Bearish pattern occurred at an important resistance level - horizontal trendline and Kumo cloud.
Dow Jones Industrial Average might have completed an impulse (5 Waves) drop from 26950 highs through 24430 lows. We had presented on Friday that a meaningful bottom might be in place around 24500 levels but the indice dropped lower towards 24430/40 levels before pulling back sharply. Looking at the wave structure, a potential Wave (1) or (A), could be complete at...
The US Dollar Index had rallied through 96.85 levels on Friday threatening a break above 97.00 levels but bears seems to have taken control from just a few points below critical resistance at 97.00 levels. The index dropped to 96.30 levels around Friday close and could be preparing to target 96.20 levels, which is initial price support. Please also note that a...
The EURUSD pair had dropped to 1.1340 levels on Friday before reversing sharply above 1.1400 levels by close. This could be the first sign of a meaningful bottom in place around 1.1340 levels. It is seen to be trading close to 1.1400 at this point and could be preparing to push towards 1.1433 levels to break the initial price resistance on hourly chart view....
GBPNZD is approaching its support at 1.9593 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 1.9881 (38.2% Fibonacci retracement, horizontal swing high resistance). Stochastic (89, 5, 3) is approaching its support at 3.7% and there may be bullish divergence with price,...
EURJPY is approaching its support at 126.84 (61.8% Fibonacci extension, 78.6% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 128.37 (50% Fibonacci retracement, horizontal overlap resistance). Stochastic (89, 5, 3) is approaching its support at 2.2% where a corresponding bounce could occur.
EURCAD is testing its resistance at 1.4944 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap resistance) where a potential reversal to its support at 1.4850 (61.8% Fibonacci retracement, horizontal swing low support) could occur. Stochastic (55, 5, 3) has reversed off its resistance at 97% where a corresponding drop could occur.
The US Dollar Index has managed to break above 96.16 levels yesterday, printing fresh intraday highs at 96.54 levels before pulling back. Believe it or not, the medium term structure still looks constructive and encouraging for bears to take control, until prices stay below 97.00 levels going forward. Looking into the wave counts, a probable wave A terminated at...
In spite of the fact that EURUSD dropped below 1.1432 interim support yesterday, the medium term wave structure looks constructive for the bulls to take over. Please note that we would focus on 1.1300 levels to hold in the next few trading sessions and watch out for a lower degree rally (5 waves) to confirm a bullish stance, against support at 1.1300 levels....
USDCAD is approaching its resistance at 1.3128 (100% Fibonacci extension, 78.6% Fibonacci retracement, horizontal overlap resistance) where it could potentially reverse to its support at 1.2978 (100% Fibonacci extension, 50% Fibonacci retracement, horizontal swing low support). Stochastic (89, 5, 3) is approaching its resistance at 94.8% where a corresponding...
EURGBP is approaching its resistance at 0.8859 (100% Fibonacci extension x2, 38.2% & 50% Fibonacci retracement, horizontal overlap resistance) where it could potentially reverse to its support at 0.8761 (76.4% Fibonacci retracement, horizontal swing low support). Stochastic (89, 5, 3) is approaching its resistance at 92% where a corresponding reversal could occur.
EURJPY is approaching its support at 126.90 (76.4% Fibonacci retracement, horizontal pullback support) where it could potentially bounce to its resistance at 129.24 (38.2% Fibonacci retracement , horizontal swing high resistance). Stochastic (89, 5, 3) is approaching its support at 0.9% where a corresponding bounce could occur.
The Dow Jones Industrial Average dropped by almost 2% yesterday, towards 24800 levels, before pulling back sharply. It is seen to be trading around 25200 levels at this point in writing and might have possibly terminated its impulse drop (5 waves) from 26930/50 levels. As an alternate count, wave v could be unfolding as a diagonal, and terminate below 24800 levels...
Gold took off its rally after finding support at $1216 levels earlier and drifting sideways/consolidation. The yellow metal reached close ($1240) to our first projected soft target at $1250 levels yesterday. Looking into the wave structure, as Wave C progresses, it looks to be the last leg at the moment and one can expect yet another high before a meaningful...
The US Dollar Index has tested 96.16 levels again yesterday before pulling back. It could be forming a potential wedge and might push above 96.16, towards 96.50/60 levels before turning bearish again. However a failure to break above 96.16 levels, could trigger a huge sell off from current levels towards Wave C lower (93.80). Immediate price support is seen at...
The EURUSD short term story seem to be suggesting that a triangle could be unfolding as Wave 2, within proposed Wave C rally towards 1.1850 and higher. This looks like the most probable count for now and if this should hold, we could see wave e termination of triangle any moment now before prices break above the 1.1500 levels again. Please also note that prices...
Everything is on the chart, you get a great deal of 6:1 risk/reward and the odds are it will go up. Good luck to everyone!
Aud/chf looks like it may be making a WXY pattern that could break both of those trend lines. It's short currently after breaking out of that diagonal.