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Forex Strategies
EUR/USD 4H chart 5/16/2013 9:25AM EDT
http://mediaserver.fxstreet.com/Repo...0516140823.png
Support: EUR/USD bounced off support as anticipated, off a couple of projected trendlines and the fact the 4H RSI was below 30. The oversold condition is now resolved and there was indeed some support pushing the pair up to 1.2918 during the 5/16 US session.
Trendline: The RSI in the 4H chart is no long oversold. Price is back above 1.29, this intra-day bullish attempt is being challenged by a falling trendline seen in the 4H chart and the 1H chart below.
Momentum: The 1H chart also shows that the RSI reading is at 60. If the momentum in this time-frame is to remain bearish, the RSI should hold under 60. Otherwise, a break above 60 reflects loss of bearish momentum, which would appropriately accompany a price break above the falling TL. Note the false break above 60 in the 1H RSI last time.
Breakout scenario: A break above the TL suggests a pullback toward the flat 200-SMA in the 4H chart because this moving average represents the “mean” price action since beginning of April.
However failure to break above the TL, and a subsequent break down below the current low of 1.2842 should continue the bearish outlook toward the 2013-low of 1.2744.
EUR/USD 1H chart 5/16/2013 9:28AM EDT
http://mediaserver.fxstreet.com/Repo...0516140734.png
http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif
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NZD/JPY at Ascending Triangle Support
NZD/JPY 4H chart 5/12/2013 9:15PM EDT
http://mediaserver.fxstreet.com/Repo...0516140505.png
Ascending triangle support: NZD/JPY has been in an ascending triangle since the middle of April. You do see a slight bullish bias in the 4H chart since 1) it is an ASCENDING triangle, and 2) because price is still above the 200-SMA in the 4H chart, which is coincident with the ascending triangle support.
Scenarios: Continuation of the structure suggests the market can possibly bounce back to the 84.90 highs, or maybe some lower resistance pivot within the triangle. A break below 83.40 could be a sign of breakout and could open up the bottom of the ascending triangle, which is around the 61.8% retracement near the 81.00 handle.
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GBP/USD Finding Support Around 1.52
GBP/USD 4H chart 5/16/2013 8:35AM EDT
http://mediaserver.fxstreet.com/Repo...0516140227.png
1.52 Support: The decline in GBP/USD has stalled this week after it cracked the support around the 1.52 handle. It has been consolidating with a spike down to 1.5172 and resistance up to 1.5271. The market has been in this 100-pip range for a couple of sessions now. But as we begin the 5/16 US session, GBP/USD appears to be testing the resistance and looking to establish a near-term bottom.
Breakout: A break above 1.5275 suggests a bit more bullish correction after setting up a near-term bottom.Perhaps we can anticipate a test of the previous resistance pivot at 1.5330.
However, if the breakout is immediately faded and the market falls below a local pivot around 1.5250, then this near-term bullish outlook would be neutralized. On the other hand a bounce off 1.5250 after a throwback reflects near-term bullish bias.
The 4H chart shows that the 1.52 handle as also where previous support pivots were. To the downside, below 1.5170, the next key support pivot will be around 1.5025, before opening up the 1.4830 2013-low.
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EUR/USD: Bearish potential towards 1.2744
The EUR/USD trades in a 50 pips range, consolidating recent losses and with no signs of changing bias, despite better than expected economic data around Europe. Dollar sustained advance is being support by little movement and around stocks markets, and gold extending its slide and trading near $1370/oz. As for the 4 hours chart, technical readings maintain the negative tone, with momentum gaining bearish slope and RSI also heading south after barely correcting oversold readings. Sellers so far had been aligned in the 1.2880/90 area, strong midterm static resistance level no, while price holds above 1.2842, yesterday’s low: a break below this last should favor another run lower with a short term target around 1.2800, although with scope to test 1.2744 this year low.Steady gains above the 1.2890 level may see further upward corrections, with 1.2930, 20 SMA in the 4 hours chart as next resistance level to watch.
http://mediaserver.fxstreet.com/Repo...0516102804.png
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GOLD: Downtrend Continuation Pattern; 1320 Back In View
GOLD accelerated lower in the last couple of days after a fall through the lower side of a trading channel connected from 1320. So we turned bearish on gold again as we want to go with the current sentiment. In fact, price fell well below the base channel support line yesterday and made a daily close beneath 1400 which is very important sign for a wave three of three sell-off. As such, we think that gold will move even deeper in sessions ahead, towards 1360/65 in the near-term and then even to 1320 level April lows.
