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Though GBP/USD sliced right through 1.3450 like a hot knife cutting through butter, the bigger wave picture is still intact. Despite the Bank of England and market participants believing a rate hike is coming, the technical picture for GBP/USD is not as rosy. We believe Cable is in a terminal wave at three different degrees of trend. This suggests a reversal may be looming overhead. The Elliott Wave model we are following points our trend ...
The key level to watch here is the red upward sloping trend line. So long as prices remain above this trend line, then we can maintain a bullish bias. The red trend line runs near $48 today. If crude oil prices move below this red trend line, then it acts like a red warning signal on the dashboard. There are still bullish patterns available like a diagonal. However, the odds of other bearish patterns increases diluting the opportunity at a good risk to reward ratio. Bottom line, a break of the red ...
After penetrating the zone of resistance that had developed last summer from $1,350-$1,375, short-term bearish price action has begun to show. Even with North Korea conducting another missile test and while the U.S. Dollar remained relatively bearish against most currencies, sellers controlled short-term price action in Gold, driving prices down to a key support zone. If we take the major move of last year’s high down the December, pre-rate ...
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 ...
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