AUD/USD Elliott Wave Since our last analyses the AUD/USD pair has been trading upwards, just as we expected, corrective wave Y (coloured blue) of the bigger wave [4] (coloured red) has been developing. Yesterday, during the Asian session we could observe strong ascending movement from 0.9042 towards the 0.9100 level. Therefore, during the New York session […]
USD/CAD Elliott Wave Since our last analyses the USD/CAD pair has been trading sideways, corrective wave .3 (coloured green) of the final wave 5 (coloured blue) has been developing. During the Monday’s Asian and European session we could observe descending movement from 1.0584 towards the 1.0545 level. Therfore, during the early New York session this […]
Sterling fell by 100 pips against the dollar after disappointing U.K. manufacturing data, raising concerns about the economic recovery in Britain. According to a report released by the Office for National Statistics today in London, manufacturing output in Britain contracted in May by 0.8 percent, despite forecasts for an increase of 0.3 percent. The decline […]
Gold as expected and posted in previous analysis, has bottomed at 1,208 and wave B was completed. According to Elliott wave theory applied to Gold, prices were expected to start a new upward move towards a new high above 1,266. We believe that wave C has started and that is why we were bullish from […]
The Dollar Index has shown signs of weakeness yesterday and as per our analysis it could stay there in short-term at least. The major inverse component of the Dollar Index, the EUR/USD, continued higher putting pressure against the dollar. As mentioned yesterday, the 84.30 support was being tested. Having broken below that first support level, we […]
NZD/USD: Resistance: 0.7910 (sell below this level). Support: 0.7725 (buy above this level for retesting this level for a short period). Range: 121 pips. A risk to reward ratio of 1:1.5 is recammended Risk of 121 pips must make a profit of 181.5. Trading recommendations: According to the previous events, the price is still […]
Overview: The resistance of the pair USD/CAD sets at the level of 1.0585, therefore the bears are going to sell below 1.0608 because there is a double top on the price 1.0608. It should also be noted that the resistance sets at the level of 1.0585, thus swing trade at 1.0608/1.0585 in order to […]
EUR/USD: In the face of the bearish trend in the market, the price has bounced upwards. However, the upwards bounce is not supposed to take the price above the resistance line of 1.2950 – for the bearish trend not to be in jeopardy. Should the downward move begin, it could see the price going towards […]
Today’s support and resistance levels: R3: 1.6688 R2: 1.6611 R1: 1.6552 Current Spot: 1.6486 S1: 1.6452 S2: 1.6425 S1: 1.6390 Technical overview: We still believe that the rally from 163.90 to 1.6688 was an impulsive wave i and the ongoing decline from 1.6688 is a wave ii. Second waves are allowed to correct 100% of […]
Today’s support and resistance levels: R3: 130.86 R2: 130.48 R1: 130.18 Current Spot: 129.89 S1: 129.69 S2: 129.40 S3: 128.83 Technical overview: The price action we saw yesterday is in no way supportive for an imminent decline. Rather it flashes that we will see one more attack towards the upside closer to 130.59 before the […]
TODAY’s TECHNICAL LEVELS: Resistance. 3 : 101.59. Resistance. 2 : 101.40. Resistance. 1 : 101.20. Support. 1 : 100.95. Support. 2 : 100.75. Support. 3 : 100.55. DESCRIPTION : Please, pay attention to the levels of support 3 (100.55) and resistance 3 (101.59). Normally, when a level is touched, the USD/JPY will […]
TODAY’s TECHNICAL LEVELS: Breakout BUY Level: 1.2924. Strong Resistance: 1.2917. Original Resistance: 1.2904. Inner Sell Area: 1.2891. Target Inner Area: 1.2861. Inner Buy Area: 1.2831. Original Support: 1.2818. Strong Support: 1.2805. Breakout SELL Level: 1.2798. DESCRIPTION: Today the EUR/USD has support and resistance at 1.2818 and 1.2904. The rate is accompanied by strong support […]
For today, all the three moving averages still in “Golden Cross” pattern (Bullish) but this currency has got stuck at the 130.00 level. It seems like this level is already a strong resistance for this pair. As long as the EMA 100 (green) does not breach this currency, the uptrend situation is still likely to continue. […]
Daily chart: The USDX is trying to break the resistance at the 84.29 level. Near that level, the USDX is forming a lower high pattern. If the USDX definitely manages to break this level, it is expected to rise to the level of 85.18. However, this week it is very possible that the movements performed USDX […]
Daily chart: The GBP/USD made a strong bullish rebound on bullish trend line near the support at the 1.4894 level. It is very possible that this rebound is to form a higher low pattern and keep falling. If the GBP/USD manages to break this support and that trend line, it’s expected to fall to the […]
