We have preferred not to change the time frame or potential wave counts for EURUSD, that we had discussed yesterday. The single currency is seen to be trading above 1.1400 levels again at point in writing, looking poised to continue its rally above 1.1500 levels in the short term and towards 1.1800/20 levels in the medium term. After having produced an impulse...
EURUSD is approaching its support at 1.1354 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 1.1411 (50% Fibonacci retracement, horizontal swing high resistance). Stochastic (55, 5, 3) is approaching its support at 3.2% where a corresponding bounce could occur.
A daily chart for EURUSD has been presented today to have a re-look at the potential wave counts since last several weeks. Please note that EURUSD had dropped earlier between 1.2500 through 1.1300 levels respectively. It probably unfolded into an impulse, 5 waves as labelled here. The most likelihood after an impulse drop was a 3 wave corrective rally. With the...
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EURGBP has reversed off its resistance at 0.8930 (100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing high resistance) where it could potentially drop to its support at 0.8763 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal pullback support). Stochastic (89, 5, 3) has reversed off its resistance at 96.8% where a...
USDJPY is approaching its resistance at 113.08 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal pullback resistance) where it could potentially reverse down to its support at 112.62(61.8% Fibonacci retracement, horizontal pullback support). Stochastic (55, 5, 3) is approaching its resistance at 97% where a corresponding reversal could occur.
XAUUSD is approaching its support at 1216.7 (61.8% Fibonacci extension, 61.8% & 38.2% Fibonacci retracement, horizontal pullback support) where it could potentially bounce to its resistance at 1223.9 (61.8% Fibonacci retracement, horizontal swing high resistance). Stochastic (55, 5, 3) is approaching its support at 3.6% where a corresponding bounce could occur.
The EURUSD advance continues as expected and it looks that the bulls are close to taking out the first major price resistance at 1.1500 levels. Nothing much changes on the chart presented here except the fact that prices can be seen breaking above the immediate trend line resistance. The EURUSD is now trading around 1.1456 levels and remains just shy of taking out...
The 4H chart presented for US Dollar Index is indicating that unlike its counterpart ( EURUSD), the index is seen to be testing immediate support trend line around 96.10/15 levels. Please note that probabilities could remain high for a continued drop towards 95.65 levels before producing a meaningful retracement/pullback. Looking into the wave structure, US Dollar...
Yesterday's drop towards 24900 levels might not be the beginning of wave iii yet, and there could be a surprise rally in store. We have added lower degree waves a-b-c, potentially unfolding as wave ii of a higher degree, which could still terminate around 25500/600 levels before wave iii of (3) begins is descent lower. Please note that counter trends might be...
Gold remains bullish above $1195/96 levels, with immediate price resistance seen towards $1235 levels. Bulls could be looking to push through $1235/36 levels, before producing a meaningful retracement lower. Please note that the metal should remain above immediate price support at $1195/96 levels going forward and a safe trading strategy could be to buy on dips...
SPX500 is approaching its support at 2601.6 (100%x2 & 61.8% Fibonacci extension, horizontal swing low support) where it could potentially rise to its resistance at 2814 (100% Fibonacci extension, 61.8% Fibonacci retracement and horizontal swing high resistance).
GBPJPY is approaching its support at 144.30 (100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal overlap support) where price could potentially bounce up to its resistance at 145.93 (38.2% Fibonacci retracement, horizontal pullback resistance). Stochastic (89, 5, 3) is testing its support at 2.7% where a corresponding bounce could occur.
EURCAD reversed off its resistance at 1.5113 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance) where it could potentially drop further to its support at 1.5017 (50% Fibonacci retracement, horizontal swing low support). Stochastic (55, 5, 3) reversed off its resistance at 96% where a corresponding drop could occur.
EURJPY bounced off its support at 127.47 (76.4% Fibonacci retracement, horizontal swing low support) where it could potentially rise further to its resistance at 129.95 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal swing high resistance). Stochastic (89, 5, 3) bounced off its support at 3.7% where a corresponding rise could occur.
Strong bullish trend breaking major support and resistance zones.I believe the bullish trend will continue BUY- TP1= 0.69238 TP2=0.70116 SL-0.69238
The Dow Jones seems to be working on a lower degree wave ii, within the expected wave (3) of a higher degree as labelled on the chart here. The wave structure remains unchanged with an impulse drop that terminated around 24100 levels, followed by a corrective rally that terminated at 26300 levels earlier, labelled as Waves (1) and (2) respectively. Furthermore,...
Gold continues to print higher highs and higher lows since $1195 levels earlier. Please note that the metal had bounced off trend line support and also around fibonacci 0.618 support at $1195/96 levels earlier. Bulls should remain in control till prices stay above $1196 levels and push through $1250/70 levels at least, before deciding further course. Looking at...