2ndSkiesForex

2ndSkiesForex

The RBA just announced they will no longer reduce rates, taking a more hawkish stance. This caused the Aussie to jump 2% with its largest daily gain since June last year. Considering there was a record number of shorts, I'm guessing we are seeing some massive short covering. Any pushes higher will likely = more capitulation from the shorts. The 1hr pre-breakout...

2ndSkiesForex

Unlike the US indexes, the European indexes continue to find higher ground. Today the Euro Stoxx 50 formed a bullish pin bar on the 4hr chart, climbing for 12 straight hours. The index is currently sitting below key resistance at 3125. Bears wanting to get short have their level here. Bulls can look for a breakout pullback setup above, or a corrective pullback to...

2ndSkiesForex

Finding a short term base between 1212 -1221, Gold has bounced off this support zone 3x now with each bounce hitting 1250. We will watch for a buying opportunity in this zone, watching for the bids to hold, targeting 1250 and potentially 1267 with tight stops below the zone. A daily close below 1200 targets 1180.

2ndSkiesForex

After flirting with the 1800 barrier for a few hours, the index sold off about 14 points. However, since then, the selling has been muted and the follow through weak ATM. If the index continues to balance and re-distribute today without much follow through, then the bears will probably let go of their positions while the bulls will smell weakness and go for...

2ndSkiesForex

Although the EUR continues to bounce off the ST bullish trendline, the bears keep selling off the pair impulsively suggesting who's in control as one hour of selling takes out the last 15+hrs of buying pressure. The pair is approaching a bearish sell zone that could set up a low risk, high reward opportunity. I'll look to sell into this zone, with TP1 being the...

2ndSkiesForex

After an impressive two-legged run, the AUDUSD is forming a daily bearish engulfing bar, and has already printed one on the 4hr charts which you can see above. The false break above the key level at 9627 and subsequent break back below suggests likely topping and profit taking. Also the negative news out of China overpowered the better than expected #s out of...

2ndSkiesForex

WTI Crude has now bounced 4x off the key 100.84 level, with each bounce forming an LH (lower high). You will notice the pattern how there is a big thrust up off the level, only to produce no follow through. This is from the sellers absorbing the bids, and with the LH's, they seem to be quite happy selling rallies. I'll look to sell on a rally towards...

2ndSkiesForex

After consolidating for about two weeks, the EUSTX50 screamed higher gaining about 90 points within the last two days. In the process, it broke through a multi-year resistance level shooting vertical over today. Any pullbacks towards 2955 should be considered buying opportunities, targeting 3000, and 3100. Bullish bias remains while daily closes are above this level.

2ndSkiesForex

After forming an HH (higher high) the Euro sold off impulsively, then formed a corrective pullback and dual pin bar rejection which led to more selling. This is more than just an unwinding of longs, but sellers starting to take over as the key support level at 1.3551 was broken (= false break). If the pair pulls back correctively into 1.3551, I'll look to sell...

2ndSkiesForex

Although the short term bias is up, the pair has been struggling to clear the key .9525 resistance.The first pullback found support at the .9275 role reversal level then bounced higher. But the bounce has been rather meek and not much impulsiveness behind it. Intraday bears can look to short at the range resistance with tight stops above. Should this level fold,...

2ndSkiesForex

After the FOMC spike, the index failed to make a new high, and has be sold ever since retracing all of the FOMC gains and more. Notice in the red box how the relief rallies were meek and sold aggressively, suggesting bears are happy to sell higher and are in control short term. I'll look for a corrective rally towards 1712 to form an LH (lower high). If it does,...

2ndSkiesForex

Although I'm generally a bull on physical PM's, the paper prices are still bearish and in the intra-day 1hr charts are suggesting another attack on 21.35 is underway. Rallies continue to be sold and the dynamic resistance and 4hr 20ema shows the sellers are happy to take higher prices to sell again. If the 21.35 level breaks, then look for a breakout retest setup...

2ndSkiesForex

Today's selling, although looking decently impressive, was really only about 25-30 mins of selling pre-NY Session open, so this suggests coordinated selling by parties not wanting PM's to go higher. With that being said, the follow up has not seen much follow through selling and i'm guessing with the war drums of Syria still beating, PM's should do fine. Thus...

2ndSkiesForex

After rallying to the daily 20ema, the index sold off over 15pts in a jiffy, suggesting the bears were happy to sell on any rallies higher or excuse (i.e. potential war in Syria'na). Obviously a new war of sorts will not help indices, and the technicals are supporting the major trend rolling over, now treating the daily 20ema as resistance and forming LH's (lower...

2ndSkiesForex

The S&P 500 is showing in the price action a greater willingness and propensity towards the downside. This + 'Septaper' coming up, and we should be expecting downside pressure. The early August highs evaporated and formed a false break above 1700, in the process forming a new SL (swing low) Bulls will likely take one last push up, which should produce an LH (lower...

2ndSkiesForex

Forming what could possibly be an HS (head and shoulders pattern) on the H4 chart, the EUSTX50 has bounced handsomely off the neckline. I'm expecting an LH before the 2860 level, which if the price action looks to weaken up there, I'll look to short for a move back down to 2772 and possibly a much larger move lower towards 2718.

2ndSkiesForex

The Dow has sold off for now 6 days straight which has only happened 4x in the last 3 years. Only one of those times did it make it past 6 days, and went for an 8 day bear run. So considering we have support coming up, I'm expecting further downside, with a small bounce which is just a chance to sell the rally for a much bigger move lower. First level to the...

2ndSkiesForex

After the $15 bull run, Crude has been consolidating for the last month or so. Each time its hit the 102.75 level, it has bounced over $5 offering a really good reward to risk play. Key resistance comes in at 107.75, so bears can look to sell here, while bulls can look to get long off the support level trading with the trend. Only a daily close below 102.21 will...