Entries with no category
The New Zealand Dollar has seemingly invalidated a bearish Head and Shoulders chart formation against its US namesake but scope for recovery may be limited. Polling data ahead of the general election on September 23 pushed prices higher but gains might prove corrective in the context of a longer-term decline. Sizing up current positioning, a daily close above the 23.6% Fibonacci expansion at 0.7307 opens the door for a test of the 38.2% level at 0.7415. Alternatively, a reversal back below ...
Since Tuesday morning when global markets initially reacted lower on North Korea’s launching of a missile over Japan, we’ve seen the market view weakness as a buying opportunity. The DAX broke down to its worst levels since March, but has rebounded a bit. The breakdown came from a triangle pattern we were discussing as likely to lead to lower prices, but selling from the formation has proven to be a one-off event thus far. While the market ...
Are you confused why Oil is trading lower after an encouraging EIA Crude Oil Inventory Report that showed a draw of 5.39m barrels and had refiners processing 1m bpd more than last year’s record refining activity? In a word, or name, Harvey is why Oil is trading lower, and you can see the confusion through derivative markets such as time spreads of Oil and the Brent/ WTI spread. Either way, the supply chain component of the energy market ...
The Australian Dollar has struggled to build upside momentum against its US counterpart since bouncing from rising trend support set from May/June lows. Prices seemingly completed a bullish Flag continuation pattern but have been unable even to retest the prior swing high, much less to overcome it. Resistance is at 0.7979, the 23.6% Fibonacci expansion, with break above that on a daily closing basis opening the door to challenge the 0.8066-87 ...
The New Zealand Dollar broke below trend line support guiding the move higher against its US cousin since mid-May, hinting a significant reversal is in the works. The move lower may reflect pre-positioning ahead of the upcoming RBNZ monetary policy announcement. The next layer of significant support comes in at 0.7276, the 38.2% Fibonacci retracement. A daily close below that opens the door for a challenge of the 50% level at 0.7188. Alternatively, ...
Archive
Go to Profile
Mark as Read