Overview: Since our last analysis, the EUR/NZD pair has been trading upwards movement price tested level 1.6665 on high volume.We are still waiting for larger move and bullish movement. 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 […]
Overview: Since our last analysis, Gold has been trading in upwards movement, price tested FE 161.8 % and level 1,347.87 as we marked in previous analysis like potential scenario. 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 […]
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Yesterday data on BBA Loans for House Purchase in June was lower than forecast. However, it was higher the figure from May; 37.3K vs. expectations for 38.5K and revised upwardly May’s data 36.3K. The pound took the sideways course with the amplitude of 25 points. Today at 14:00 UTC+4 data on UK CBI Industrial orders […]
Gold prices have continued their upward extension towards 1,350 where wave C equals 1.618 times of wave A. The rise from 1,270 is near completion and we favor closing long positions, raising stops and remaining neutral. We believe that soon a downward correction will start. We will go short only if prices break support levels […]
The Dollar Index continues trading around the 61,8% Fibonacci retracement and the pause to the steep decline is just another sign of the importance of support at this level. Additionaly this adds to our chances of a trend reversal as the 61,8% retracement is a key support level. The decline from 84.75 still remains overlapping […]
Yesterday the euro grew and stock market fell amid weak data on Richmond Fed Manufacturing Index in July: -11 vs. expectations for 7 and 8 in June. However, the euro did not drop amid weak US data. The growth of the euro on small volumes, the number of buys has not increased, major investors are […]
July 24th, 2013, Daily Market Bite from Ishaq Siddiqi Market Strategist European markets have opened slightly higher this morning, following some upbeat US corporate earnings results and as investors bet that today’s release of Eurozone manufacturing and services PMI would reveal an improvement. However, a contraction in China’s manufacturing PMI kept gains in check. Closer […]
Today’s Support and Resistance levels: R3: 132.78 R2: 132.27 R1: 132.01 Current Spot: 131.73 S1: 131.37 S2: 131.09 S3: 130.72 Technical overview: We have been locked in a price range between 130.71 and 132.27 since late Friday. However, we are still looking for a continuation higher towards the next minor resistance at 132.78 and possibly […]
Forecast: GBPUSD: According to previous events, the price has still been trapped between 1.5390 and 1.5340. Buy above 1.5260 with the first target of 1.5310, it might resume to 1.5380. Stop loss should be set below 1.5190, additionally the weekly pivot point is set at the level of 1.5191. Therefore, the best location to […]
TODAY’S TECHNICAL LEVELS: Resistance 3: 100.08. Resistance 2: 99.89. Resistance 1: 99.69. Support 1: 99.45. Support 2: 99.26. Support 3: 99.06. DESCRIPTION: Please pay attention to the levels of support 3 (99.06) and resistance 3 (100.08). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but […]
TODAY’S TECHNICAL LEVELS: Breakout BUY Level: 1.3284. Strong Resistance: 1.3276. Original Resistance: 1.3263. Inner Sell Area: 1.3250. Target Inner Area: 1.3219. Inner Buy Area: 1.3188. Original Support: 1.3175. Strong Support: 1.3162. Breakout SELL Level: 1.3154. DESCRIPTION: Today EUR/USD has support and resistance at 1.3175 and 1.3263. The rate is accompanied by strong support at […]
EURUSD: This pair succeeded in trading above the price line of 1.3200. It is now trending upwards – towards another resistance line of 1.3250. That resistance line is a target that would be easily achieved because EUR has a lease of stamina (as this forecast was being prepared). There is an immediate support line at […]
Daily chart: CL made a bullish rebound at 106.70 support level, but this movement is not final, because CL may eventually break that support level. Furthermore, CL is forming a lower high pattern to continue rising and reach the resistance level at 109.93. If CL manages to break that level, it is expected to rise […]
USD/CAD Elliott Wave Since our last analyses the USD/CAD pair has continued trading in a bearish mood and price has reached our target for the impulsive wave 5 (coloured blue) of the bigger wave (A) (coloured green). Yesterday, during the Asian and European sessions we could observe strong descending movement from 1.0348 towards the 1.0297 level. Therefore, during […]
