The Trend Follower Strategy has just sold EURCHF at 1.13234. The system recommends entering this trade at any price between 1.13126 and 1.13342. The signal was issued because our Speculative Sentiment Index is extremely negative, with a value of 1.51974. This suggests that the EURCHF could be trending downwards.The 14-period Average True Range on a daily chart is...
Recent dovish tone of ECB President Draghi and last week's disappointing PMI continue to push EUR pairs down in general, while CHF will gain traction as long as equities remain bearish. Continue shorting this pair but must watch for signs of reversal near 1.125 (prev. pd 100 fib level in hourly chart). Next TP is @1.12 (61.8 fib level both in weekly and daily...
USDJPY is testing its support at 113.16 (50% Fibonacci retracement , horizontal overlap support) where it could potentially bounce to its resistance at 113.55 (61.8% Fibonacci extension , 61.8% Fibonacci retracement ). Stochastic (34, 5, 3) is approaching its support at 4.8% where a corresponding bounce could occur.
The Dow Jones managed to push through its immediate price resistance at 25500 levels on Friday. It is seen to be trading around 25520 levels (spot), and could be ready for a pullback towards 24800/900 levels going forward. Looking at a higher degree wave structure, after having produced a 5 wave drop from 26950 towards 24100 levels, the Dow is unfolding into a...
Gold is seen to be trading around $1231 levels for now, after carving a higher low at $1216 levels earlier. The metal looks to be pushing towards $1246 mark as highlighted on the 4H chart presented here, in the short term. Looking at a higher degree wave structure, Gold looks to be producing a corrective rally A-B-C since printing lows at $1160 levels earlier....
NZDUSD is approaching resistance at 0.6923 (100% Fibonacci extension, 50 & 76.4% Fibonacci retracement, horizontal swing high resistance), where it could potentially reverse down to its support at 0.6765 (100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing low support). Stochastic is approaching its resistance at 97% where a corresponding...
The Congestion Opportunities Strategy has just sold EURCHF at 1.13434. The system recommends entering this trade at any price between 1.13326 and 1.13542. The signal was issued because the 28-hour Relative Strength Index indicates that the EURCHF may be overbought, while the Speculative Sentiment Index reading of 1.0009 indicates that trader sentiment is not at...
On the daily timeframe, price reversed from a weekly resistance (also neckline of higher timeframe H&S pattern) that lined up with the 3rd rejection of descending trend line and broke out of an ascending trendline. Currently, the price is making a pullback to retest the broken ascending trend line which also lined up with minor resistance zone, 50.0 Fib ratio,...
The US Dollar Index finally tests 97.51 levels as expected yesterday, and carves a lower high at 97.54 levels. It is seen to be trading around 96.65 levels at this point in time, and could be looking to continue lower in acceleration towards 95.00 and 94.00 levels respectively. Please note that the index has produced an engulfing bearish candlestick pattern on the...
Gold forms a bottom at $1211 levels and reverses sharply! The metal is seen to be trading around $1226 levels at this point in time and should be looking to push through immediate resistance at $1232 and further. Looking at the wave structure, Gold is seen to be unfolding into its Wave C higher towards $1250/70 levels. Furthermore, within the Wave C, the metal...
The Dow Jones pushes above 24800 levels, confirming that 25500/600 could be the next resistance to be taken out! We discussed the probability for the indice to reverse sharply higher if 24100 levels hold, last week and a safe strategy could be to take profits on the shorts taken earlier, awaiting for opportunities to sell higher again. Now, we see Dow trading...
SPX500 has bounced off its support at 2600 (100% Fibonacci extension x2, 78.6% Fibonacci retracement , horizontal swing low support) where it could potentially rise to its resistance at 2813 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance ). Stochastic (21, 5, 3) has bounced off its support at 13.9% where we might see a...
GBPAUD is approaching its support at 1.7478 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 1.7774 (100% Fibonacci extension, 23.6% Fibonacci retracement, horizontal swing high resistance). Stochastic (34, 5, 3) is approaching its support at 4.2% where a corresponding...
The US Dollar Index pushed higher above our expectations to terminate potential wave ii rally as presented here on the daily chart . The index is seen to be trading around 97.44 levels at this point in time expected to carve a lower top below 97.70 going forward. Looking into the wave structure, after producing an impulse rally between 88.30 and 97.00 levels...
The Dow Jones spot closed around 24750 yesterday. If prices manage to rally past 24800 consistently, Dow could be heading towards 25400/500 levels soon. Looking at the medium term wave structure, after having unfolded into 5 waves drop between 26950 and 24100 levels earlier, it is quite possible that wave (2) is in place around the 26300 levels. Alternately, wave...
USDCAD is approaching its resistance at 1.3384 (100% Fibonacci extension, 76.4% & 50% Fibonacci retracement, horizontal swing high resistance, ascending channel resistance) where it could potentially reverse to its support at 1.3263 (100% Fibonacci extension, 50% Fibonacci retracement, horizontal pullback support). Stochastic (55, 5, 3) is approaching its...
The Dow Jones reversed sharply from its last week close at 24285 levels after opening higher yesterday. The spot closed at 24638 levels, having potential to push through 26000 levels as well. Please note that a rise above 24800 levels would be considered to be encouraging to bulls and open doors to take out strong resistance at 25500 levels going forward. Looking...
Gold prices did drop lower as discussed earlier, but seems to have found support early at $1220 levels. Please note that structurally the metal could still drop lower towards $1217 and up to $1210 levels as well, before turning higher again. At a higher degree, Gold is into an A-B-C corrective rally since lows at $1160 levels earlier, and is further progressing...