USD/CAD Elliott Wave For the last few days the USD/CAD pair has been trading in a choppy downwards move, we can consider this move as possible wedge formation in the wave 5 (coloured blue) of the (A) (coloured green). During the Monday’s Asian and European sessions we could observe descending movement from 1.0282 towards the 1.0250 level […]
AUDUSD Elliott Wave Since our last analyses the AUD/USD pair has been trading downwards, just like we expected, impulsive wave .3 (coloured green) of the bigger wave 1 (coloured blue) has been developing. During the Monday’s Asian and European sessions we could observe descending movement from 0.9284 towards the 0.9187 level. Therefore, during the New York […]
Today’s Support and Resistance levels: R3: 1.6634 R2: 1.6592 R1: 1.6571 Current Spot: 1.6554 S1: 1.6527 S2: 1.6501 S3: 1.6482 Technical summary: With the break above 1.6486 we had confirmation, that a bottom is in place for a new impulsive rally higher. To confirm, that we have seen an important low for wave ii we […]
Today’s Support and Resistance levels: R3: 131.17 R2: 130.79 R1: 130.45 Current Spot: 130.40 S1: 130.18 S2: 129.95 S3: 129.76 Technical summary: We saw the end of minor wave five at exactly 129.59, which was our first target. The rally of the low at 129.59 indicates, that wave i of c is over and wave […]
Trading recommendations: NZD/USD: According to the previous events, the price has still been trapped between 0.8055 and 0.7995. Long buying: Buy above 0.7850 with the first target of 0.7963, it might resume to 0.8085. Short selling: Swing trade at 0.8100 in order to sell with a traget of 0.7950 then it will continue towards 1.7860. […]
The Dollar Index continues to trade within the downward sloping trend channel with no sign of strength to reverse the intermediate and short-term trend. Prices, however, bounced at the 81.50 support level where the 76.4% Fibonacci retracement also is. The short-term downward sloping blue trend line in the daily chart has been broken upwards but […]
Yesterday gold did not manage to break below the 1,325 support and neither above the 1,340 resistance. We remain short biased as long as prices remain below the 1,350 area. Our bearish view has not changed for some time and we believe that sooner or later prices are going to fall hard towards at least […]
On Monday, sideways movement was not observed. The investors closed buys and were preparing for the FOMC meeting scheduled on Wednesday. However, Ben S. Bernanke almost directly stated that QE3 cut will start in September, we do not expect it next meeting. The other situation with the ECB meeting scheduled for Thursday; there are rumors […]
TODAY’S TECHNICAL LEVELS: Breakout BUY Level: 1.3326. Strong Resistance: 1.3318. Original Resistance: 1.3305. Inner Sell Area: 1.3292. Target Inner Area: 1.3261. Inner Buy Area: 1.3230. Original Support: 1.3217. Strong Support: 1.3204. Breakout SELL Level: 1.3196. DESCRIPTION: Today EUR/USD has support and resistance at 1.3217 and 1.3305. The rate is accompanied by strong support at […]
The EUR/JPY pair is still in the downside movement, this already is indicated by all the three moving averages which are still making a formation called “The Death Cross” pattern. For today it seems this currency has already tested its dynamic resistance EMA 34 (blue); as long as it has not touched and/or penetrated the […]
Technical outlook and chart setups: Silver remains at a cross road, ahead of the next move. A bullish bounce at the line of support around 19.60/70 region would shift focus at 20.50 and 21.00, while a break could be in continuation towards the larger trend, which is down! In line with its counterpart Gold, the […]
Technical outlook and chart setups: The metal has been locked into consolidation since last few trading sessions. A break above 1,340 level again, would be bullish, while a break below 1,325.00 has got the potential to bring down prices to 1,250/70 levels. Immediate support is at 1,270, followed by 1,210.00 and lower; while resistance is […]
Technical outlook and chart setups: Since the break of rising trend line which happened lately, the channel line has remained our focus to confirm the next trade direction. Prices are again testing channel support for now at around 130.00 level. A bullish bounce here would shift focus again towards 132.00 and higher; while a break […]
Technical outlook and chart setups: There is no change in the outlook from what has been discussed recently. The single currency pair seems to be consolidating after bouncing off the rising trend line recently around the 1.4270/80 mark. Intermediary support is at 1.4200, followed by 1.4075/1.4; while immediate resistance is at 1.48, followed by 1.5 […]
