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The Australian Dollar is testing familiar resistance above the 0.76 threshold against its US counterpart after prices found support above the 0.74 figure. The pair has been capped here since late June, with a sustained upward push this time around threatening April’s swing top. A daily close above the 50% Fibonacci expansion at 0.7649 clears the way for a challenge of the 61.8% level at 0.7768, a barrier reinforced by the April 21 high ...
Since the day after the Brexit vote, EUR/USD has been trading in a fairly tight trading range on low volume. In fact, the highest high to the lowest low for the past 20 trading days is the tightest range seen in EUR/USD since August 2014. Beginning June 24 to today, the highest high is 1.1185 and the lowest low price is 1.0951. Therefore, if price pushes down to 1.0900-1.0951, we could see some volatility kick up as traders jockey for bullish support versus a bearish break. ...
Silver still has a fully-loaded boat of large silver traders long in the futures market (record long), of which their net position may have been reduced this week, but we won’t likely find that out in today’s COT report given it is for the week ending on Tuesday. The real meaty move lower came on Wednesday. At any rate, crowded trades are not where we want to be, but if price action suggests the crowd is right, though, then they are, at least until they aren’t. So far, broadly speaking they have ...
USD/CAD looks to be breaking out of a period of consolidation as the US Dollar’s strength may resume. In such a case, we’d expect to see an aggressive move higher toward the 38.2-61.8% Fibonacci Retracement of the January 20-May 3 Range, which could push USD/CAD up to ~1.3307-1.3832. Therefore, if USD/CAD will resume a Bull-Run, a break above 1.3028/3187 will be the first indication that we could be on our way to multi-100 pip rally. After ...
Silver prices printed $21 intraday for the first time since July 2014 as the Brexit vote has traders anticipating more central bank easing. Lower interest rates make metals like silver and gold generally more attractive. With silver prices poised to finish higher 5 sessions in a row, you would think they just won the Miss Universe contest. However, later this week we have the US non-farm payrolls printing. Though the market is pricing ...
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