Overview: Since our last analysis, Gold has been trading downwards, as we expected, the price tested level 1,282.93 on high volume. I placed Fibonacci expansion levels to find the potential end of up corrective phase. We are still likely to see testing of the weekly FE level 161.8% at price 1,151.00. I saw supply bar […]
EURUSD: The bullish scenario on this pair has been rendered invalid by the current bearish threats. There is now a bearish signal on the chart, but it is better to wait for the price to break the market line of 1.3200 to the downside, even closing below it. Then short trades would make more sense. […]
Overview: Since our last analysis, the EUR/NZD pair has been trading upwards movement, as we expected, price tested level 1.6836 on high volume. I placed Fibonacci expansion to find levels where down corrective phase may finish and I got FE 100% at price 1.6357 and FE 161.8% at price 1.6030. The current situation on (4H) […]
Yesterday the pound was in sideways movement. The Bank of England preserved its monetary policy unchanged. This time it did not publish traditional announcement, moving inflationary report on August 7. The pound did not pass the demand for USD and closed the day dropping 90 points. Today at 10:00 UTC+4 Nationwide House Price Index in […]
Gold has broken downwards as expected. Once the trend lines were broken, the downward move was only a matter of time to arrive. In yesterday’s analysis we also mentioned that we would add to short positions once 1,301 was broken with 1,286 as the first target. Trend is down both in short and longer term. […]
USD/CAD Elliott Wave For the last few days we are tracking the corrective wave (A) (coloured green) as finished, and yesterday’s bullish movement finally confirmed this scenario. During the Thursday’s Asian and European sessions we could observe ascending movement from 1.0262 towards the 1.0324 level. Therefore, during the New York session this major currency has continued […]
General overview for 02/08/2013 10:00 CET: It turns out that wave (ii) correction was Running Flat instead of anticipated Irregular Flat but anyway the price went in the desired direction. It took out the previous SUPPLY area and H1 candle had closed way above the supply level. The target level of 1.0320 of yesterday’s […]
AUDUSD Elliott Wave All week the AUD/USD pair has been trading in a downwards move, impulsive wave 1 (coloured blue) of the bigger wave (5) (coloured green) has been developing. Yesterday during the Asian and European sessions we could observe descending movement from 0.8991 towards the 0.8903 level. Therefore, during the New York session this […]
The Dollar Index managed yesterday to break above short-term resistance levels and make a daily candle close above the red candlestick we noted in yesterday’s analysis. Prices managed to close above 82 and are now testing the next important resistance at 82.35. It is a good sign that after all the expectations we see the […]
General overview for 02/08/2013 09:30 CET: The corrective wave (c) of wave (ii) to the upside went above 61% Fibo level and currently stalled just a shy of 78% Fibo and Weekly Resistance Pivot Level 1 at 131.90. It is possible that the target for this wave is 78% Fibo at 132.00 and this would […]
Bearish tendency for the euro has consolidated. Yesterday during the ECB press conference Mario Draghi did not say anything new and tried to be neutral. Following positive data on ISM Manufacturing in the US in July, which was 55.4 vs. expectations for 52.1 and 50.9 in June, the euro continued declining. The investors are waiting […]
Sterling jumped against the dollar and euro after UK construction PMI beat forecasts and hit a three-year high in July. Markets reacted positively to the data as it comes on the back of strong manufacturing PMIs from Thursday. The data is therefore suggesting the British economy is improving and starting the third quarter on a […]
Today’s Support and Resistance levels: R3: 1.6842 R2: 1.6790 R1: 1.6738 Current Spot: 1.6719 S1: 1.6693 S2: 1.6671 S3: 1.6652 Technical summary: We should be in the very early parts of red wave iii higher. Red wave iii is most likely to become an extended wave and should at least reach 1.7326, but could well […]
Today’s Support and Resistance levels: R3: 132.07 R2: 131.82 R1: 131.53 Current spot: 131.37 S1: 131.12 S2: 130.79 S3: 130.40 Technical summary: We have seen the expected rally higher in a complex correction in blue wave ii. The correction went a little higher than we expected, as we have seen a high at 131.56. […]
TODAY’s NEWS RELEASES: 1. US – Non Farm Payrolls. 2. US – Unemployment Rate. TODAY’s TECHNICAL LEVELS: Resistance 3: 100.12. Resistance 2: 99.93. Resistance 1: 99.73. Support 1: 99.49. Support 2: 99.29. Support 3: 99.10. DESCRIPTION: Please pay attention to the levels of support 3 (99.10) and resistance 3 (100.12). Normally, […]
