EUR/USD: There has been an upward reversal on this pair, though in a context of a downtrend. In spite of this upward reversal, the bearish signal is still valid. The only scenario that could make it invalid is when the price goes above the resistance line of 1.3100. Until then, a bearish stance is assumed. […]
Overview: Since our last analysis Gold has been trading downward moves as we expected, we almost got our weekly short-term target level FE 161.8% at price 1,151.00. Price tested level 1,180.00 and from that point we entered corrective up phase. I placed Fibonacci expansion levels to find potential end of up corrective phase. Thus, I […]
Overview: Since our last analysis the EUR/NZD pair has been trading upward moving as we expected. We rejected from level 1.6630 (our FE 161.8 %). Current situation on (4H) time frame is that we got increasing volume on previous up move which is a sign that we have demand on the market. On the daily […]
July 2nd, 2013, Daily Market Bite from Ishaq Siddiqi Market Strategist Financial markets are pulling-back Tuesday after registering strong gains in the previous session, driven by a pick-up in manufacturing data out of Europe and the US. Despite the poor manufacturing reports out of Asia on Monday [which pressured prices in the Asian session overnight; […]
The British pound is trading above the 1.52 level, this level is a strong support as in previous months it served to define the trend of the pair in the short term. Given that now it is trading around 1.5218, it means that it could continue the upward trend to the level of weekly pivot […]
TODAY’s TECHNICAL LEVELS: Breakout BUY Level: 1.3129. Strong Resistance: 1.3122. Original Resistance: 1.3109. Inner Sell Area: 1.3096. Target Inner Area: 1.3066. Inner Buy Area: 1.3036. Original Support: 1.3023. Strong Support: 1.3010. Breakout SELL Level: 1.3003. DESCRIPTION : Today the EUR/USD has support and resistance at 1.3023 and 1.3109. The rate is accompanied by strong support […]
TODAY’s TECHNICAL LEVELS : Resistance. 3 : 100.11. Resistance. 2 : 99.92. Resistance. 1 : 99.72. Support. 1 : 99.48. Support. 2 : 99.29. Support. 3 : 99.09. DESCRIPTION : Please, pay attention to the levels of support 3 (99.09) and resistance 3 (100.11). Normally, when a level is touched, the […]
Today’s support and resistance levels: R3: 131.00 R2: 130.64 R1: 130.28 Current spot: 130.04 S1: 129.80 S2: 129.39 S3: 128.92 Technical overview: With the break above 129.90 we had the confirmation that we needed to exclude the possible running triangle and continue working with our zig-zag wave b towards 131.27 or just above. Once this […]
Today’s support and resistance levels: R3: 1.6846 R2: 1.6797 R1: 1.6748 Current Spot: 1.6714 S1: 1.6655 S2: 1.6600 S3: 1.6555 Technical overview: We are still looking for the ongoing X-wave to finish. As long as support at 1.6665 and more importantly support at 1.6600 protects the downside we should see one last push towards the […]
The Australian dollar is recovering from the downward pressure last week. The fact that now it faces weekly pivot of 0.9198 means that the pair may recover from the downward pressure, therefore, a daily close above 0.9200 will be the beginning of a new upward sequence, at least until the second weekly resistance of 0.9430. […]
The USD/CAD pair rose steeply last week approaching key resistance level of the ascending channel around at 1.0530 as depicted in the chart. The pair expressed a quite significant bearish movement during last week due to bearish rejection expressed at the upper limit of the ascending channel. Today, the possibility of a downside move is still intact, […]
On the 4H chart, the backside of the broken channel around rejected the pair twice at testing of price levels 1.5680 and 1.5750 respectively. Bearish rejection and strong bearish pressure applied around 1.5700-1.5730 led to this quick obvious breakdown of 1.5600-1.5580 that took place last week. The GBP/USD pair paused at support level 1.5380 (previous […]
Overview: The USD/JPY is to trade in higher range. The USD/JPY underpinned by positive USD sentiment (ICE spot dollar index last 83.222 vs 82.977 early Friday) as comments by Fed’s Jeffrey Lacker and Jeremy Stein raised bets on a tapering of asset buying by the U.S. central bank: Mr. Lacker said the benefit-cost […]
Obvious bearish rejection at 61.8% Fibonacci located around price level 1.5750 pushed the pair strongly below SMA 100 which came to meet the pair around 1.5400. Now the pair is trading below both 50% Fibo and SMA 100 which is enhancing the bears to achieve new lows. The current daily candlestick has already stepped below […]
