The dollar was a little bit soft on Monday against most of its major peers. Most of it is due to technicals rather than fundamentals as news flow was light today. Dollar had a strong recent rally and is due for a correction. Investors are also being cautious ahead of the US Federal Reserve Chairman […]
Today’s Support and Resistance levels: R3: 1.5885 R2: 1.5840 R1: 1.5798 Current spot: 1.5772 S1: 1.5750 S2: 1.5710 S3: 1.5681 Technical overview: We have seen the expected correction down to 1.5770 (it has been a little deeper with a test of 1.5749), but we should be ready for the next rally higher and are looking […]
Today’s Support and Resistance levels: R3: 132,77 R2: 132.55 R1: 132.13 Current spot: 131.93 S1: 131.53 S2: 131.18 S3: 130.97 Technical overview: We are still looking for the last rally higher towards the ideal target near 134.47, where we expect the entire rally since the 94.10 low ends and marks the top of wave I. […]
Overview The H4 chart demonstrates today that silver is approaching the Resistance level 22.60 after it has failed to break the Support area 21.00-20.60 and bounced from it to reverse its bearish move. Currently the metal is approaching the Resistance level to test it, so it is prefered to wait for breaking it and closing […]
The euro is slowly recovering after the fall it experienced on Friday. Given that the pair has tried to break the weekly pivot area and has lost upward force, it is likely to fall again accelerate to the area of 1.28. Taking into account that this pair has a strong downtrend, it is recommended to […]
The pound sterling recovering lost ground, without much conviction. For now it has managed to break 1.52 area, but it found strong resistance at 1.5236, trendline. The indicators, however, are likely to encourage the British currency continue to gain positions in the American session. Given that the weekly pivot is located in this area, we […]
Support level around 1.0016-0.9995 (61.8% Fibonacci) provided evident bullish steam for the pair to step above 1.0300 topping at 1.0311. The USD/CAD pair did not show much respect to price zone 1.0250-1.0290 on retesting which took place on Friday. Hence, there is no confirmed destination for the pair now. It is important to note that […]
The weak bullish structure with integrated swings led to price fall after the upper limit of the movement channel 1.5590-1.5600 had provided a considerable resistance for the pair. The GBP/USD pair broke down important support level 50% Fibonacci which came to meet the pair at 1.5315 with the lower limit of the depicted bullish channel […]
The Australian dollar is in a technically oversold area. This morning it has been trading with a small upward bounce. It is likely that the recovery of this pair continues at least until the first weekly resistance, but before this pair has to close above the, 98.18 weekly pivot. If the pair failes to overcome […]
We talked about consolidation of the pair within the price range 1.2950 -1.3240 and the importance of breakout off this zone for the liberation of the pair. Breakdown of the most prominent support zone around 1.2950 revived a “Double-Top” pattern on the daily chart that has final target at 1.2680. EUR bears are being interrupted at […]
The USD/JPY pair remains stable at 102.50 area. But it may drop in the short term, seeking the maximum 103.30. Moreover, it coincided with the close of the week. Now this pair is recovering from the fall to the levels it was traded four years ago. According to the technical analysis of the weekly pivot […]
Supply zone located around 1.5550-1.5600 (the upper limit of the depicted bullish channel and 50% Fibonacci level) provided considerable resistance for the cable last week. It pushed the pair down to 1.5160. Previous consolidation range above 1.5200 was broken down, breaking the lower limit of the ascending channel as well then we had daily closure […]
Overview From the today’s H4 chart, we can notice that the pair opened this week below the lower boundary of its bullish channel which would give the pair a good opportunity to start its bearish move. Actually and as shown, the pair took a slightly downward move and currently is trading above the Support level […]
The euro pushed higher against the dollar in a quiet European session on Monday, as investors took a pause from buying up the greenback after strong US data on Friday propelled it to six-week highs versus the euro. On Friday the University of Michigan consumer sentiment report was released, giving the best results since July […]
The yen was the big story today, being the biggest mover in the start of the new trading week after jumping on remarks made by Japan’s Economy Minister. Akira Amari signalled that the recent sharp decline in the yen could pose certain risks. The Japanese minister also said that the yen’s past strength has “been […]
