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The Euro accelerated lower against the British Pound, putting in the largest daily loss in six months and exposing the 0.77 figure. Prices established a top with the formation of a Bearish Engulfing candlestick pattern as expected, with subsequent losses hinting the long-term down trend may be resuming. Near-term support is in the 0.7683-0.7703 area, marked by a horizontal pivot and the 38.2% Fibonacci retracement. A break below this barrier ...
AUD/USD -FXTW was looking for resistance in AUD/USD from the October 2013-January 2014 line near .7800. That level has not been reached and a tweezer top (candlestick pattern…tweezer bottoms identified the lows in September 2015 and January) warns that it may not be reached. Also, risk of a top is heightened given COT considerations. Don’t forget about the cyclical influence next week… -“The 2nd week of April is lining up as a potentially ...
Crude holds key support symmetryTiming relationship next week should prove critical Crude Oil - Medium-term Forces vs. Long-term Forces I have been touching upon a similar theme in most of my writings over the past couple of weeks. We are at a point in the markets where some pretty strong medium-term term trends have developed against opposing longer-term trends (copper, USD, stocks to name a few). Are we going to see the ...
Talking Points: AUD/USD Technical Strategy: FlatAussie hits 8-month high but RSI divergence warns of downturn aheadWaiting for technical confirmation, passage of event risk to enter short The Australian Dollar resumed the push upward against its US counterpart after brief one-day respite, rising to the strongest level in eight months. The emergence of negative RSI divergence warns of ebbing upside momentum however, hinting a ...
The price of WTI Crude Oil has moved close to the opening range high of 2016 at $38.36. Looking at the global counterpart to WTI Crude Oil of ICE Brent Crude, it is up ~10% on the year after hitting 12+ year lows in early February. Now, on the back of weakening US Dollar, the metals, and energy markets are overwhelmingly in the positive for the year with Gold up nearly 20%. Amazingly, the move higher in US Oil from 26.03 on February 11 ...
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