Is the euro there yet; that is, has it arrived at a point where it could undergo a correction, or worse? It’s certainly in an area where a turnaround could develop. There is a trend-line running down from the top in 2008, clocking in around the current vicinity to a little higher. For a time-frame this long, you need to pull out the monthly chart and use a crayon versus a pencil to draw the trend-line. When you look at this way, then EUR/USD is trading up against a critical spot near the 12600-handle. ...
The gold price trends have been sloppy since December 2016. That sloppy behavior is evidence of a three-wave move, a correction. Therefore, the current increase in gold prices may not last long. The break above $1357 eliminates the near term triangle possibility and indicates the rise since December 2016 is a large ‘B’ wave. ‘B’ waves tend to be sucker waves that are sloppy and overlapping and the trend for the past year fits that description. ...
Retail trader data shows 76.0% of traders are net-long with the ratio of traders long to short at 3.16 to 1. The number of traders net-long is 1.9% higher than yesterday and 5.3% higher from last week, while the number of traders net-short is 0.6% higher than yesterday and 21.9% higher from last week. We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin prices may continue to fall. ...
EUR/JPY capped off what was an impressively strong 2017 by continuing to show strength in the first few trading days of the New Year. But, after an evening star formed around the close of the first week of the year, prices continued to drop as worries about a ‘stealth taper’ from the Bank of Japan created considerable Yen strength. This amounted to a pull-back in the previously ebullient trend of EUR/JPY, and as we wrote last week, prices ...
Bitcoin in danger of breaking confluence of support, important slope under pressure This morning we are seeing a sizable drop in cryptocurrency-land, with double-digit percentage declines taking place across the board. Bitcoin is in real danger of breaking critical support by way of a slope extending higher from May and horizontal levels. The slope dating back to May is viewed as rather significant given its influence on several occasions since, most recently in November. While ...
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