When the European market opens, some economic news will be released such as Italian Retail Sales m/m, Belgian NBB Business Climate.The US will not release any economic data today, so amid the reports, EUR/USD will move low with medium volatility during this day. TODAY’s TECHNICAL LEVELS: Breakout BUY Level: 1.3756. Strong Resistance:1.3747. Original Resistance: 1.3734. […]
Overview: NZD/USD is expected to trade in lower range. It is undermined by the Kiwi sales on rebounding AUD/NZD cross and positive dollar sentiment. But NZD/USD downside is limited by the hawkish Reserve Bank of New Zealand’s monetary policy stance. Daily chart is mixed as MACD is bullish, but stochastics is neutral, the bearish outside-day-range […]
Technical outlook and chart setups: 1. Gold rallied towards resistance at $1,267.00 yesterday. This surprising move also tested the dropping trend line resistance. It is still recommended to remain flat and watch for a reaction here. 2. Immediate resistance is still at $1,267.00/70, while supports are spread through $1,230.00/32.00, $1,220.00/10.00, and $1,184.00 respectively. 3. Structure […]
GBP/JPY is expected to trade in range. It is supported by demand from the Japan importers and buoyant USD/JPY undertone. But GBP/JPY upside is limited by the Japan exporter sales. Daily chart is mixed as MACD is bearish, 5- and 15-day moving averages are falling. but stochastics is bullish in oversold zone. Trading recommendation: The […]
Gold price has made another fake break down at $1,240 and despite reaching $1,233 it managed to reverse short-term trend and make a new higher high at $1,265. The upward move from $1,180 remains corrective as price action is overlapping. Gold price has finally reached the long-term downward sloping trend line at $1,265. We continue […]
Technical outlook and chart setups: 1. The EUR/JPY pair remains unchanged since a few trade sessions, drifting sideways between 140.50 and 142.00. It is recommended to remain flat for now and initiate short positions around 143.00/50. 2. Immediate resistance is at 143.00, followed by 145.00/50, while support is at 140.50 (intermediary), followed by 138.50, 134.00 […]
Overview: Since our last analysis, the EUR/NZD pair has been trading upwards,as we expected, the price tested the level of 1.6434 on very high volume. As you can see in the chart, after the selling climatic action at 1.6270, EUR/NZD started upward movement. Currently, we can observe strong demand on the market and selling looks […]
Gold is in the first strongest intraday rally in the new year of 2014 trading at a 5-week high. Looking at gold chart, we see that this yellow metal has corrected for more than a year now. It seems gold could be making a triangle or a flat. As we have consecutive abc’s in the […]
Technical outlook and chart setups: 1. The GBP/CHF pair reverses just shy – by 20 pips – of the fibonacci convergence at 1.5145/50, as seen on the chart here. It is recommended to sell rallies from here on. The risk remains at 1.5180. 2.Immediate resistance is at 1.5140/50, followed by 1.5250, while supports are spread […]
Today’s Support and Resistance levels: R3: 1.6499 R2: 1.6469 R1: 1.6438 Current spot: 1.6428 S1: 1.6392 S2: 1.6358 S3: 1.6320 Technical summary: The corrective cycle from 1.6238 has become more complex than firstly expected. We do however think that a top is close and the next impulsive decline ready to take over again. However, to […]
Overview: Since our last analysis, gold has been trading upwards, as we expected, the price tested the level of 1,247.98 on high volume. We can observe rejection on the high volume from our FR 61.8 % at 1,230.00 which caused an upward movement. Since the price has broken in the background the level of 1,254.00, […]
Yesterday we noted in our analysis how important is for the short-term trend the fact that the Dollar index has broken the upward sloping purple trend line. We noted that important support was 80.40 and the index has reached it. The rejection at 81.50 was a bad sign for bulls as we mentioned in previous […]
Daily chart: Finally, the USDX was able to consolidate again below the 200 SMA, after it had found dynamic resistance at that level. Now, the USDX is consolidating below the level of 80.62. It is very likely that the USDX start forming a higher low pattern, to fall to the support level of 80.11. The […]
Overview: The NZD/USD pair is going to continue rise upright from the price of 0.8210. Equally importantly, it should note that 38.2% of Fibonacci retracement levels and the level 0.8215 are conforming at the same price for that this level is probably going to form triple bottom. Accordingly, the Kiwi is shown signs of strength […]