TODAY’s NEWS RELEASES: 1. US – Non Farm Payrolls. 2. US – Unemployment Rate. TODAY’s TECHNICAL LEVELS: Breakout BUY Level: 1.3275. Strong Resistance: 1.3267. Original Resistance: 1.3254. Inner Sell Area: 1.3241. Target Inner Area: 1.3210. Inner Buy Area: 1.3179. Original Support: 1.3165. Strong Support: 1.3153. Breakout SELL Level: 1.3145. DESCRIPTION: Today EUR/USD […]
Daily chart: The USDX has made a bullish rebound above the 200-day moving average and support at the 81.50 level. This could be an indicator of a trend reversal in the USDX. If the USDX manages to break the resistance at 82.51 level, it would be expected to rise to the level of 83.22. Furthermore, […]
Daily chart: The GBPUSD pair continues to strengthen its bearish trend, breaking the support at the 1.5159 level. Now, this pair is setting its goals to the next support level at 1.5023. However, it is likely that during today’s session GBPUSD pattern forms a higher low, so that it continues to fall over the next […]
Overview: USD/CHF: It should be noted that the price has still been trapped between 0.9380 — 0.9343 and the price has been set below strong resistance at the level of 0.9425 (38.2% of Fibonacci retracement levels on H4 chart). Moreover, it is worth noting that these levels are coinciding between 23.6% and 38.2% of […]
August 2nd, 2013, Daily Market Bite from Ishaq Siddiqi Market Strategist European markets have opened higher this morning, as yesterday’s upbeat data on US jobless claims and manufacturing sector activity boosted optimism about an improvement in US economic activity. However, gains were kept in check, as investors eyed US non-farm payrolls and factory orders data, […]
Yesterday all the moving averages succeeded in making a Golden Cross formation pattern, and this means EUR/JPY now has an uptrend, but please pay attention to the important U.S. fundamental news releases today : 1. Unemployment Rate. 2. Non-Farm Payrolls. If you already have an open position from the previous day, just keep your stop […]
Overview (GBP/USD): Resistance: 1.5280. (sell below this level). Support: 1.5100. (buy above this level). According to previous events, the price has still been trapped between 1.5100 and 1.5145. Therefore, the first step is waiting for a period of tight sideways market before breakouts. Then, the market will probably start showing bullish signs. In other […]
The dollar remains stronger today after Thursday’s rally on U.S. manufacturing data, while all eyes are now on the all important nonfarm payrolls on Friday. Expectations are that the Fed is most likely to start to taper monetary stimulus in September. The greenback outperformed yesterday after U.S. ISM data rose more-than-expected in July, giving signs […]
The U.S. dollar rallied sharply while the S&P 500 stock index hit a record high 1,700 points following an array of upbeat U.S. data on Thursday. Jobless claims and manufacturing data showed the world’s largest economy was recovering steadily. Also helping boost the greenback was news that the European Central Bank and the Bank of […]
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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. […]
Bearish rejection was expressed off important key resistance at 1.5400 located on the chart corresponding to 61.8% Fibonacci Level extending up to 1.5440. This significant resistance managed to put some bearish pressure leading towards quick retracement which already bypassed 1.5290 50% Fibonacci. This also invalidates Thursday’s bullish engulfing daily candlestick, the low of which around […]
Consolidation above the previously broken uptrend line goes on this week too after the pair established a consolidation range between 1.3060 and 1.3180. The weekly candlestick came bullish for the 3rd week in a row closing above 1.3240 important level corresponding to previous May’s high. The next supply zone will be located around 1.3310-1.3333 corresponding […]
Supply Levels: 1,340.20, 1,370.40, and 1,423.30. Demand Levels: 1,312.20, 1,256.00, and 1,209. Bullish breakout above previous congestion zone extending between 1,265-1,298 took place on Monday. This enhances the ongoing uptrend. Lack of bullish steam is apparent on the chart after hiting 1,347.8, successive daily inside bars are trapped within Friday’s pin-bar price range, untill Yestetday when […]
Overview From today’s H4 chart, the metal took an upward move yesterday after its rebound from the lower limit of its bearish channel as shown. But rapidly silver hits the Resistance area consisting of the uppper limit of the bearish channel, then the Resistance level 20.00 after it. Currently silver is testing it and trying […]
