Wave summary: EUR/NZD keeps moving lower and the break below support at 1.6229 tells us that the correction in wave [ii] is not over yet as expected. This is both very confusing and frustrating but we must accept the price action and should see one more decline to just below 1.6125, but not below the […]
Gold continues to trade inside the triangle pattern and mostly sideways with no clear direction. The price is trapped inside a neutral trading range above the $1,215 support and below the $1,260 resistance. Black lines – triangle pattern Gold is trying to re-enter the Ichimoku cloud on the 4-hour chart as shown above. The trend […]
USD/JPY is expected to trade with a bearish bias and look for an upside target at 109.45. Overnight, US stock indices settled higher as energy shares rose despite oil producers’ failure to reach an output freeze deal. The Dow Jones Industrial Average gained 0.6% to 18004, the S&P 500 rose 0.7% to 2094, and the […]
USD/CHF is expected to trade with a bearish bias. The pair is turning down and stays below its key resistance at 0.9685. The descending 20-period moving average has crossed below the 50-period one, which also maintains a negative bias. Meanwhile, the relative strength index is badly directed, lacking upward momentum. As long as 0.9685 is […]
Wave summary: With yesterday’s low at 121.69, we now have 11 overlapping waves lower from 141.06. A count of 11 overlapping waves is corrective and indicates a bottom could be close by or maybe even in place. The corrective decline began at 149.55 in early December 2014 and has turned into a zig-zag (A-B-C) decline. […]
NZD/USD is expected to continue its upside movement. The pair remains on the upside, supported by its rising 20-period and 50-period moving averages. The sequence of higher highs and lows remains intact. Besides, the relative strength index is bullish above its ascending trend line. Hence, as long as 0.6935 is not broken, the pair is […]
Technical outlook and chart setups: The GBP/CHF pair is seen to be trading at 1.3785/90 levels for now, looking to form a top and reverse lower, at least towards 1.3550/1.3600 levels before finding support. Please note that the pair had broken past its resistance trend line and entered into the buy zone earlier. The wave […]
GBPY/JPY is expected to trade in a higher range and the pair is expected to continue its upside movement. The pair is turning up and is supported by its rising 20-period moving average. Meanwhile, the relative strength index stays above 50. Further upside is therefore expected with the next horizontal resistance and overlap set at […]
After initial dip over Doha disappointment yesterday, crude oil staged a rebound on news of Kuwait oil workers’ open-ened strike for protesting a proposal to cut wages and benefits of all public sector employees. The country’s crude production dropped by more than half on Sunday. Oil and GOLD: Oil prices edged up in early trading on […]
Technical outlook and chart setups: The EUR/JPY pair is trading around 123.50 levels for now, preparing to rally towards 125.75 levels. Please note that fibonacci 0.618 resistance is also passing through 125.75 levels and a bearish reaction is expected there. The wave structure indicates that EUR/JPY has unfolded into 5 waves from 128.20 through 121.60/70 […]
Technical outlook and chart setups: Silver is seen to be trading at $16.20/25 levels for now, looking to drop lower towards $14.50/60 levels before turning bullish again. The metal is consolidating in a cone structure for now and is expected to break lower soon. The metal had taken out major resistance at $16.35 levels earlier […]
Technical outlook and chart setups: Gold prices are seen to be trading at $1,233.00/34.00 levels for now, looking to rally towards $1,247.00 levels to complete the countertrend rally. Please note that the metal is expected to reverse lower from $1,247.00/48.00 levels. The metal is expected to complete the down gartley towards $1,247.00 levels and then […]
When the European market opens, some economic news will be released such as ZEW Economic Sentiment, German ZEW Economic Sentiment, Current Account. The US will release economic data too such as Housing Starts and Building Permits. So amid the reports, EUR/USD will move with low to medium volatility during this day. TODAY’S TECHNICAL LEVELS: Breakout […]
In Asia, today Japan will not release any economic data but the US will release some economic data such as Housing Starts and Building Permits. So there is a probability the USD/JPY will move with low to medium volatility during this day. TODAY’S TECHNICAL LEVELS: Resistance. 3: 109.69. Resistance. 2: 109.48. Resistance. 1: 109.28. Support. […]
EUR/USD: The markets opened this week with minor gaps in some cases, which indicate serious trending movements this week. The EUR/USD did not move significantly on Monday but it would soon start moving in a trending mode. When the trending monde is assumed, it would most probably favor the bulls. USD/CHF: This pair did not […]
