0430 because there is a double top on the price 1.0430. So it should also be noted that the resistance sets at the level of 1.0430, thus swing trade at 1.0430 in order to sell […]
Trading recommendations: NZD/USD: According to the previous events, the price has still been trapped between 0.7880 and 0.7840. Buying: Buy above 0.7815 with the first target of 0.7863, it might resume to 0.7940. Selling: Swing trade at 0.7950 in order to sell with a traget of 0.7890 then it will continue towards 1.7843. Intraday […]
Overview: Since our last analysis, Gold has been trading downwards, as we expected, the price tested the level of 1,287.36 amid ultra high volume. 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 […]
Overview: Since our last analysis, the EUR/NZD pair has been trading downwards. The price tested the level of 1.6819 due to high volume. Since we have got our first shor-term target at the level of 1.700 I have placed Fibonacci expansion to find next target level and I have got FE 61.8 at price 1.7360 […]
EURUSD: This pair is in the bullish mode even despite the latest equilibrium phase in the market. The Williams’ % Range is moving into the overbought region, which means that the buying pressure is strong on this pair. The price may eventually move towards the resistance line at 1.3300 and breake it to the upside. […]
Last week, the euro closed with a loss of 0.1% after a very volatile week. However, this pair has found it difficult to break the 1.3340 level, where it stood last week, the second weekly resistance. However, this week the euro is negotiating under which demonstrated a very strong level of 1.3270. The fact that […]