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AUD/CAD 1H Chart Emerging Pattern: Channel Down
At the moment neither technical indicators nor traders’ sentiment are giving clear signals where to AUD/CAD is headed. However, the price’s action during the last 166 bars suggests that it has formed a channel down and therefore tends to decline more than to rise. Accordingly, our focus is on the nearest supports, namely 1.0026, 0.9999 and 0.9956, the latter level being the most likely point of contact with the lower boundary of the pattern.
http://mediaserver.fxstreet.com/Repo...0516084251.jpg
NZD/JPY 1H Chart
Emerging Pattern: Ascending Triangle
Since May 2 and even before that the currency pair was making a considerable effort to break though the resistance at 84.79. However, the attacks were repelled, sending NZD/JPY lower. Still, the price is increasing bullish pressure on this level, posting higher lows after each test of 84.79 and thereby trading in an ascending triangle. On the other hand, market participants doubt pair’s ability to overcome the resistance—67% of them are bearish on it.
http://mediaserver.fxstreet.com/Repo...0516084313.jpg
CAD/JPY 1H Chart
Emerging Pattern: Rectangle
For some time now CAD/JPY has been in an up-trend, but has recently encountered a formidable resistance area around 100.97, which prevents further advancement. According to the technical studies the price should recommence a recovery, although there are mixed sentiments among SWFX marketplace participants, 46% of them are bullish and 54% are bearish.
http://mediaserver.fxstreet.com/Repo...0516084333.jpg
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The Dollar Index (DX) tests initial projection of 84.16
Market Commentary
The Dollar Index (DX) tests initial projection of 84.16 after closing beyond previous resistance of 83.50 ranges to currently trade at 84.00. The benchmark equity index of the Dow Jones Industrials Average (DJIA) continued to make new highs despite stronger Greenback; it seems the correlation between DJIA Vs DX is getting lesser significant, wherein historic inverse correlation is not observed since last couple of weeks with both the indices appreciating.
The benchmark equity index of the Dow Jones Industrials Average (DJIA) continued appreciating to make new highs; the major trend is still intact till DJIA manages to trade above 14860 ranges.
Historic correlation between DX Vs DJIA suggests the long term trend is still Dollar bearish till the Dollar Index is not closing above 88.40 on monthly basis though medium term trend is bullish till it manages to close above 83.50 ranges on daily basis.
Sideways-Down |
1.2970 |
1.2930 |
1.2850 |
1.2820 |
Up |
103.20 |
102.60 |
101.90 |
101.70 |
Down |
1.5330 |
1.5270 |
1.5170 |
1.5120 |
Up |
0.9770 |
0.9710 |
0.9620 |
0.9580 |
Sideways-Up |
134.90 |
133.90 |
130.10 |
129.40 |
Down |
0.9000 |
0.9860 |
0.9730 |
0.9690 |
http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif
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EUR/USD: Daily H&S pattern about to be triggered
The strong bearish momentum seen in EUR/USD this week, has put the pair under risk of massive selloff as price is approaching a key support level, the neckline of a H&S figure around 1.2750. Considering the fact that the year low is at 1.2744, and therefore stops below should be large, a break lower should be the kick start of another round of dollar demand against the Euro.*The figure height is of around 950 pips, which means the target comes at 1.1800!! However, don’t get too excited about it: price did not manage yet to break lower, and to anticipate a 950 pips straight fall seems way too boldly. Besides if that actually happens, it will take at least a couple of months to achieve the target.
However, a daily close below 1.2740 should put traders on alert, and even close to panic, and the rally will likely accelerate towards its immediate target of 1.2660, November 2012 monthly low. FED Minutes next week and the possibility or not of tapering QE, will have the final word on the matter. Sustained losses below 1.2660, will expose then 1.2430/70 area, where the pair presents several monthly highs and lows since October 2008.
http://mediaserver.fxstreet.com/Repo...0517143013.png
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AUDUSD: Weakens, Eyes The 0.9700 level and Below
http://mediaserver.fxstreet.com/Repo...0517140011.gif
AUDUSD: Weakens, Eyes The 0.9700 level and Below.
AUDUSD - Having continued to weaken, the risk is for more decline to occur towards the 0.9700 level.
