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Traders around the world on Tuesday woke up to a surprise BoJ development that may seem small on absolute terms, but could lead to a broader shift in their Quantitative & Qualitative Easing Program (QQE.) The Japanese Yen, which has been the last currency whose central bank in the G4 is limiting discussions on when they will remove their easing program to support the economy notified markets that they were reducing their purchases of super-long ...
The euro concluded the first week of the year effectively where it started, with see-saw price action dominating trade. The indecision comes as no surprise given where it is currently trading. Last year’s high arriving around the 2012 low led to a fairly lengthy correction. EUR/USD will need to break above 12092 to further along its move higher. The channel dating back to mid-December keeps the near-term bullish trend structure intact. ...
The first target on a failed range breakout was the 12/18 gap (which has been filled) with the possibility then of seeing a move towards the low-end of the November/December range in the vicinity of 12940/810. In the event the DAX can hold up here sooner it could make its way back higher, but the fact the range breakout was negated so quickly suggests we may see more weakness first. It’s thin holiday-trading conditions in financial markets, ...
Crude oil prices have quietly rallied while the Bitcoin moves steal the headlines. It appears as though a minor degree triangle pattern has ended as crude oil now presses recent highs. If our Elliott Wave count is correct, this move higher is a terminal wave that once it exhausts, could be retraced early in the new year. It appears crude oil prices are thrusting higher out of a triangle pattern in ...
The New Zealand Dollar is struggling to sustain upward momentum having recovered to the highest level in two months against its US counterpart. A choppy range has been carved out below trend-defining resistance, hinting that recent gains might be corrective within a still-valid downward trend. From here, a daily close above trend line resistance in the 0.7024-43 area opens the door for a challenge of the 38.2% Fibonacci retracement at 0.7078. ...
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