AUD/USD Elliott Wave For the last couple of days the AUD/USD pair has been trading upwards, impulsive sub-wave .5 (coloured green) of the wave C (coloured blue) has been developing.Yesterday during the early Asian session we could observe descending movement from 0.9279 towards the 0.9225 level.Therefore, during the Asian and New York sessions this major […]
Today’s Support and Resistance levels: R3: 1.6733 R2: 1.6673 R1: 1.6603 Current Spot: 1.6564 S1: 1.6552 S2: 1.6528 S1: 1.6496 Technical overview: We are looking for a powerful rally to take off any time now. A clear break above 1.6603 opens up the upside for an impulsive rally higher towards 1.7364, where wave iii will […]
Once again the 132.00 level has proven to be a strong resistance for EUR/JPY, since yesterday this level was touched by EUR/JPY; the downside movement is held by the dynamic support from EMA 34 (blue); for today EUR/JPY will test 132.00 again. RECOMMENDATION: BUY STOP (pending order) at 131.76. Take profit at 131.90. Stop loss […]
Overview: As expected, the Swissy could not break the major resistance at the level of 0.9495 for the pair has rebounded on its resistance, it might resume to 0.9370 (major resistance). Moreover, if the trend can break this level of 0.9370 easily, then a bearish trend will start from the level of 0.9370 […]
Daily chart: GBP/USD continues to strengthen its bullish trend on this chart. Now, this pair is forming a lower high pattern below the resistance level of 1.5407. If the pair manages to break that level, it is expected to rise to the level of 1.5506, which houses the 200 day moving average. On the other […]
The U.S. dollar gained some strength after benefiting from damp risk appetite that was hit after disappointing data from China. The HSBC manufacturing flash manufacturing PMI in July came in at an 11-month low, giving fresh signs of a slowdown in the world’s second largest economy. PMI printed a reading of 47.7, lower than the […]
The dollar reversed gains versus the yen as well as against the euro and pound after disappointing U.S. economic data. The Richmond regional manufacturing index missed forecasts and thereby raised expectations that the Federal Reserve will delay scaling back its stimulus program. The Fed’s bond buying program tends to have a weakening effect on the […]
The British pound, on the daily graphics, has formed a double top technical pattern, a close below 1.5323 will be the beginning of this move lower to 1.5260 level as the first goal. If this level is broken, the fall could be faster to the weekly pivot level of 1.5191. Therefore, we recommend selling below […]
The euro is very optimistic because some eurozone news gave a bit of force to the pair. Now it must face the 1.3214 area, for example, Spanish recession slowed in the second quarter of 2013, thanks to the improvement in the external field. The Bank of Spain showed that Gross domestic product (GDP) declined […]
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 two established bottoms around 1.4825 and 1.5050, Moreover, the GBP/USD pair expressed daily […]
The Australian dollar has moved more than 11 weeks in the downward direction. This week the pair is showing bullish strength, but now it has a level of resistance that is preventing it from moving up, which is the area of 0.9310; below this level there is much downward pressure. However, only a weekly […]
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 2nd week in a row closing at 1.3140 after the pair found strong demand at 1.3060-1.3075 corresponding to SMA 100 and the lower limit of […]
Consolidation above the previously broken uptrend line goes on this week too after the pair expressed bullish breakout above consolidation range between 1.5050 and 1.5200. The weekly candlestick came bullish for the 2nd week in a row closing at 1.5264 after the pair found strong demand at 1.5050 corresponding to the lower limit of congestion […]
Gold has made some good gains in the past four weeks, moving off a near three-year low of $1,180 hit on June 28. Gold has since gained over $160 an ounce to reach $1,338 this week. Helping bullion’s rise was dollar weakness. The two assets usually have an inverse price relationship. A softer dollar that […]
