The EURUSD bulls seem to be in control for now and also remain poised to push higher towards 1.1500 levels at least. After having rallied almost 200 pips from last weeks' low, EURUSD is trading above 1.1400 levels for now, very close to the trend line resistance seen on the chart here. Please note, that a push through the resistance line could be encouraging for...
The US Dollar Index structure remains more or less unchanged from what we had discussed last week. It is seen to be trading around 96.50 levels at this point in writing and is expected to drop lower at least towards 95.65/70 going forward. Looking into the wave structure, we have presented a potential ending diagonal for the (5) th wave of the impulse rally that...
EURUSD reversed off its resistance at 1.1418 (100% Fibonacci extension, 50% Fibonacci retracement, horizontal swing high resistance) where it could potentially drop further to its support at 1.1353 (38.2% Fibonacci retracement, horizontal overlap support). Stochastic (89, 5, 3) reversed off its resistance at 96% where a corresponding drop could occur.
XAUUSD is approaching its resistance at 1234.2 (61.8% Fibonacci extension, 78.6% Fibonacci retracement, horizontal swing high resistance) where it could potentially reverse down to its support at 1215.8 (50% Fibonacci retracement, horizontal pullback support). Stochastic (89, 5, 3) is approaching its resistance at 97% where a corresponding reversal could occur.
Hi there. Price is forming a reversal pattern to change it’s direction. Wait for the price to hit the top of the pattern and watch strong price action for sell. We forecast that the down move will be corrective or will form a continuation pattern to the upside. Let’s wait and watch how it behaves.
The US Dollar Index might have formed a meaningful top around 97.70 levels as we have been discussing earlier. Please note that the ending diagonal structure for (5) th wave proposed here would remain valid till the US Dollar Index stays below 98.10/15 levels. Looking at the lower degree waves unfolding since 97.70 levels, a potential 3rd wave (lower degree not...
EURUSD potential ending diagonal structure for the (5) wave, discussed earlier remains valid till prices stay above 1.1216 and broadly above 1.1172 levels. Please note that if prices were to drop below 1.1172 levels, the proposed ending diagonal wave structure would turn invalid and further bearishness could continue. Looking into the short term wave structure,...
Gold prices rallied post higher lows formed at $1196.00 levels earlier. Please note that the metal found support at a convergence of fibonacci 0.618 and trend line support earlier. Furthermore, the subsequent rally has taken out interim resistance around $1212 levels, keeping bulls in control. The metal could retrace lower from here before resuming its potential...
The story for Dow Jones remains unchanged for now with bears in control and printing yet another low around 24800 levels yesterday before pulling back. Looking at the wave structure, a potential wave (3) seems to be unfolding since 26300 levels last week. Within the larger wave (3), a lower degree wave 1 could have been complete at 24800 levels and a 3 wave...
GBPJPY is approaching its support at 142.53 (100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 146.23 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance). Stochastic (89, 5, 3) is approaching its support at 1.7% where a corresponding...
USDCAD is approaching its support at 1.3142 (100% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 1.3208 (50% Fibonacci retracement, horizontal overlap support). Stochastic (55, 5, 3) is approaching its support at 4.9% where a corresponding bounce could occur.
The Dow Jones seem to be in complete control of bears, since it carved a lower top around 26300 levels earlier. Please note that we had discussed this drop around those levels and that the previous rally could just be a bull trap. Looking at the wave structure, it is quite clear that Dow Jones had dropped in an impulse earlier between 26950 and 24100 levels...
Finally, Gold bulls seem to be in control after producing a complex corrective drop since $1245 levels earlier. The yellow metal has managed to take out initial resistance at $1212 levels and print a higher high around $1215/16 levels as seen here on the charts. The metal is seen to be trading around $1209 levels at this point in writing and could continue...
The US Dollar Index might have formed a potential top around 97.70 levels earlier and might be looking to resume lower. It is too early to confirm the same at this point in time but a break below 95.65/70 levels would certainly be encouraging for bears, also a confirmation that trend has turned lower. Looking at the wave structure, a potential 5 waves impulse...
The 4H chart for EURUSD is suggesting that the pair might have formed a meaningful bottom at 1.1216 levels. It has managed to push through 1.1350 levels and is seen to be trading around 1.1325 levels at this point in writing. It could be too early to confirm a bottom but a push through 1.1500 levels would certainly be encouraging for bulls and also a confirmation...
XAUUSD is approaching its resistance at 1212.28 (61.8% Fibonacci extension, 38.2% Fibonacci retracement x3, horizontal overlap resistance) where it could potentially reverse down to its support at 1198.37 (76.4% Fibonacci retracement, horizontal swing low support). Stochastic (34 5, 3) is approaching its resistance at 91% where a corresponding reversal could occur.
AUDUSD is approaching its resistance at 0.7295 (100% Fibonacci extension, 23.6% Fibonacci retracement, horizontal swing high resistance) where it could potentially reverse down to its support at 0.7198 (76.4% Fibonacci retracement, horizontal swing low support). Stochastic (55 5, 3) is approaching its resistance at 96% where a corresponding reversal could occur.
CADJPY is approaching its support at 85.66 (100% Fibonacci extensionx2, 61.8% Fibonacci retracement, horizontal swing low support) where price could potentially bounce up to its resistance at 86.23 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance). Stochastic (89, 5, 3) is testing its support at 4.5% where a corresponding...