IanColeman

IanColeman

GBP/USD had strong selling pressure after reaching the minimum bearish Gartley requirement at 1.2600 yesterday. This resulted in a bearish Outside Candle being posted on the daily chart. Although this candle formation often highlights the top of a trend and the start of a new downward bias, with the DXY still pushing lower toward its support level, we must...

IanColeman

NZD/USD broke out of the channel formation to the upside. The measured move target for an AB=CD formation is located at 0.6156. The ‘inside legs’ have three and five waves. This is common in corrective formations. Looking out at the four-hour chart and we have bespoke resistance located at 0.6180 and 0.6181. When these levels collide, it offers more weight to...

IanColeman

The four-hour chart highlights USD/CHF trading within an Expanding Wedge formation. The trend of lower lows is located at 0.8962. This formation has an eventual bias to break to the upside. Moving out to the daily chart and we have a projected support level from a cypher pattern known as a Bat formation located at 0.8967. Although the expected move higher from...

IanColeman

The cross completed a bullish Elliott Wave count at the swing high of 1.5113. We are now assessed as being in the corrective A leg, of the ABC correction. It is common for this leg to trade within five waves. We can clearly see this formation on the 8-hour chart. We posted a bullish Outside Day on Thursday the 8th of June. This candle is often seen at the end of...

IanColeman

Looking at the daily chart, we can see the lack of clear direction in Gold. The relative strength index (RSI) is trading close to 50 highlighting range trading. The weekly chart shows a doji-style candle (indecision) followed by inside harami. This indecisive price action has resulted in a corrective channel formation being posted on the intraday chart. Trendline...

IanColeman

The US Dollar has been the driving force behind price action in EUR/USD. DXY - we are trading within a bearish channel formation. Trend line support is located at 102.50. Trend line resistance is located at 103.66. We will form a bullish cypher pattern known as a Butterfly formation at 102.70. Bespoke support is located at 102.70. EUR/USD - reflecting this...

IanColeman

The daily chart highlights mixed trading for the last 14 days as we consolidate within the $1985 - $1932 range. Yesterday's price action resulted in the third bearish Outside Day to be posted within this range. This clearly highlights the fact that rallies continue to attract strong selling pressure. Looking at the weekly chart, we have bespoke support located at...

IanColeman

Although US Crude Oil dipped lower during the early European session, the selloff attracted buyers. Follow through bullish momentum resulted in a positive daily performance. I can see no change from yesterday's technical report. Bespoke resistance is located at $73.94 and $74.36. With the 88.6% pullback level located at $73.83, we look for limited buying. The...

IanColeman

We have seen mixed volatile trading in the US Dollar Index (DXY). The daily chart highlights spikes in both directions. The weekly chart highlights little net change and all price action within the previous week’s range. This lack of clear direction has resulted in an Expanding Wedge formation being posted on the intraday chart. This pattern has a bias to break...

IanColeman

Strong non-farm payroll figures, and a higher US dollar, has resulted in some downside pressure for spot Gold. I have bespoke support at 1843 and 1835. When these levels converge, they add weight to the analysis. The 4-hour chart highlights a 261.8% extension at 1835 (from 1960-1912). We also have the Point of Control (PoC) from the 5th of January at 1836. This...

IanColeman

Completing a bearish Crab formation. We also have a finishing wedge that has a target level of 0.9935. Selling EUR/USD @ 1.0640. Stop at 1.0780 (above 261.8%). Target 0.9935 (start of the wedge). R Ratio 5.03 (medium-term call).

IanColeman

For every decent move in a single currency, we need a catalyst. This week we have two for the US Dollar Tuesday, we have the much-anticipated CPI (Consumer Price Index), inflation indicator. Exp: MoM 0.6% YoY 6.4%. This is closely followed by Fed Interest Rate decision and policy statement on Wednesday. My tealeaves are suggesting that we move lower on Tuesday,...

IanColeman

Selling USDJPY @ 138.45 Stop at 139.00 Target 130.90 R Ratio 13.9 Completed Gartley The system highlights unique levels of support and resistance combined with potential cypher patterns. We use single currency analysis as an overlay.

IanColeman

Selling NZDCAD at 0.8631-40 Stop at 0.8755 Target 0.8090 R Ratio 4.35 BC leg of a Crab formation (counter trend) The system highlights unique levels of support and resistance combined with potential cypher patterns. We use single currency analysis as an overlay.

IanColeman

Buying DXY at 103.35 Stop at 102.55 Target 109.50 R Ratio 7.69 Completed Crab formation The system highlights unique levels of support and resistance combined with potential cypher patterns. We use single currency analysis as an overlay.

IanColeman

Selling NZDUSD at 0.6371 Stop at 0.6461 Target 0.6013 R Ratio 3.98 BC leg of a Crab formation (counter trend) The system highlights unique levels of support and resistance combined with potential cypher patterns. We use single currency analysis as an overlay.

IanColeman

Using bespoke support and resistance levels and single currency baskets. Selling the BC leg of a Crab formation. Entry 0.6410 stop 0.6428 target 0.6358.

IanColeman

Title: Silver is close to TL system resistance and 61.8% Silver Overview (DXY): The US Dollar (DXY) traded to the highest level in 237 months in July before taking a corrective move to the downside. This coincided with a base being put in on Silver at 18.15. There are three downside barriers in Silver. The TL system highlights 105.00 and 104.70 as support,...