GBP/JPY is expected to continue its upside movement. The pair broke above the upper boundary of the Bollinger Band with strong momentum. The relative strength index is bullish above its neutrality level at 50 and is heading upward. A support base has been formed around 130.30, which should limit the downside potential. Additionally, the 20-period […]
Today’s calendar is once again very thin so markets will continue to focus on the UK PM’s stance on Brexit over the weekend, as well as developments with Europe’s biggest investment bank, Deutsche Bank whose shares have fallen to a 30-year low. Overnight, Australia has kept its interest rate policy unchanged whose economy has benefited […]
Technical outlook and chart setups: Gold has hit yet another low at $1,307.00 just a few hours back before pulling higher. The yellow metal is seen to be trading at $1,311.00/12.00 levels for now, looking to produce a counter trend rally towards $1,330.00/31.00 levels before resuming lower again. The wave structure also indicates that the […]
Since our previous analysis, gold has been trading sideways at the price of $1,316.50. According to the 4H time frame, I found a large falling wedge formation (bullish formation). The price is in the middle of the falling wedge. My advice is to watch for a breakout of the wedge formation (current buy point at […]
GBP/NZD is trending downwards although it found strong support near 1.7670 level. Nevertheless, the descending channel has made correction up, so the pair formed a bearish divergence on MACD. This means that the downtrend remains valid especially after the breakout of the 38.2% Fibs applied to the channel breakout. Currently GBP/NZD could correct up and […]
GBP/USD continued to move lower as projected in the previous analysis. The pair tested the first two targets and stopped at 261.8% Fibs. (1.2852). If this level holds, GBP/USD might start a correctional wave up, however it could be too early. Consider holding short positions targeting the final Fibonacci target at 361.8% (1.2775). Support: 1.2855, […]
Recently, EUR/NZD has been moving sideways at the price of 1.5445. According to the daily time frame, the price has broken supply trendline and is trading above 21 SMA and 50 SMA, which is a sign that we may expect futher upward movement. According to the 1H time frame, a trading range lies between the […]
Gold price is trading near its trading range lows. Price is testing important support but bearish momentum is not very strong. I expect a bounce from the current levels at least towards $1,340-50. Gold price is trading below the 4-hour Ichimoku cloud and just above the 78.6% Fibonacci retracement. Gold price continues to make lower […]
Technical outlook and chart setups: Gold has printed yet another low at $1,312.00/13.00 levels as expected and discussed earlier. The yellow metal is seen to be trading at $1,316.00/17.00 levels for now, looking to produce a counter trend rally towards $1,330.00/31.00 levels before resuming lower again. The wave structure also indicates that the metal has […]
The index is moving in sideways and looking for a clear trend ahead of the US NFP due to this Friday. Currently, a strong resistance is seen at the 95.79 level, where a breakout should open the doors to strengthen the bullish bias across the board, in a short-mid term basis. MACD indicator is supporting […]
The pair remains supported by the 1.2948 area, where the buyers are highly active and trying to strengthen the upside bias. However, the 200 SMA at H1 chart is still capping further gains and that’s why we’re still on the bears’ side. To confirm that scenario, then we should see a breakout below the 1.2948 […]
Since our previous analysis, gold has been trading upwards. The price tested the level of $1,327.58 in a high volume. According the M30 time frame and market profile, I found a strong point of control at the price of $1,327.00 and the price successfully rejected from that level. I found a potential bearish flag. So, […]
Recently, EUR/NZD has been moving downwrads. The price tested the level of 1.5341 in a high volume. The price reached my yesterday’s target at 1.5500 and rejected strongly. According to the M30 time frame, I found a broken bearish flag and I expect further downward movement. If the price breaks the level of 1.5335, we […]
As we expected, the gold price has made the new lower low and is showing signs of reversal. Bulls need to break above $1,327 to confirm upward short-term reversal. However, the price remains trapped inside the long-term trading range. The gold price is testing Ichimoku cloud resistance on the 4 hour chart. The price has […]
Global macro overview for 30/09/2016: Interesting set of data from the USA is scheduled for release today at 12:30 pm GMT: Personal Spending and Personal Income. Personal income growth is expected to have been lower in August, because an increase of only 0.2% is expected (0.4% was in July). Personal Spending is anticipated to be […]
