EUR/USD: The reversal that happens on this currency instrument has the potential to overturn the recent bearish scenario, should it continue further. Whether what is happening would be a false breakout or a sustained bullish outbreak will be indicated with the time. Until then, one might need to sit on the fence. USD/CHF: The USD/CHF […]
Gold prices were very volatile last night, but without breaking below our important support levels. Trendlines where held and so did the potential upward trend. We were expecting at least a new high above 1,266 but our first elliott wave target was 1,294. At that price level wave C was equal to wave A. Prices […]
The Dollar index topped yesterday and as we mentioned in our analysis yesterday, breaking below support levels would confirm our view that a top is in and that it is time for the index to make a bigger degree correction. As we noted several times before, the upward move from 80.50 was almost if not […]
Daily chart: The USDJPY has dropped to support at the 98.25 level, having found strong resistance at 100.94 level. If this pair does break the support at the level of 98.25, it’s expected to drop to the level of 96.38. On the other hand, if the USDJPY does make a bullish rebound in this support, […]
Technical outlook and chart setups: The metal is approaching its first measured extension close to 21.00 for now. It is recommended to hold on to long positions taken earlier. An intermediary resistance at sub 20.00 levels has been broken, hence a pullback can be […]
Technical outlook and chart setups: The metal has raised past through the first resistance and measured extension level at 1,290/91 today. It is recommended to book 80% profits on the long positions taken earlier. Hold on to the remaining positions for another upside target […]
Technical outlook and chart setups: This currency pair is on track towards lower levels for now. It is recommended to remain short and look to sell intraday rallies as well. The overall wave structure could be that of a head and shoulder being carved […]
Technical outlook and chart setups: The trading range continues for now. It is recommended to buy the bullish bounce at support 1.4250/1.4300 and sell the bearish bounce at resistance of 1.4500. Looking into the overall wave structure, it remains bearish since 1.5400 levels and […]
The British pound has hit a fresh record low since June 2010. This means that despite Britain had revealed quite a heartening figures recently, they were not enough to reverse the downward move of its currency. On Tuesday, a weaker-than-expected manufacturing production data was unveiled and had the first daily negative impact on GBP. Now […]
July 11th, 2013, Daily Market Bite from Ishaq Siddiqi Market Strategist Ben Bernanke, chairman of the Federal Reserve, sparked a sharp rally across stocks and bonds late Wednesday in the US after saying that monetary policy will remain highly accommodative for the foreseeable future. Asian markets responded in a relief rally overnight which saw the […]
Overview As it was expected yesterday, the price’s closing 4H below the support level of 150.00 would give a new opportunity for more bearish signals, today and as shown, the price has already broken 150.00 and now is trading below the support level of 149.35 and closing below this level again may give us […]
Overview: The USD/JPY to trade with bearish bias. The USD/JPY is undermined by negative dollar sentiment as uncertainty rise over when the Federal Reserve could start reducing its bond purchases. This after Chairman Bernanke said the central bank’s highly accommodative monetary policy is needed for the foreseeable future and it is likely that the Fed […]
Overview: The USD/CHF is to trade with bearish bias. It is undermined by negative USD sentiment; franc demand on retreating EUR/CHF cross. The daily chart is negative-biased as stochastics falling from overbought; positive MACD histogram bars contracting; bearish parabolic stop-and-reverse signal hit at 0.9578 this morning. Trading recommendation: The pair is trading below its pivot […]
Overview: The USD/CAD is to trade with bearish bias. It is undermined by negative USD sentiment; strong oil prices (Nymex crude settled $2.99 higher Wednesday at $106.52/bbl); increased investor risk appetite. The data to focus on: 12:30 GMT Canada May new-housing price index. Daily chart negative-biased as stochastics falling from overbought; MACD staged bearish crossover […]
Overview: The AUD/USD is to trade with bullish bias. The AUD/USD underpinned by negative dollar sentiment; increased investor risk appetite; and stronger commodity prices. But the AUD/USD gains tempered by dovish Reserve Bank of Australia monetary policy stance; dismal Australian economic outlook; concerns over economic slowdown in China. Chinese trade data Wednesday showed exports falling […]