Daily chart: The GBP/USD is consolidating above the level of 1.6540, after it has made a very bullish move vertically. If this pair manages to break the resistance level of 1.6663, it would be expected to rise to the level of 1.6851. Furthermore, this pair is forming a bullish pattern below the level of 1.6663, […]
EUR/USD: It was mentioned yesterday that the GBP/USD and the EUR/USD would soon go into a positive correlation. Based on what is happening now, the former has gained strength as well as the latter. The EUR/USD is currently testing the resistance line at 1.3700, and it could break it to the upside. USD/CHF: As a […]
Gold price has made another fake break down at $1,240 and despite reaching $1,233 it managed to reverse short-term trend and make a new higher high at $1,265. The upward move from $1,180 remains corrective as price action is overlapping. Gold price has finally reached the long-term downward sloping trend line at $1,265. We continue […]
Yesterday we noted in our analysis how important is for the short-term trend the fact that the Dollar index has broken the upward sloping purple trend line. We noted that important support was 80.40 and the index has reached it. The rejection at 81.50 was a bad sign for bulls as we mentioned in previous […]
Overview: The NZD/USD pair is going to continue rise upright from the price of 0.8210. Equally importantly, it should note that 38.2% of Fibonacci retracement levels and the level 0.8215 are conforming at the same price for that this level is probably going to form triple bottom. Accordingly, the Kiwi is shown signs of strength […]
UK markets open weaker this morning, with the FTSE100 opening lower continuing pessimism after yesterdays falls. World markets fell yesterday on the back of weak Chinese manufacturering data and a number of mixed numbers in the US. Broker downgrades are also hitting some of the FTSE100 shares with Aberdeen and Whitbread on the end of […]
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Emerging Market Jitters Hit Home Morning Report: 08.45 London • Markets are on the back foot right now as investors switch into safe harbours and drop riskier assets, especially emerging market currencies. The Turkish Lira hit a record low, while the Argentine Peso came under pressure. Worries over China’s economy have generally hit home, with […]
The euro was propelled back above the key 1.36 level after upbeat Eurozone PMI data on Thursday. After trading within a range since Monday, EURUSD finally broke out to rise above its 20-period moving average and above the downtrend line (from the January 14 high). The pair also broke above a key resistance level which […]
EUR/USD: It was mentioned yesterday that the GBP/USD and the EUR/USD would soon go into a positive correlation. Based on what is happening now, the former has gained strength as well as the latter. The EUR/USD is currently testing the resistance line at 1.3700, and it could break it to the upside. USD/CHF: As a […]
General overview for 24/01/2014 07:50 CET The important intraday support was violated yesterday and since then the price hasn’t made any new high yet. This type of price action might suggest more complex corrective cycle developing or the beginning of a new impulsive wave progression to the downside. To confirm any of this two possibilities, […]
Investors were generally avoiding risk today, as damp sentiment followed through from the US session after disappointing US data. As a result the US dollar was broadly weaker against most of its major counterparts while safe haven flows went to currencies like the yen. Falling US Treasury yields didn’t help the dollar. Meanwhile, Chinese manufacturing […]
General overview for 24/01/2014 07:30 CET Due to waves overlap, the main count has been invalidated and alternate count is the correct one. Intraday waves progression suggests a possible triangle pattern forming within the wave X black, as long as the green trend lines are not violated. Otherwise, the sell-off might accelerate once the level […]
European markets have opened slightly higher today, as positive earnings reports of some major companies managed to more than offset the losses in US and Asian equity markets. Investors also mulled over upcoming earnings updates from several European companies, to gauge the direction of the market movement. Closer home, investors await data which might show […]
Daily chart: Finally, the USDX was able to consolidate again below the 200 SMA, after it had found dynamic resistance at that level. Now, the USDX is consolidating below the level of 80.62. It is very likely that the USDX start forming a higher low pattern, to fall to the support level of 80.11. The […]
Gold is in the first strongest intraday rally in the new year of 2014 trading at a 5-week high. Looking at gold chart, we see that this yellow metal has corrected for more than a year now. It seems gold could be making a triangle or a flat. As we have consecutive abc’s in the […]