Daily chart: CL continues to develop its bearish trend in this chart. It is very likely that CL breaks the support level at 103.85 and if it succeeds, it would be expected to fall to the level of 103.85. For now, while CL is maintained above this support and below the resistance at 106.70 level, […]
Overview: The resistance of USD/CAD sets at the level of 1.0425, therefore the bears are going to sell below 1.0425 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 1.0425, thus swing trade at 1.0425 in order to sell […]
TODAY’S TECHNICAL LEVELS: Resistance 3: 98.61. Resistance 2: 98.42. Resistance 1: 98.23. Support 1: 97.99. Support 2: 97.80. Support 3: 97.60. DESCRIPTION: Please pay attention to the levels of support 3 (97.60) and resistance 3 (98.61). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but […]
July 30th, 2013, Daily Market Bite from Ishaq Siddiqi Market Strategist European markets have opened higher this morning, tracking gains in Asian markets and as investors shifted their focus to earnings updates and a two-day Fed policy meeting that starts later in the day. Meanwhile, the IMF approved a loan tranche worth €1.72 billion for […]
EUR/USD: This pair still besieges the price line of 1.3300, even in the face of the current consolidation to the downside (which is essentially negligible right now). It is likely that the pair would continue going northwards, and should that prove to be true, the current consolidation to the downside would be a good long […]
Daily chart: GBP/USD was unable to break the resistance level of 1.5407. Now, it is very likely that this pair will fall to the support level at 1.5266. However, keep in mind that these movements could help form a lower high pattern. If GBP/USD manages to break that resistance level, it would be expected to […]
The Australian dollar took the spotlight today as it tumbled against most major peers following weak data and comments by the Reserve Bank of Australia’s governor. AUDUSD began the Asian session at $0.9203 and began its decline after weak industrial production figures. The fall accelerated to $0.9059 after RBA Governor Stevens speech when he signalled […]
The dollar gained some ground against most major peers in the U.S. session on Monday, but was little changed against the yen. Most investors are positioning ahead of key risk events this week and are waiting on central bank policy announcements and key data for direction. The dollar is generally weaker since last week on […]
The pound is under downward pressure. At the moment it is trading at 1.5358, key weekly pivot point level. A daily close below this level will be a clear bearish signal for the pair. We believe that it may press it to 1.5178 support zone. On the other hand, a bounce back or if […]
The Japanese yen has made some interesting moves, growing against the dollar and continuing a rally that began towards the end of last week; this pair has strengthened more because many investors only see as shelter against market uncertainty. However, observing the graph of weekly pivots, we noticed that the Japanese yen has an immediate […]
This week the Australian dollar is located around the weekly pivot point of 0.9236. This is a key level for this week. Given that since the opening of the Asian session the pair is showing weakness, like other currencies which are trading against the US dollar. If this level is broken the pair is expected […]
The 1.33 level has proven to be a very strong resistance for the euro. If you look at the monthly chart of the pivots, there is a line of R1 which is located at 1.3298, just the area where the pair turned around. In view of which it is now negotiating below the monthly resistance. […]
Important key resistance at 1.5400 is located on the daily chart corresponding to 61.8% Fibonacci Level extending up to 1.5440, previous daily high. This upcoming resistance is expected to put some bearish pressure maybe leading towards some bearish retracement. However, Thursday’s bullish engulfing daily candlestick, the low of which hardly touched 50% Fibonacci Level around […]
Strong bullish presence was expected to be found off support zone around 1.5830 which pushed the pair to the upside breaking through the upper limit of the 4H channel that again reached up to 50% Fibonacci level around 1.5275. Now there are three established bottoms around 1.4825, 1.5050 and 1.5270 (which is being established)ю Moreover, […]
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. This was followed by intensive bearish pressure that led to breakdown of 1.0450 and 1.0380 with a recorded low […]
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 1.3333 corresponding […]