Further downside, the 0.9600 level comes in as the next downside followed by the 0.9500 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, AUDUSD will have to return above the 1.0114 level to halt its present downside and then turn attention to the 1.0200 level. Further out, resistance comes in at the 1.0300 followed by the 1.0357/84 levels. All in all, the pair remains biased to the downside medium term.
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USD/JPY.....103.18...Uptrend
http://mediaserver.fxstreet.com/Repo...0519170023.gif
USDJPY: 103.18
Short-Term Trend: uptrend
Outlook:
This uptrend remains unbelievably strong! Last week USD continued its advance and there was almost no hesitation at 102.45 Fibonacci level. Now, the next upside target is seen at 104.65, then our focus will be on 108.21 level. From a trading perspective thoug, a low-risk entry point (if you are not long already) will come only with a retreat twd the 100.00 level.
On the downside, only a move below 98.50 and then below 97.00 will indicate that a more important top has finally been found...
Strategy: Longs favored at 100.20. Stop=98.50. Target=108.00
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NZD/USD breaks target level 0.8155; set to fall to next target 0.7995 in 14 days
NZD/USD recently broke through the target level 0.8155 that was given for this currency pair in the following trade opportunity alert that I received last Monday. NZD/USD continued to fall sharply from the time this alert was generated by Autochartist, only correcting shortly up on Wednesday – before it fell sharply down below the target level 0.8155 on Friday. The pair is set to fall further in line with the next more recent alert that I received for NZD/USD.
http://mediaserver.fxstreet.com/Repo...0520061331.png
As can be seen from the next, more recent, trade alert for NZD/USD, the pair recently broke the 4-hour key support level 0.8170 identified by Autochartist. The price earlier cut sharply down through the cluster of the upward-sloping support trendlines (as can be seen on the third chart below) – which should intensify the bearish pressure on the pair while it falls in the direction of the next target level 0.7995 in the next 14 trading days.
http://mediaserver.fxstreet.com/Repo...0520061410.png
The daily NZD/USD chart below displays the aforementioned technical price levels:
http://mediaserver.fxstreet.com/Repo...0520061451.png
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Index Recommended Levels
Dow Jones :
Resistance(daily close) : 14855.63, 15021.70, 15159.38 and 15404.28. Breaking of the latter would give 15643.13, 15845.63, 16022.80
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Bell Opening Comments
Week begins with a sharp decline in the silver. Silver has fallen sharply. Some call silver the high-beta gold trade and on the other front Market will be waiting for the Ben on Wednesday but we hope that market is read for some sharp correction in stocks and oil indices .Euro might consolidate between 12770 and 12970 for few sessions before clear Break out on either side we hope to see some up move before going lower.
Have a nice trading day ahead of you !
Cheers !
EUR/USD (last 1.2845)
Support:
1.2801 (S1)
1.2724 (S2)
1.2662 (Major Sup)
Resistance:
1.2944 (R1)
1.3036 (RR)
1.3115 (RRR)
RANGE – 13015---12807—12740
STRATEGY
Let the market move higher towards 13040 + area or break below 12740 area to go short and hold for some sharp correction
Trend
Bear Will prevail once break below 12740
Mid term Trade
Long @1.2647 Stop@ 1.2573 Tgt 13010
Short@1.3094 Stop@13149 tgt 1.2847 (parked)
Intraday
Trad#1 Long@12812 stop@127765 tgt 12977
Trade#2 Day trade short@1.3074 Stop@13108 tgt 12963
GBP USD (CABLE) (15190)
Support:
1.5120 (S1)
1.5055 (SS2)
1.4983 (Major Sup)
Resistance:
1.5277 ®
1.5363 (Res)
15447 (**Major Resistance)
Range 15328---15107--15041
STRATEGY SOS (short on strength)
Trend Bias intra day bull till it reaches around 15370
Day Traders
PARKED ORDERS
Mid term
Mid term or for the week
Trade #1 Long@1.5056 stop@15012 tgt 15267
Trade #2 short@15470 stop@15527 tgt 15075
Intra day trade
Trade#1 Long@1.5045 stop@1.5012 tgt 15158
Trade#2 Short
(Plz note on all the intra day of not filled By the same Day till MOC then Cancel the Trade)
USD/JPY (Yen) (102.63)
Support:
10175 (S1)
10035 (S2)
99.50 (Major Sup)
Resistance:
10336** (R1)
10452 (RR)
10445 (RRR3)
Range -10142----10393—9937
MID term
Long@94.45 stop@93.77 tgt 99.51.
