USD/CAD Elliott Wave Since our last analysis the USD/CAD pair has been trading lower, so we have changed our primary wave count a little bit. Yesterday, during the Asian and European sessions we could observe descending movement from 1.0439 towards the 1.0362 level and we can consider this move as the end of the corrective b wave (coloured green) […]
AUD/USD Elliott Wave For the last few days the AUD/USD pair has been trading upwards, we are tracking this move as potential wave 3 (coloured green) of the bigger wave C (coloured blue). Yesterday, during the Asian and European sessions we could observe ascending movement from 09167 towards the 0.9260 level and we can consider this move […]
Overview: Since our last analysis, the EUR/NZD pair has been trading upwards movement, as like we expected, price tested level 1.6757. I placed Fibonacci expansion to find levels where down corrective phase may finish and I got FE 100% at price 1.6357 and FE 161.8% at price 1.6030. The current situation on (4H) time frame […]
Overview: Since our last analysis, Gold has been trading sideways around the price 1,286.00, we are still waiting for larger move and testing the level of 1,151.00. I placed Fibonacci expansion levels to find the potential end of up corrective phase. Thus, I got FE 100% at price 1,295.00 and if that level holds, we […]
Sterling jumped against the dollar rand the euro on Wednesday after investors reacted positively to the minutes of the last Bank of England policy meeting on July 3-4 that were released at 9:30 am London time. The central bank’s Monetary Policy Committee (MPC) voting pattern was revealed, showing all MPC policy makers voted unanimously to […]
Dollar index has made a new low at 82.39 yesterday as expected by our analysis. We mentioned that the upward move from 82.42 was overlapping and not impulsive, therefore we labeled it as corrective. We were expecting this downward move to complete near the 61.8% Fibonacci retracement but it just made a narrow new low. […]
Gold managed to reach previous highs but prices got rejected at resistance. This first failure to break above the last high is not something bulls should worry about as it is very common to break resistances after second time. Gold is pulling back down now (currently at $1,285) to test suport levels. The sidways triangle […]
EURUSD: The EURUSD pair retains its potential to continue trending northward, in the face of the extant Bullish Confirmation Pattern on the chart. The present pullback is expected to be temporary in nature. Today or tomorrow, it may be possible for this pair to end up trading above the resistance line of 1.3200. USDCHF: It […]
Daily chart: The GBP/USD pair is trying to break the resistance level 1.5159. Still this pair is forming a lower high pattern, to continue rising. However, these movements can be corrective and could continue the general bearish trend in GBPUSD. If the GBPUSD pair does make a bearish rebound at current levels, it would be […]
Today’s Support and Resistance levels: R3: 1.6818 R2: 1.6756 R1: 1.6707 Current spot: 1.6680 S1: 1.6637 S2: 1.6608 S3: 1.6582 Technical overview: We are looking for a break above minor resistance at 1.6707 and, more importantly, resistance at 1.6756 soon to confirm that the next powerful rally is developing. This next rally will likely take […]
Today’s Support and Resistance levels: R3: 131.31 R2: 131.12 R1: 130.82 Current spot: 130.54 S1: 130.43 S2: 130.25 S3: 130.00 Technical overview: Since the break above the channel resistance line occured we have seen a consolidation, but it should not be long before we see the next rally higher towards 131.37 and 132.48 as the […]
Daily chart: CL continues trying to break the resistance at 106.70 level. However, CL resists to fall to the support level at 103.85. Now, CL is forming a lower high pattern, to continue rising, but we must stay aware before an imminent turnaround, because the buy orders in CL are being depleted and the MACD […]
TODAY’s NEWS RELEASES: 1. US – Building Permits . 2. US – Fed Chairman Bernanke Testifies . TODAY’S TECHNICAL LEVELS: Resistance 3: 99.89. Resistance 2: 99.70. Resistance 1: 99.50. Support 1: 99.26. Support 2: 99.07. Support 3: 98.87. DESCRIPTION: Please pay attention to the levels of support 3 (98.87) and resistance 3 (99.89). Normally, when a […]
TODAY’s NEWS RELEASES: 1. US – Building Permits . 2. US – Fed Chairman Bernanke Testifies . TODAY’S TECHNICAL LEVELS: Breakout BUY Level: 1.3213. Strong Resistance: 1.3205. Original Resistance: 1.3192. Inner Sell Area: 1.3179. Target Inner Area: 1.3148. Inner Buy Area: 1.3117. Original Support: 1.3104. Strong Support: 1.3091. Breakout SELL Level: 1.3083. DESCRIPTION: Today EUR/USD has support and […]
