We bring up the daily chart view for Dow Jones after quite a few trading sessions. At the moment, it looks like the indice might be carving a potential expanded flat A-B-C structure after reversing from 26950 levels last week. If this count holds well, we could see prices dropping towards at least 24600 and possibly 24250 levels going forward. As an alternate...
The EURUSD currency pair has traded in a range between 1.1530/40 and 1.1600 levels since last Friday. This sideways action could be a flat being carved out and prices could possibly test 1.1500/20 levels before rallying further. Looking at the wave counts, it is quite clear that EURUSD is into a 3 wave correction since 1.1300 lows formed earlier. Within the 3...
XAUUSD is approaching its resistance at 1235 (100% Fibonacci extension , 38.2% Fibonacci retracement , horizontal overlap resistance) where it could potentially reverse down to its support 1210 (100% Fibonacci extension , 50% Fibonacci retracement, horizontal pullback support). Stochastic (55, 5, 3) is approaching its resistance at 95% where a corresponding...
The US Dollar Index managed to print a marginal high at 96.16 levels yesterday before reversing sharply lower. It seems that Wave B (an expanded flat), might have terminated at 96.16 levels yesterday and Wave C lower could now resume towards 93.00, 92.00 and even lower levels respectively. Please also note that the US Dollar Index has taken out initial support at...
We had discussed yesterday that according to the price action unfolding, we would bring out alternate scenario wave count in Gold. Prices dropped below $1192.50 yesterday, which changes the wave structure but potential bullish scenario could be intact. The yellow metal could be producing a combination while the corrective rally unfolds. A probable wave count...
The US Dollar Index hourly chart could be suggesting that a meaningful top might be in place at 96.20 levels. Also it should be noted that prices reversed from around the fibonacci 0.618 resistance of the previous drop as shown on the chart view here. It could be safe to assume that US Dollar Index has resumed lower towards 94.90, followed by 93.80 and 92.00...
NZDCHF is also approaching our first support at 0.644 (horizontal overlap support, 38.2% Fibonacci retracement, ascending channel support) and a strong bounce might occur above this level pushing price up to our major resistance at 0.6514 (horizontal swing high resistance, 61.8% Fibonacci extension). Stochastic (34,5,3) is also approaching support and we might...
NZDCHF Bearish Continuation setup. Details are on the chart. Happy Trading!
The US Dollar Index dropped lower yesterday, testing lows at 94.40 levels, before pulling back again. The index is seen to be trading at 94.51 levels at this moment in writing, and could continue drifting lower. There is no change in the bearish potential we had discussed earlier and that a safe trading strategy cold be to hold/add short positions. The index could...
If you saw my longer term potential move, Nchf is at a point that you could possibly get a scalp and let some ride. But watch that zone that I circled because it can break the high and pull down.
NZD/CHF slumps to 29-month lows at 0.6454, trades with a major bearish bias. Major trend is bearish, signs of minor pullback seen as mometum indicators approach oversold territory. The pair is holding minor support at 0.6455 (falling trendline). 21-EMA is stif resistance. Break above could see extension of upside till 50-DMA. Support levels - 0.6455 (trendline),...
NZD/CHF is breaking lower in line with dominant momentum. The kiwi remains the weakest currency this quarter whilst RBNZ continue to send dovish signals to markets. As the Swiss franc is the second strongest major this quarter due to haven demand, we see potential for NZD/CHF to trade lower from current levels. We can see on the daily chart that NZD/CHF has been...
This is to show you Nchf on a lower time frame. See the ending diagonal after it broke pitchfork, followed by reversal pattern? Now we got a small ending diagonal and it can come back down, possibly even breaking the low. It can also correct and then continue upside. But it is about reading price action and having a trading strategy. Right now, I am long and...
Nothing has changed on my NCHF analysis. Nchf and Nzd/Jpy coming off pitchforks right now. We can still get a 3 wave and one more down, but I feel strongly (considering the correlations and how far Nzd/Usd extended in relation to those other 2) that there will be a large swing up. But also keep in mind the time frame I am showing you. Along with the lack of a...
FX:NZDCHF Idea! Comment below if you have any idea or something to add up.
Price is approaching our first resistance at 0.6722 (horizontal pullback resistance, 23.6% Fibonacci retracement , Elliot wave structure) and a strong reaction might occur below this level pushing price down to our major support at 0.6667 (horizontal swing low support, 100% Fibonacci extension ). Ichimoku cloud is also showing signs of bearish pressure in line...