If we look at the chart, all the three moving averages forming Golden Cross pattern are still pointing to the fact that the uptrend situation is still continuing for EUR/JPY; however, this currency pair must have a small retracement as the element from the healthy uptrend; as long as the retracement does not touch the 129.00 […]
Daily chart: GBP/USD continues forming a higher low pattern over the support at the level of 1.5159. We should note that GBP/USD has had very deep falls in recent days and the fundamental news for this pair, can facilitate a GBP/USD rise again to the resistance level at 1.5266. On the other hand, if GBP/USD […]
Daily chart: The USDX has found strong resistance at the 83.22 level. Thus, it is possible that the USDX will form a lower high pattern, below this level. If the USDX manages to break this resistance, it is expected to rise to the level of 83.74. On the other hand, it is very possible that […]
Risk appetite remained in the Asian session as market sentiment was boosted yesterday on improved manufacturing data from major global economies, outweighing fears of a reduction in U.S. monetary stimulus. This reduced demand for the safer dollar and gave some relief to riskier assets like euro and sterling. The euro held onto gains made yesterday […]
Risk sentiment was more evident in the currency markets during the US trading session on Monday, as the start of a new quarter began with stronger data. A report from the Institute for Supply Management (ISM) showed US manufacturing expanded in June, while Japanese and European data pointed to improving economic recovery. The ISM index […]
The euro is showing uneven performance against the dollar, the fact that it was broken the 1.30 level, but not yet confirmed, now rebounding and presents this right now with a graphic short-term without definite trend, but with a bias slightly upward. If the euro continues this small recovery, it is likely to encounter strong […]
The EUR/USD pair reached demand zone around 1.3000 after the significant decline witnessed at retesting of 1.3400 ( downtrend line ) which took place on June 19. On Friday, the pair expressed significant price action, as the pair expressed false breakout above high of Thursday’s daily candlestick which enhances the bearish pressure […]
The USD/JPY pair remains bearish on all fronts and in a timely to the U.S. dollar is heading to the area of 100 yen, this level coincides with the first weekly resistance of 100.06, a psychological level. However, the yen had a bearish momentum due to Bank of Japan’s Tankan survey data, showing that the […]
Overview Based on the H4 chart, silver is still stabilizing below the Resistance level 19.55 after its rebound from the Support level 18.55 last week. If silver reverses its bullish move due to this Resistance level and manages to break the Support level 18.55, this will give a strong indicator for the downward move and […]
Overview From the today’s H4 chart, we find that the pair opened this week above the Support level 150.80 and below the Resistance level 152.00 and took its upward move, as expected last week. Currently, it is approaching the Resistance level to continue its bullish trend. Given that the pair continues its bullish movement and closes […]
UK Chancellor of the Exchequer, George Osborne, described Carney as “the outstanding central banker of his generation”, who will be able to provide the kickstart that propels the economy out of a shaky recovery. Carney will hold his first Monetary Policy Committee meeting on Wednesday when he will face the dilemma of how to direct […]
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Markets remain focused on the dollar and growth prospects in the United States, as speculation continues on whether the Federal Reserve will begin tapering stimulus by September. Data from China which signalled that growth in the world’s second largest economy is not as strong, did not have much impact in the European session. Currency markets […]
AUD/USD Elliott Wave Last week the AUD/USD pair has been trading downwards, just like we expected, impulsive wave 5 (coloured blue) of the bigger wave [3] (coloured red) has been developing. During the Friday’s Asian and European session we could observe strong descending movement from 0.9282 towards the 0.9150 level.Therefore, during the New York session […]
USD/CAD Elliott Wave Last week the USD/CAD pair has been trading upwards, impulsive wave 5 (coloured blue) of the bigger wave [1] (coloured red) has been developing. During the Friday’s Asian and European session we could observe ascending movement from 1.0452 towards the 1.0520 level. Therefore, during the New York session this major currency has […]
