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Outlook

NZD/USD broke pivotal support level 0.6990NZD/USD broke pivotal support level 0.6990 Next sell target - 0.6850 NZD/USD continues to fall inside the minor impulse wave 3, which earlier broke through the pivotal support level 0.6990, which has been steadily reversing this currency pair from June, as can be seen below. The breakout of the support level 0.6990 coincided with the breakout of the 61.8% Fibonacci correction level of the previous sharp upward impulse from May. NZD/USD is expected to fall in the accelerated impulse wave 3 (which belongs to the intermediate impulse wave (3) from the start of November) in the direction of the next sell target at the support level 0.6850.
Short
by harinsara
Technical Analysis?I have a straight question to you, and would love to hear your answer in comment section. What is technical analysis? Can you define it? Most people think that I am technical trader, but I am not. I have nothing to do with technicals as I don't use them, so what is the definition? I will write what I think about it, and it is only my subjective opinion. You can write your's too. There is no definition. Anyone can make up anything and call it technical analysis. The field now seem to encompass everything from drawing trend lines to astrology. Technical analysis started out with quite simple concepts, which are not all that dumb. In the early days, it was about looking for directional trends in prices and divergences between related market indexes. Experience told traders that when prices start moving in one direction, they are more likely to continue than to reverse. Technical analysis was just a way to visualize this concept. Divergences was mostly about comparing the Dow Jones Industrial with the Dow Jones Transport, the two most important indexes at the time, and draw conclusions from potential differences. Adding things like simple oversold/overbought indicators is still in the realm of sanity. Again, experience had taught traders that extreme short term moves are often followed by a sudden pullback. Emotions run wild as the price takes off, propelling the price further until a short term correction sets in when the buyers are already in and there’s no one left to push the price higher. Common sense things where technical analysis was used as a tool to visualize abstract phenomena. Then the problems set it. The visual nature of technical analysis lends itself to get-rich-quick stories. After all, there’s no need for all that hard work, right? Why waste time learning tough things and gaining real life experience when all you have to do is look at a chart and draw some lines? It was only a matter of time before this field was completely taken over by snake oil salesmen. To be fair, some of them are probably just delusional and not outright immoral. There are no rules for what technical analysis is. So it became everything. In particular, everything that is easily sold. The more colorful naming and background story, the easier the sell. At first we had the indicator explosion. An easy way to get famous in the field is to create an indicator. Especially if you manage to get that indicator included in standard technical analysis software packages. So everyone and his grandmother started making indicators in hopes of fame. It’s a comfortable illusion, that all you need is to find the right indicators and you’ll be rich in no time at all. Just get those parameters right. Then we have the field of exotic names. Doji, three little soldiers, spinning dragons, crouching tigers, ichimoko, harami, spanking monkeys, and tons of more colorful names. Well, I might have made some of them up, but if others are allowed to make up random exotic names, why can’t I? Beware of anything that sounds ‘cool’. Most likely it has no other use than to sell products that won’t help you. Do I say all Tech is crap? No, I wouldn’t go that far. There are actually plenty of professionals using concepts originating from technical analysis. Usually they don’t use the term though, for reasons made clear above. It has a very poor reputation. Trend following, the main strategy of the 300 billion dollar CTA industry, has its roots in technical analysis. A large part of quantitative, systematic trading is based on ideas from that came out of that field. Peace. TPP
FX:XAUUSD
by TheZabisyu
9
EURO vs U.S DOLLAR Simple Outlook the pair made a new lower low yesterday at 1.1103 then started to rebound massively making a new higher high @1.1204 and higher low @1.1146 which gave our new up trend more power that needed to break the always strong resistant 1.1200 and close above it next week.. Also it could try to make a small correction after hitting the simple MA 200 at 1200 the correction may reach 1.1180 but breaking there will lead the price to 1.1160 before going long again reaching our waited target at 1.1230:1.1246 Facebook Page: www.facebook.com
Long
by rocketinvest
WTI US Oil Inverse H&S near termUSOil daily chart showing an inverse H&S pattern. Price is closed at neckline of $42. Breakout above $42 with meaningful conviction may bring the price to next major resistance of $45 to $46. Momentum indicators like CCI and RSI still have room to support potential upswing in prices. OBV yet to show improvement. Failure to break neckline signals continuation from the bearish downward trend to $38. Zoom in 4hour chart to see clearly inverse H&S pattern.
FX:USOILLong
by frexbull
GBPUSD MONTHLY OUTLOOKWe are prepared for all scenarios. This is not a trade setup this is just an outline a structure. The trade setups are set in our desired time frames. As there are uncertainties in the market we like to analyse both outcomes and just follow what price action demonstrates. However, as you could see we have lower highs with a possible target to create our 3rd lower high on a trend line bounce. We have divergence which represents the sellers are not strong as they seem. We still play it safe. On the break out of the mini trend line, our first upside target would be 1.4000-1.4500. If price does break above the downward trend line and disrespects the lower high structure then we would be waiting for a retest to the trend line and a possible continuation up to targets 1.6000 then 1.7000 and so on. On the other hand, if price does break below the lower trend line, below 1.3000 then we can see further downside targets of 1.2000 then possibly 1.0650. This is just a forecast. ***TRADE AT OWN RISK***
Long
by SKA_CAPITAL
CADCHF - Weekly outlookFollowing on from the Daily analysis I posted, this is the Weekly outlook. We of course don't know what's going to happen, but it's always advisable to stay ahead of the market and prepare for as many eventualities as possible. Option A The red box is the PRZ on the Daily TF. This falls short of the overall down trendline, but sits nicely in a strong Supply Zone on the Weekly TF. Option B This is where the decision point is likely to be made if we break the Lower Low on the Weekly TF. Summary Considering the strength of the bullish momentum on the way up, we've already taken out one Supply Zone (labelled 'i'). This is true to the characteristics of an advanced harmonic pattern (in this case a Daily bearish Bat formation). If we compare the strength of the buyers vs sellers at the PRZ, I'm expecting the trade to be successful, but anticipating some serious buying resistance.
Short
by JakeSummers4x
Year-end gold prediction: $970-$1030Technicals This very strong trendline has been lasting for gold for some time now, and I don't expect it to stop, and it has just been touched, so this looks like a very good place to get in with a short position if you agree with this outlook (many will disagree!). Disadvantages The US economic data is currently not bad, but not great, and consumer spending most certainly isn't great. This suggests that the Fed may not reach, or get much closer to, their inflation target. This could result in backtracks on interest rates which will ultimately result in the price of gold increasing. In addition to this, the markets are pricing in a 13% chance of negative interest rates by 2017! Advantages Despite consumer spending data, I think that the Fed will continue to raise interest rates for the duration of the year. This is because labour statistics remain strong, and the US economy isn't in a poor enough state, in my opinion, for the Fed to halt their rate path. I have tagged an alternative opinion from someone else below.
FX_IDC:XAUUSDShort
by olly_price