Overview: GBP/JPY is trading with risks skewed lower. The rate is undermined by Japan’s economy minister Akira Amari’s comment suggesting policymakers may now be concerned about consequences if yen continues to weaken; euro sales from Japan exporters. But GBP/JPY downside is limited by Bank of Japan’s aggressive easing measures to help reach its 2% inflation […]
Overview: USD/JPY is consolidating after hitting four-and-a-half-year high of 103.32 on Friday. The rate is underpinned by positive dollar sentiment as expectations mounted that U.S. Federal Reserve might start winding down its $85 billion-a-month bond-buying program this year and U.S. stocks surged (S&P closed up 1.03% at record-high 1667.47 Friday) after University of Michigan consumer […]
Overview: NZD/USD is consolidating after hitting two-month low of 0.8056 on Friday. The rate is undermined by positive USD sentiment. But Kiwi sentiment was boosted after New Zealand Finance Minister Bill English said on Sunday pressure on the Reserve Bank of New Zealand to increase the cash rate will grow if house prices continue rising […]
Overview: USD/CHF is consolidating with bullish bias after hitting nine-month high of 0.9761 on Friday. The rate is buoyed by positive USD sentiment; franc sales on buoyant EUR/CHF cross. Daily chart is positive-biased as MACD is bullish; stochastics is staying elevated at overbought; 5- and 15-day moving averages are rising. Trading recommendations: The pair is […]
Trading recommendations: According to the previous events the price is expected to remain between 0.8160 and 0.8111 levels. Buy-deals are recommended above 0.8000 (strong support) with the first target seen at 0.8120. The movement is likely to resume to the point 0.8180 and further to the point 0.8230. The descending movement is likely to begin […]
Weekly technical levels: Intraday technical levels: Date & Time: 20/05/2013 12:50 Pair: USD/CHF Projected High: 1.0085 Breakout (Buy Stop): 1.0030 Strong Resistance (Sell Limit): 1.0000 Current Pivot: 0.9640 Strong Support (Buy Limit): 0.9280 Breakout (Sell Stop): 0.9255 Projected Low: 0.9205 Observations: If the trend is of an upside character, then the strength of the currency […]
May 16th 2013, Daily Market Bite from Ishaq Siddiqi Market Strategist European stock markets kick off the week on a brighter note, following another record finish in US markets on Friday and an upbeat session in Asia overnight. Volume today however is on the light side due to Whit Monday holiday in Germany and France […]
Technical outlook and chart setups: The yellow metal has been breaking intermediary supports, the last one being at 1,360/65, the Fibonacci 0.786 of rally from 1,300 to 1,487. Currently trading around 1,351.00, gold remains under pressure and is vulnerable to printing of fresh lows. Higher time frame charts are stretched out for now, and hence […]
Weekly technical levels: Trading Recommendations: According to previous events, the price has still been trapped between 1.5240 and 1.5160. Buy above 1.5090 with the first target of 1.5150, it might resume to 1.5235. A stop loss should be set below 1.5055. Below 1.5300 (61.8% of Fibonacci retracement levels) look for further downside with […]
Weekly technical levels: Observations: R3 and S3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well on the sideways markets as the prices are most likely to be located between the R1 and S1 lines. Within a strong trend, […]
Technical outlook and chart setups: Silver prints fresh lows around 20.00 before bouncing back strongly. Please note that 20.00/21.00 levels are past resistance turned support level on the weekly chart as discussed earlier. Hence a possibility of a bullish reversal remains high around current levels. It is recommended to wait for a bullish reversal here […]
USD/CAD Elliott Wave Since our last analysis the USD/CAD pair has been trading upwards, just like we expected, impulsive wave 5 (coloured red) of the bigger wave (3) (coloured green) has been developing. During the Friday’s Asian and European sessions we could observe ascending movement from 1.0175 towards the 1.0244 level. Therefore, during the New […]
GBP/USD Elliott Wave For the past few weeks the GBP/USD pair is trading downwards, in Elliott perspective this move represents impulsive wave (1) (coloured green) of the bigger wave 3 (coloured red). During the Friday’s Asian and European sessions we could observe strong descending movement from 1.5280 towards the 1.5223 level. Therefore, during the New […]
Technical outlook and chart setups: Finally it looks like the single currency pair has carved out a potential right shoulder at 132.40/50 levels. It is recommended to remain short from last week and also add further positions on intraday rallies. Resistance is fixed at 132.70/80 levels; while immediate support is at 129.50/00 levels. Looking into […]
Technical outlook and chart setups: As seen here the prices have been trading sideways since last few sessions around 1.48, which is immediate resistance and it is quite possible that an intermediary top has been formed. At the same time, the line of support is very much intact for now, and would be providing support […]
