IanColeman

IanColeman

DXY (USD Index) - sellers emerged again on Friday, breaking the index out of the intraday consolidating channel formation to the downside. This negative sentiment has continued overnight. The daily chart highlights a projected confluence level for the AB leg of a Bat formation located at 102.67. NZD/USD - the pair continues to move higher from the 0.5859 swing...

IanColeman

DXY (USD Index) - although the index posted two positive days in succession, sellers emerged at 103.80 with follow-through bearish momentum resulting in most of the initial daily gains being overturned. This negative sentiment has continued overnight. The index offers no clear bias at current levels. Our preferred stance is to buy into dips at the 102.67 projected...

IanColeman

The weekly chart has posted a bearish Outside Candle. The monthly chart is likely to highlight the same formation. This 2-candle pattern is often seen at the top of a trend and the start of a new downward bias. The four-hour chart highlights the completion of a bearish 5-wave count at 147.15. The Elliott Wave theory would suggest we are now in a corrective 3-wave...

IanColeman

US crude prices have crept higher from the $72.13 base. Price is likely to consolidate ahead of the OPEC+ plus meeting. Russia and Saudi Arabia are likely to press for extending or possibly increasing, supply cuts next year. This is to offset the expected weak demand in 2024. From a technical perspective, there is ample scope for a larger correction towards...

IanColeman

Continued selling pressure from the $79.72 swing high resulted in US Crude Oil trading to the lowest level in 93 days. The daily chart highlights the completion of a bullish Elliott Wave count (5 waves) on September 28 at $94.99. This suggests we are trading within the corrective ABC formation to the downside. We are now entering into the buy zone. · ...

IanColeman

DXY (USD Index) - buyers emerged at our bespoke support zone of 103.53-103.47. We have posted a short-term bullish reversal formation. I am looking for a rally to our resistance level at 104.90. There is ample scope for a retest of this support zone (dips to be bought). EUR/USD - sellers emerged in front of our projected upside barrier of 1.0901. Although we...

IanColeman

At lunchtime today we have the US inflation data, consumer price index (CPI). This will be the driving force today. DXY (USD Index) - we have seen mixed and volatile trading for the last six sessions with spikes in both directions. The intraday chart suggests this lack of clear direction is continuing this week. Bespoke support is located at 104.97. With this...

IanColeman

I have been monitoring the 0.8769-60 support level for bullish reversal signs. The four-hour chart posted a bullish outside candle from the Sunday open. The daily chart highlights the index building a Gartley formation. We are currently trading within the CD leg. It is common for buyers to return close to the 38.2% pullback level of the last rally. This is...

IanColeman

Although the index traded to the lowest level in 22 weeks, the selloff has stalled close to the projected support barrier of 4,109. This is the AB leg in a large Crab formation. We are currently trading within the limited BC leg higher. The minimum requirement for this correction is a 38.2% retracement of the last decline. This level is located at 4,297. The...

IanColeman

The war in the Middle East has escalated with US fighter jets hitting Syrian militia in retaliation for attacks on US forces. This has intensified concerns that the conflict may spread. Although we have yet to see an impulsive drive higher in US Crude Oil, chart analysis suggests a pump to the upside. A higher Oil price has a strengthening effect on the Canadian...

IanColeman

DXY (USD Index) - buyers have returned and are driving the index higher. The weekly chart highlights a projected resistance level of 107.64. This is the completion of the AB leg in a Bat formation. The four-hour chart highlights the breakout of a flag formation. The measured move target is located at 107.62. Reverse trend line support is located at 106.05. The...

IanColeman

We have seen mixed and volatile trading for the last 63 days. This has produced an Expanding Wedge formation on the daily chart. Inside this formation is another Expanding Wedge pattern. These formations have an eventual bias to break to the upside: • On a move through 4,362 the measured move target is 4,521. • On a move through 4,452 the measured move target is...

IanColeman

The weekly chart highlights two doji-style candles. The daily chart highlights mixed results for the last 19 trading days. This lack of clear direction has resulted in a corrective channel formation being posted on the intraday chart. Trendline support is currently located at 181.88. With bespoke support seen at 182.00, I am looking to this zone (182.00-181.88)...

IanColeman

DXY (USD Index) - there is no clear indication that the correction to the upside has come to an end. The daily chart highlights the next upside barrier as the 38.2% retracement level of 105.05. The intraday chart highlights the completion of a bearish Bat formation at 104.96. It should also be noted that we have a ‘gap open’ from Friday, September 8 at 104.67....

IanColeman

With Gold breaking through the previous swing low of $1,915, we have completed the BC leg of the Bat formation. This pattern will be completed at $1,892. I have strong bespoke support at $1,890. We have the open point of control (PoC) from Monday, August 21 at $1,889. I am looking for this downside support area to be substantial and offer a medium-term swing...

IanColeman

The four-hour chart highlights a confluence zone at 106.62-57. This is: • bespoke support • the 261.8% extension level is located at 106.57. • a demand zone is located at 106.63 I am placing a trigger level at 106.64 to consider market spread. The eight-hour chart highlights 106.62 as the completion of the AB leg in a cypher pattern known as a Bat formation. This...

IanColeman

A review of the US Dollar (DXY Index) before we move on to the yellow metal (DXY and Gold have an inverse relationship). Although we are approaching the previous swing high at 104.10, there is no clear indication of a change of trend. The weekly chart highlights all last week's initial losses being recaptured. The intraday chart highlights a 261.8% extension...

IanColeman

We have an interesting pattern forming on the EUR/USD intraday chart. Our resistance and support levels line up perfectly with supply and demand zones. The first upside barrier is located at 1.0860. This is a supply zone in three different timeframes. We look for a correction in the BC leg of the Butterfly from this barrier. The subsequent support level is at...