Since our previous analysis, gold has been trading downwards. As I expected, the price tested the level of $1,322.23 in a high volume. The second take profit level at the price of $1,326.50 from yesterday has been met. The intraday trend is downward. So, be careful when buying Gold at this stage and watch for […]
USDCAD remains bullish, yet it has retraced since Tuesday 27th, after testing the major resistance at 1.3240. The selling pressure above this level is heavy, the bullish momentum is likely to be restrained at this level. The resistance level is at 1.3240, followed by 1.3280 and 1.3300. The support line is at 1.3200, followed by […]
The gold price has broken short-term support yesterday and is pulling back towards important short-term support at $1,320. The price is expected to reverse upwards from current levels. The rejection below $1,350 is not a good sign, but the price remains above the critical support of $1,300 and inside the long-term sideways channel. The gold […]
General overview for 27/09/2016: The corrective cycle in wave (ii) looks now completed, but none of the important key levels has been violated yet. The first key level for bulls is the intraday support at 112.07, so any break out below this level would invalidate the impulsive count, evolving the simple abc corrective structure into […]
Technical outlook and chart setups: Gold finally gives in to bearish break out as expected and discussed earlier. The metal has broken lower and has made fresh intraday lows at $1,324.00/25.00 levels as depicted here. Please also note that the wave structure still indicates for a continued push lower towards $1,320.00 levels at least. The […]
When the European market opens, some economic data will be released such as GfK German Consumer Climate. The US will also publish some reports such as crude oil inventories, durable goods orders m/m, core durable goods orders m/m. Amid the news, EUR/USD is expected to move with a low to medium volatility today. TODAY’S TECHNICAL […]
In Asia, Japan won’t release any economic data today, but the US will reveal such reports as crude oil inventories, durable goods orders m/m, core durable goods orders m/m. Therefore, the USD/JPY is likely to move with low to medium volatility today. TODAY’S TECHNICAL LEVEL: Resistance. 3: 101.07. Resistance. 2: 100.87. Resistance. 1: 100.67. Support. […]
EUR/USD: This pair is bullish in the short-term, but the event of Tuesday has shown that, unless bulls show determined effort to continue pushing up the market, bears are intent on scuttling their effort. A movement below the support line at 1.1150 would result in the end of the short-term bullishness of the market. A […]
The index failed to consolidate above the 200 SMA at H1 chart during Tuesday’s session, the day of the US presidential debate. Currently, it’s expected that the USDX index can resume the bearish bias to reach the psychological level of 95.00. However, if we see a breakout above the resistance level of 95.79, then further […]
GBP/USD managed to recover above the support level of 1.2948, as the sterling strengthened during Tuesday’s session. Currently, it’s aiming to test the 200 SMA on the H1 chart, where a dynamic resistance can be found. If the pair does a pullback there, it will resume the bearish trend to reach the 1.2900 psychological level […]
Overview The tight range continues to dominate in gold price trading. The price moves near the key resistance that declines now to $1,345.00, and the EMA50 keeps providing the positive support to the price, while stochastic attempts to gain the positive momentum on the intraday basis. Therefore, these factors favor the bullish trend scenario in […]
Since our previous analysis, gold has been trading sideways at the price of $1,333.90. I found a fake breakout of supply trendline, which is good sign for further downward movement. Using the market profile, I found a yesterday’s point of control at the price of $1,336.00. Watch for selling opportunities. Target levels are set at […]
Technical outlook and chart setups: Gold has been drifting sideways since hitting $1,343.00 levels last week and is trading at $1,337.00 levels for now. Please note that a push higher above $1,342.00 and subsequently above $1,352.00 levels would change the structure. At the moment, the wave structure favors bears with $1,343.00 levels being intact. It […]
Gold price remains trapped inside the short-term trading range between $1,342 and $1,330. This consolidation will soon end and price will break out of this range. My preferred scenario sees a bullish break out and new highs. Red line – resistance Green line – support Price continues to trade sideways but also above the 4 […]
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 […]
USD/JPY is under pressure. The pair is trading below its key resistance at 101.25, which maintains the strong selling pressure. The downward momentum is further reinforced by a descending 50-period moving average, which is playing a resistance role. Besides, the relative strength index is below its neutrality area at 50, and lacks upward momentum. To […]
Overview The gold price keeps fluctuating within a tight track near the key resistance that declines now to $1,345.50. The price needs to breach this level to reinforce expectations for the main bullish trend continuation, which gets positive support by the EMA50. In general, we will keep our bullish overview for the upcoming period conditioned […]
Since our previous analysis, gold has been trading sideways at the price of $1,336.50. The breakout of an upward trend line is still active and my advice is to watch for selling opportunities. I found the supply trend line and lower swing highs, which is a sign of weakness. Using the market profile, I found […]
Gold price has made a new short-term lower low at $1,333 and a lower high at $1,341. Price remains above $1,330 the consolidation range before the high at $1,344. On a medium-term trend basis trend remains neutral as price is still trapped inside the trading range. Red line – short-term resistance Green line -short-term support […]
Technical outlook and chart setups: Gold seems to have carved out a lower top at $1,340.00 levels on Friday before pulling back lower. The metal is seen to be trading at $1,339.00 levels for now, looking to test recent highs and continue lower. Please note that a push higher above $1,342.00 and subsequently above $1,352.00 […]
EUR/USD: This pair is neutral in the long-term but bullish in the short-term. There is a Bullish Confirmation Pattern in the chart, and price is supposed to test the resistance lines at 1.1250, 1.1300 and 1.1350. However, there is a need for a very strong buying pressure to achieve this objective. USD/CHF: Though the market […]
The 200 SMA on the H1 chart is acting as a strong dynamic resistance across the board for USDX as it is struggling to test the 95.79 level. Bullish momentum was seen above the support level of 95.00, where the index attempted to resume the overall upside bias. To confirm that scenario, USDX needs to […]
GBP/USD is finding support at the 1.2948 level as bears took again the scenario during Friday’s session. Following a pullback made at the 200 SMA price zone, the pair is looking to re-test the post-Brexit lows made during July and eventually it can break the 1.2948 level in order to reach the 1.2901 level. However, […]
Since our previous analysis, gold has been trading sideways at the price of $1,337.50. The recent strength on Gold was caused due to FED Fund rate decision this week but today I found lack of professional interest for an upward movement. I found a broken upward trend in the background. Using the market profile, I […]
AUD/CHF found the support near 0.7260 and started to move higher producing higher highs and higher lows. Pair broke above the 50 and 200 Moving Averages suggesting that the overall trend is bullish. Yesterday AUD/CHF found the support at the lower trendline of the ascending channel and this support level corresponds with the rate where […]
EURAUD steadily moving down and this week broke below the ascending channel. Pair found a resistance the rejection level of the 50 Moving average. This level also corresponds with the 50% (0.4707) Fibs applied to the channel breakout level. While this resistance is holding consider selling EURAUD, targeting either 38.2% (1.4615), 23.60% (1.4500) or 0% […]
Gold price could have finished the upside move from $1,308 and could start a correction towards $1,320. Price remains still inside the long-term sideways trading range of $1,300-$1,360 and as long as we are inside this range there will be no clear signal. Gold price has broken above the 4 hour cloud resistance and could […]
Price is approaching major resistance at 113.50 (Fibonacci retracement, horizontal overlap resistance, Fibonacci projection) and we expect price to react off that level for a drop to 112.10. RSI (21) is seeing major resistance from our descending resistance line showing that our bearish move is still in progress. Sell below 113.50. Stop loss at 114.00. […]