USD/JPY is expected to continue to trade with bullish bias. The pair stands firmly above its horizontal support at 100.45, and is holding on the upside. Meanwhile, the 20-period and 50-period moving averages are heading upward, and maintain the bullish bias. Besides, the relative strength index stays above its neutrality area at 50, and lacks […]
NZD/USD is under pressure and expected to continue its downside movement. The pair remains under pressure below its key resistance at 0.7300 (Sept 29 top), which should limit the upside potential. Meanwhile, both the descending 20-period and 50-period moving averages are playing resistance roles, and maintain a bearish bias. In addition, the relative strength index […]
General overview for 30/09/2016: The abc corrective pattern in the wave IV looks completed, and the market is ready for another drop towards the demand zone (a grey rectangle on the chart). From the Elliott Wave Principle point of view, the downside cycle hasn’t been completed yet, and more weakness in this market is expected. […]
GBP/JPY is under pressure. The pair is trading below its descending 20-period and 50-period moving averages, and is likely to test its next support at 130.20. At the same time, 131.55 represents a strong resistance and the upside attempts should be limited by this level. Besides, the relative strength index is bearish below its neutrality […]
General overview for 30/09/2016: The top for the wave (iii) had been established at the level of 114.20 and market has failed to rally any higher. Currently, an alternative count has been produced that indicated a more impulsive wave progression to the upside. The invalidation of this count is at the level of 112.25, so […]
Since our previous analysis, gold has been trading downwards. As I expected, the price tested the level of $1,317.79 in a high volume. The third take profit level at the price of $1,320.20 from yesterday has been met. The intraday trend is still downward. So, be careful when buying gold at this stage and watch […]
On May 16, a bullish pullback towards 1.3000 (61.8% Fibonacci level) was expected to offer a valid signal to sell the USD/CAD pair. However, a lack of a significant bearish rejection was manifested during recent consolidations. On May 18, temporary bullish fixation above 1.3000 (61.8% Fibonacci level) opened the way towards the 1.3180 level where […]
Bullish persistence above 0.6550 (depicted support) was necessary to keep the price moving towards higher bullish targets. In February and March, signs of bearish rejection (triple-top reversal pattern) were expressed around the price level of 0.6750 until April when a bullish breakout above 0.6750 and 0.6860 was executed. Later on May 6, daily candlestick closure […]
Since January 2016, bullish persistence above 1.4500 was mandatory to maintain enough bullish strength in the market. However, the previous weekly candlesticks maintained their bearish persistence below the depicted weekly supply zone (below 1.4470), which allowed further bearish decline to occur. The prominent demand level located at 1.3845 (historical bottom that goes back to March […]
In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100 where historical bottoms were previously set in July 2012 and June 2010. Hence, a long-term bearish target was projected towards 0.9450. In March 2015, the EUR/USD bears challenged the next monthly demand level around 1.0570, which had been previously reached in […]
The gold price remains in a short-term bearish trend, and we can see another new low towards $1,315 today. Overall, I give little chances of breaking below the important $1,300 level. I believe we should prepare for a bounce back towards $1,350. The gold price has reached the 61.8% Fibonacci retracement and has broken below […]
General overview for 29/09/2016: As anticipated, the corrective cycle for the wave was completed yesterday with the low at 112.24. Currently, the market is trying to rally impulsively, and the first important resistance level has been violated. The next resistance is seen at 114.38, and this is the level that will act as the target […]
Technical outlook and chart setups: Gold has print yet another low at $1,317.00 levels as expected and discussed earlier. The yellow metal has pulled back higher and is seen to be trading at $1,324.00 levels at the moment, looking to drop one last time before producing a meaningful retracement higher. Please note that the wave […]
EUR/USD: The EUR/USD did not do anything significantly on Wednesday. A movement below the support line at 1.1150 would result in the end of the short-term bullishness of the market. A movement above the resistance line at 1.1300 would result in a clean Bullish Confirmation Pattern in the market. USD/CHF: Here, the EMA 11 is […]
Overview The gold price traded downwards after testing the main bullish trend line at $1,316.25 shown on the chart. The price is forming the first protecting factor for the bullish trend continuation besides the $1,297.75 level, and as long as the price is above these levels, we will continue to suggest the bullish bias on […]