Daily chart: On this chart, the USDX is too bearish and we can clearly see that this has broken the support level at 83.22 and now it is finding support at the 82.51 level. For today’s session, it is very possible that the USDX consolidates above this support. For now, the USDX remains above the […]
Today’s Support and Resistance levels: R3: 130.56 (very important resistance) R2: 130.13 R1: 129.70 Current spot: 129.32 S1: 128.92 S2: 128.49 S3: 128.00 Technical overview: Even though the rally from 128.00 has been much bigger than expected, we are still looking for a break below 128.00 soon and an acceleration towards the downside. We counted […]
TODAY’s NEWS RELEASES: 1. Japan Monetary Policy Statement. 2. BOJ Press Conference. TODAY’s TECHNICAL LEVEL: Resistance. 3 : 99.92. Resistance. 2 : 99.73. Resistance. 1 : 99.53. Support. 1 : 99.29. Support. 2 : 99.09. Support. 3 : 99.89. DESCRIPTION: Please, pay attention to the levels of support 3 (99.89) and […]
TODAY’s NEWS RELEASE: 1. U.S. Unemployment Claims. TODAY’s TECHNICAL LEVELS: Breakout BUY Level: 1.3180. Strong Resistance: 1.3172. Original Resistance: 1.3159. Inner Sell Area: 1.3146. Target Inner Area: 1.3115. Inner Buy Area: 1.3084. Original Support: 1.3071. Strong Support: 1.3058. Breakout SELL Level: 1.3050. DESCRIPTION : Today the EUR/USD has support and resistance at 1.3071 and 1.3159. […]
Today’s support and resistance levels: R3: 1.6688 R2: 1.6600 R1: 1.6535 Current Spot: 1.6500 S1: 1.6445 S2: 1.6397 S3: 1.6356 Technical overview: The rally of the 1.6225 low has been impulsive in character (in five waves), which is what we would expect after the triple correction down from 1.7111. In the short term, we would […]
EUR/JPY is now in a ranging situation between the 128.25-130.25; this situation was caused by yesterday’s signal from Mr Bernanke for continuation of the U.S. economic stimulus until mid-2014; but when this stimulus will be stopped there’s no clue, because they will not stop it until they get confirmation with all the economic data. This […]
Overview From the today’s H4 chart, silver is still stabilizing above the Support level 18.55 and could not break it and currently is bouncing from it towards the Resistance level 23.00. So we still suggest waiting for closing above the Resistance level in case of bouncing from the Support level 18.55 to give us […]
EUR/USD yesterday suffered a severe drop due to the intention of the senior ECB official to keep interest rates for an “extended period”. Observing our daily chart, notice that the euro came to the minimum of the 4th of April, which was also nearing a break. Now, this morning it is showing a strong rebound, […]
The dollar extended losses in the Asian session on Thursday after tumbling during late U.S. session trading on Wednesday following the Federal Reserve’s policy meeting minutes and the Fed President’s speech. Fed Chief Ben Bernanke commented at an economics conference in Massachusetts that “highly accommodative monetary policy for the foreseeable future is what’s needed.” His […]
The dollar tumbled against most major counterparts in late U.S. session trading on Wednesday after a much anticipated release of the Federal Reserve June 18-19 policy meeting minutes. Markets were expecting a more hawkish tone, which wasn’t the case. According to the minutes, several FOMC policy makers said that they would prefer to see an […]
The dollar is expected to remain broadly weaker in the buildup to the U.S. Federal Reserve policy meeting minutes due later in the U.S. session on Wednesday. This will give the EURUSD a bounce but resistance is expected to cap the pair at $ 1.2845. Support lies at yesterday’s low of $1.2754. On the hourly […]
The USD/CAD pair rose steeply last week approaching the key resistance level of the ascending channel around at 1.0530 as depicted in the chart. Since then, the pair has established a consolidation range between 1.0450-1.0560. Despite the signs of bearish reversal expressed around 1.0550, all trials for breakdown below 1.0450-1.0425 have been aborted untill we had a bullish […]
Last week, a bullish price action was expressed around 61.8% Fibonacci level depicted on the daily chart around 1.5130 which was followed by the marked price fall below all the strong levels at 1.5180 and 1.5020. Now the pair is fixated below 1.5000-1.5020 which adds further bearish pressure to the pair to reach 1.5830 (previous monthly low) where […]
On Friday, the EUR/USD pair expressed quite significant bearish weekly closure at 1.2830 after hiting the previously mentioned demand zone extending between 1.2750-1.2820. This demand zone corresponds to a previous low established in March as well as another buttom established in May which was breached Yesterday. It’s expected for the pair to gain some recovery […]
The Cable witnessed a rapid fall towards 1.5025, breaking the corrective uptrend line which came to meet the pair around 1.5080 then support zone around 1.5000-1.5020. The demand level around 1.5000 (also a psychological support) was broken, supported by the positive fundamental data from U.S. last Friday. Currently, the pair is consolidating near support […]