Advances in the Japanese stock market glided Asian shares higher, as the yen lost some strength following a 5.1-magnitude earthquake hit the country. The yen stood at ¥109.06 to the US dollar, alleviating woes among Japanese exporters and making their offerings more appealing. The Nikkei Stock Average rose 3.5%, its highest surge since February 2. […]
On the H1 chart, USDX is finding strong support around the 94.40 level, where a lower low pattern is being formed in order to reach new lows. A breakout should be expected below the 94.40 level in order to reach the short-term target around the 94.08 level. That bearish scenario should be invalidated when the […]
Chinese internet giant Tencent Holdings Ltd. will donate 100 million company shares amounting to $2 billion, founder Pony Ma said on Monday. The generous amount will go to the Tencent Charity Foundation established in 2006 and will help fund medical, environmental, and educational causes in his homeland. The announcement came as the company is trying […]
The week started with a bullish momentum on the GBP/USD, as it has been doing a rally above the 200 SMA and is now facing the resistance zone of 1.4278. We should expect that zone to push the Cable lower to resume the overall bearish bias, but if we want to validate that scenario, we […]
For the 16th consecutive quarter, the International Business Machines Corporation (IBM) announced a decline in revenue by 4.6 percent in the first three months of the year. The company only earned $18.68 billion during the said period, but it is still higher than the projected $18.29 billion. This is the company’s lowest quarterly revenue in […]
Employees who receive more than $10 will also receive a wage hike relative to their position and experience. Store managers were already informed and the news has been trickling down to other staff. Target increased its minimum wage in April last year from $7.25 to $9 an hour following Wal-Mart’s similar decision. Target cited a […]
Malaysian bonds climbed on apprehensions government-backed 1Malaysia Development Bhd. may fail to pay off its debts. A London Stock Exchange filing indicated Malaysia’s sovereign entity failed to pay off over $1 billion loan to the International Petroleum Investment Company. Bonds for March 2023 maturity leaped to 84.3% to generate 7.36%. The notes slid 12.4 cents […]
The Reserve Bank of Australia asserted the currency’s vitality could derail the economy’s bid to shift away from mining and very accommodating policy is suitable despite low inflation rate. Minutes of the meeting last April 5 indicated the economy grew 3% last year, better than projected and aligned with improved labor market. Referring to recent […]
Overview The gold price has tested the 1,227.40 level this morning, but has bounced bullishly to settle around 1,233.00 levels again, keeping the bullish trend scenario valid and active on the intraday and short-term bases. We need to breach the 1,237.50 level to reinforce expectations of targeting 1,282.92 followed by 1,300.00 areas initially. We remind […]
Overview The silver price has managed to touch our first main target at 16.35 and is showing some slight bearish bias from there. The price was affected by stochastic negativity that approaches from the oversold areas now to offer positive momentum that we are waiting for to help the price breach the mentioned level, extending […]
Recently, EUR/NZD has been moving sideways around the price of 1.6300. According to daily time frame, I found that supply is still present in the market and buying at this stage looks risky. My advice is to watch for selling opportunities on rallies. The take profit level and strong support is set at the price […]
Since our previous analysis, gold has been moving upwards. The price tested the level of $1,241.43 in a low volume. According to the daily time frame, I found that the head and shoulders pattern (topping formation) is forming. I have placed Fibonacci retracement and found 38.2% at the price of $1,238.00 (successfully held). Watch for […]
On January 28, the depicted support at 0.6400 acted as a prominent key level offering a valid buy entry. A bullish breakout above 0.6550 was executed a few weeks ago. Bullish persistence above 0.6550 (depicted recent support) was needed to keep the price moving towards higher bullish targets. The price zone of 0.6750-0.6840 constituted a […]
A bullish breakout above the previous consolidation zone between 1.2400 and 1.2800 was performed on July 15 (shown on the weekly chart). A significant bearish rejection was observed around 1.3450. Hence, another consolidation range was established from 1.3450 down to 1.2800. On December 7, a bullish breakout above 1.3450 (upper limit of the recent consolidation […]
On January 21, after the GBP/USD pair moved below 1.4340, evident signs of a bullish recovery were expressed around 1.4075. Hence, previous weekly candlesticks closed above 1.4340 again. Bullish persistence above 1.4488 was mandatory to maintain enough bullish strength in the market. The first bullish target was seen at 1.4615 where the most recent bearish […]
