Legionnaire

Legionnaire

EURUSD at 1.0900 as we speak!!! Watch price action closely here. Failure to hold 1.0900 support could see the pair on offer (sell) and could see 1.0700 tested. Bulls MUST HOLD THIS SUPPORT if the pair is to rise in the short term. Eagerly watching price !! Bounce from here also, forms right shoulder of Inverse H & S pattern.

Legionnaire

EURGBP is still having trouble clearing its 1 month T-Line resistance and is pulling back. Short term cluster support is cited at 0.7295/0.7276 which would be interesting to see what price does there as it could prove to be an entry point for longs. However a break below that support cluster opens the possibility of a march downwards towards 0.72 and possibly...

Legionnaire

Low volumes to be expected on Easter Monday so we may not get any exciting moves in the single currency today. Chart is pretty clear. Bullish pattern awaiting validation. Bullish against 1.0712. Break below this support dents the Euro bulls hopes and a retest of the 1.0451 low likely. Bullish as long as 1.0712 holds. 1.0902/1.0858 could be a good entry point for...

Legionnaire

Crude Oil is at the same technical juncture as many Dollar correlated assets. It has been ranging since the start of the year with the Bears desperately trying to make headway to the downside but have been thwarted thus far by Crude Oil Bulls. A few temporary excursions below 44 have resulted in neck snapping whipsaws and currently the technical picture in Crude...

Legionnaire

Inverse H & S, Cup & Handle and Rounding bottom, these are the patterns that one can currently visualize. So the bulls have set it up but do they have the bottle to hit a home run in the short term? If they can, then there is a 6.6% measured move from the neckline awaiting as a payoff. The bullish scenario plays out like this: T-Line support and the 1178 pivot...

Legionnaire

The Nikkei breakout above 18k at the start of the year has seen T-Line Support (green) hold until now. Price broke below this T-Line at the start of April and retested it on Friday and seemingly has been rejected. Coupled with the fact that the Nikkei has validated a bear flag, all things being equal, we should see more weakness for Japan's premier index. A...

Legionnaire

USD/ZAR has formed a reverse Cup & Handle pattern that if validated could see the pair move 6.65% to the downside in the short term. A break and consecutive 2hr closes below 11.74 validates the pattern and the pair could target 10.94 in a measured move. Momentum is wallowing in the "oversold" region and since price closed on Friday near the 11.74 support leaves...

Legionnaire

CAC 40 has seen some profit taking over the past couple of weeks and has formed an inverse H & S continuation pattern that is awaiting validation. A successful break and consecutive 2hr closes above 5104 could see the CAC head towards its measured target of 5277. Failure to validate the pattern and break below 5k is a bearish development that should see continued...

Legionnaire

AUD/USD has hit the lower end of its 2+ month channel which looks like a bigger basing pattern. 2 hr Key Outside bar reversal at the beginning of April re-affirms that bulls are defending the 0.7550 support. Shorter term the pair may be forming an Inverse Head and Shoulders pattern with the Neckline on a 2hr close basis cited at 0.7665. Momentum is bearish so it...