Price consolidations that are visualized as a sideways move are very boring to watch, but their bias is rather clear. Consolidation tends to favor continuation of the prior trend. Since Mid-August, the price of Crude Oil has march confidently higher alongside many other commodities and commodity currencies. While Crude Oil has lagged many of its commodity brethren, there does appear to be a unified march higher in the commodity field that could continue if the anticipation of inflation persists. ...
The three keys components that provided support were the Ichimoku Cloud base on the Daily Chart, which is comprised of the 50% retracement over the last 52 data periods. While price did break below the cloud technically, we did not see the lagging line (bright green) break into the cloud, and we did not see a strong move lower once price pierced the cloud, but rather price moved sideways before beginning this week’s retracement. An eventual break below last week’s low of 99.23, followed by ...
Daily -“As is the case with EUR/USD and USD/CHF, continued failure at trend extremes warrant caution although there is nothing ‘solidly bearish’ to work with just yet. Weakness below 100.51 (December 2015 high) would suggest a broader reversal.” 100.51 (2015 high) is classified as a decision point (make or break level). It’s OK to lean towards the long side as long as that level holds. Weakness below would suggest a broader reversal is ...
EUR/USD Weekly EUR/USD continues to trade on a long term parallel and the weekly wicks (key reversal this week) denote active support. I don’t like being a bear in the face of active support at a well-defined parallel… As always, define your risk points (read more about traits of successful traders here). GBP/USD Weekly GBP/USD needs to take ...
We are now trading at the top of a channel drawn with the same slope as the support that we had been focusing on throughout the 2016 rebound and into 2017 (rising trendline in black on the chart above) drawn from the first higher low off the rebound from the February low. While we remain Bullish due to fundamental and technical factors, there is a rising wedge pattern developing that should warrant attention. The rising wedge pattern has ...
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