The Asian session on Tuesday was mostly uneventful although it saw more upbeat sentiment after upbeat data from China, which gives optimism for more growth in the world’s second largest economy. China’s National Bureau of Statistics reported that annual consumer inflation edged up to 2.7 percent in June from May’s reading of 2.1 percent. This […]
Risk appetite prevailed in the U.S. trading session on Monday, as the strong U.S. jobs data from Friday gave optimism to investors that the world’s largest economy is seeing improving growth prospects. More jobs were created in the U.S. than forecast, with 195,000 new positions added according to the nonfarm payrolls report, beating expectations for […]
Overview Based on the H4 chart above, silver is still stabilizing between the Support 22.00 and the Resistance level of 18.55 after its rebound from the Resistance level 19.55 last week. If silver continues its bearish move and manages to break the Support level 18.55, it will produce a strong indicator for the […]
Overview Today’s H4 chart shows that the pair opened this week above the Support level 150.00 and below the Resistance level 150.80. Currently it is testing it to continue its bullish trend. Given that the pair continues its bullish movement and closes 4H above the Resistance level, it would be another opportunity for more […]
The British pound earlier this week was located below the weekly pivot point of 1.5015, given that this morning it is showing a modest recovery from the last week’s downtrend, it is likely to try to break the resistance of 1.50, the psychological level. Taking into account that we are in a downtrend now, […]
Last week, a bullish price action was expressed around 61.8% Fibonacci level depicted on the daily chart around 1.5130 which was followed by the marked price fall below all the strong levels at 1.5180 and 1.5020. Now the pair is fixated below 1.5000-1.5020 which adds further bearish pressure to the pair to reach 1.5830 (previous monthly low) where […]
EURUSD has maintained a steady downtrend since June 19, as last week’s European Central Bank policy statements suggest further policy easing is possible. After hitting a four-month high of $1.3415 on June 19, the pair subsequently commenced a downtrend, reaching a seven-week low of $1.2805 on July 5. A broadly stronger dollar boosted by upbeat […]
The USD/CAD pair rose steeply last week 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. Despite the signs of bearish reversal expressed around 1.0550, all trials for breakdown below 1.0450-1.0425 have been aborted untill we had a bullish […]
The cable witnessed rapid fall towards 1.5025, breaking the corrective uptrend line which came to meet the pair around 1.5080. The demand level around 1.5000 (also a psychological support) was also broken, supported by the positive fundamental data from U.S. last Friday. Currently, the pair stands at support area extending down to 1.4830 (low of […]
On Friday, the EUR/USD pair expressed quite significant bearish weekly closure at 1.2830 after hiting the previously mentioned demand zone extending between 1.2750-1.2820. This demand zone corresponds to a previous low established in May as well as another buttom established in March. It’s expected for the pair to gain some recovery off this support zone […]
Weekly pivot point: Trading recommendation: According to the previous events, the price of the GBP/USD is still between the levels of 1.4960 and 1.4855. The descending movement will probably be lower than the 1.5030 level with the first targets at 1.4975and 1.4953. Buy deals are recommended above the 1.4730 level with targets at […]
Overview: Since our last analysis the EUR/NZD pair has been trading upward movement, price rejected from level 1.6412 and tested level 1.6683. The level 1.6412 may be potential end of down correction but there is a still space for more down before we continue upward. I placed Fibonacci expansion to find levels where corrective phase […]
Technical outlook and chart setups: The wave structure for Silver here is pretty similar to Gold. The rally from sub 18.00 levels to sub 20.00 levels has been retraced around 0.618 levels at the moment. A bullish reversal is expected here; and hence recommendations […]
Dollar Index is showing signs of a short term at least top at the 84.55. Our bullish targets as mentioned in previous posts were fulfilled and it is time to see a downward correction. The upward sloping trend channel still contains the trading prices of the Dollar Index. Support is being tested today at 84.30 […]
Weekly technical levels: General idea about the pivot point: 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 […]