It seems that 130.75 has already provided a strong resistance. For the uptrend to continue the EUR/JPY pair must have a small retracement but not touch the EMA 100 (green). RECOMMENDATION: SELL Stop (pending order) is at 130.49. Take profit is at 130.35. Stop loss is at 130.59. Best regards, Arief Makmur Official […]
Technical outlook and chart setups: The bearish structure is getting unfolded as expected here. Firstly, the currency pair is out of the trading range of 1.4250 and 1.4500. Secondly, it is also probably it breaks below the rising uptrend line as depicted here. It is recommended to hold initiated 50% short positions now (1.4220/25) and […]
Technical outlook and chart setups: There is no change in the direction that was discussed last week for the metal. It is trading sideways for now, but implications are ripe for an extended rally towards 21.00 level, possibly after dropping into 19.50/70 region first. It is recommended to remain long for now for the same […]
Technical outlook and chart setups: The metal has rallied into 3 waves till now from 1,180.00 to sub 1,300.00 levels. At the moment, trading sideways, and a dip towards 1,250/60 remains good possibility. A cluster of Fibonacci supports are also seen towards 1,250/55 region as depicted here. It is recommended to enter fresh longs between […]
Technical outlook and chart setups: There are no major changes from what we discussed last week. The single currency pair has broken the immediate line of support, and has tested the backside of the same line at 131.20 region lately. It is quite possible that a right shoulder is being carved out; and minimum downside […]
July 17th, 2013, Daily Market Bite from Ishaq Siddiqi Market Strategist Fed chairman Bernanke’s testimony to US Congress turning out to be the key-risk event over the next two session, prompting both the bulls and bears to avoid building too much risk exposure. Stocks on Wall Street fell on Tuesday and Asian markets were mixed […]
Overview: From the today’s H4 chart, we can notice that the pair opened today 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 […]
Central banks will dominate market direction on Wednesday, with Federal Reserve Chief Ben Bernanke and Bank of England’s Mark Carney talking later. The dollar was stronger during the Asian session as investors are position squaring ahead of the critical Bernanke testimony, which is the semi-annual monetary policy report to the U.S. Congress. So far Bernanke […]
The dollar fell against most major counterparts during the U.S. trading session on Tuesday as investors were being cautious before the Federal Reserve chief Ben Bernanke’s testimony to a U.S. congressional panel on Wednesday. Markets are expecting Bernanke to reiterate that U.S. monetary policy will remain accommodative. The dollar fell last week when the Fed […]
Overview As shown from the today’s H4 chart, the metal failed again to break the Support level 19.65 and is still trading between the Support level and below the Resistance level 20.00. Currently it is bouncing from the Support level and starting for the bullish move. So we still suggest waiting for closing above […]
The USD/CAD pair rose steeply 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 that expressed a false bullish breakout above 1.0555. This false breakout was quickly followed by intesive bearish pressure that led to breakdown of 1.0450 and […]
The cable witnessed a rapid fall towards 1.5025, breaking the corrective uptrend line which came to meet the pair around 1.5150 then support zone around 1.5000-1.5020. The psychological support around 1.5000 was broken too, supported by the positive fundamental data that was released then. On Wednesday, while the pair was consolidating near support area extending down to […]
On Friday, the EUR/USD pair expressed weekly bullish engulfing candlestick that closed at 1.3067 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 bottom established in May, this pushed the pair to trade again above the depicted broken uptrend line. It […]
Overview: The resistance of the pair USD/CAD sets at the level of 1.0585, therefore the bears are going to sell below 1.0585 because there is a double top on the price 1.0585. It should also be noted that the resistance sets at the level of 1.0585, thus swing trade at 1.0585 in order to sell […]
Overview: The NZD/USD pair (kiwi dollar) will continue straight from 0.7780 (at H1 chart 23.6% of Fibonacci retracement levels, additionally it is probably going to form a double bottom). Therefore, the Kiwi is showing the signs of strength following the break of the highest level of 0.7780. So it will be a good […]
Strong bullish presence was expected to be found off support zone around 1.5830 which pushed the pair to the upside breaking through the upper limit of the 4H channel that again reached up to 61.8% Fibonacci level around 1.5180. Last week, on Friday, bearish price action was expressed around 61.8% Fibonacci level depicted in the […]