Short term
Short@10388 add 10443 stop@ 10479 tgt 9988
June Swiss (10313)
Support:
10255 (S1)
10145 (SS2.)
10066 (Major Sup)
Resistance:
10384 (Res1)
10463 (RR2)
10548 (RES3)
Range of the day 10116----10346--10216
Strategy BoD buy on dips on dips as market is going higher in short term
long@10271 stop@10259 Tgt 10377
High Risk Day trades
Trade #1 Short@10428 stop@10458 tgt 10318
June Futures Cad $ (9714)
Flat
Support:
9672 (S1)
.9628 (Sup2.)
.9561 (Major Sup)
Resistance:
9763 (R)
9817 (Res2)
10017 (Res3)
Range of the Day 9655---9928---9724
MID TERM TRADE
June future Short@10086 stop@10131 Tgt open
Trade #1 Intraday Short @10024 stop@10042 tgt 9914
Trade#2 long@ 9723 add 9702 stop@9688 tgt 9788 (filled and open)
Ausie $ June (9739)
Support:
.9670 (S1)
9620 (Sup2.)
9562 (Major Sup)
Resistance:
9843 (Res1)
9874 (Res2)
9917 (Res3)
Range for the Day -- 9866---9762---9684
Trend – Flat
MID Term
Short 10264 stop@103016 tgt 9856
Day trade
Trade#1 Short again@10158 stop@10187 tgt 9890 first
Trade#2 long@9712 add @9688 stop @9672 tgt 9877 (filled and open)
XAUUSD (GOLD) (1346)
Strategy SoS From 1435 ish area
Support:
1325.60 (S1)
1292.5 (S2)
1226 (Major Sup)
Resistance:
1377.7 (Res1)
1406.7* (Res2)
1443.6*** (Res3)
Range of the Day 1361---1408- 1465
MiD Term
Short@1505 Stop@1528.75 Tgt 1265 (new parked order)
Long @1202.2 stop@1188. tgt 1415 (Parked and waiting)
Day Trade
Very RISKY stay on the side line
Short@14448 stop@1455 tgt 1398
#2 Short @1467 stop@1478 tgt 1382
#3 long@1226 stop@1215 tgt 1318 (New parked orders)
XAGUSD (SILVER May) (21.30)
Flat
Support:
20.25 (S1)
1908 (s2)
1840 (Major Sup)
Resistance:
2284 (Res)
2406 (RR)
2514 (Major resistance)
22.40---24.34—19.07
Strategy
MiD TERM
Wait for Long @19.02 stop@18.87 tgt 23.55
High risk day Trade
#1 Short@2415 Stop@2447 tgt 2255
# 2 short@2258 stop@2278 tgt 2062
June ES (MINI Sp500) (1662.5)
Strategy (Sos) Short on strength
Pattern
Tgt either 1655 or 1670 from where some correction is possible
Support:
1655 (S1)
1636. (s2)
1614 (Major Sup)
Resistance:
1666.7 (R)
1678 (Major resistance)
1692 **********
Range for the day
1636.0---1672---1612.
Strategy
Short@
Short@1658 add 1668 stop@ 1678 tgt 1636 (Filled and holding)
July oil (95.90)
Strategy
Support:
9480 (S1)
9328 (S2)
9240 (Major Sup)
Resistance:
96.68 (Res)
9755 (Res2)
9860 (Major resistance)
Range of the day 94.18---91.27—9778
Strategy
Mid Term
Long@85.88 stop@84.75 tgt 89.40 (parked)
High Risk Day Trade
Trade#1 Short@9768 Stop@ 9787 tgt 9468 (New Parked orders)
Trade#2 long@9248 stop@9205 tgt 9395
Ranges for the other market
DJ
Nq
Time line For short term cyclical projections
GMT
---GMT
For ---
---- is minor turn cycle for the day
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GBP/USD: Bullish above 1.5220
Market is trying to digest Japanese Economy Minister Amari’s words, who hit the wires stating that “yen strength has been largely corrected” at the beginning of the week. But with half local markets on holiday, volume remains shallow across the board, with majors mostly ranging. GBP/USD traded as high as 1.5217, finding resistance in the 50% retracement of the latest bullish run from 1.4830 to 1.5605 and currently retracing from the level, half way towards its daily low of 1.5157. Technical readings in the 4 hours chart show 20 SMA converging with the Fibonacci level reinforcing the resistance around 1.5210/20, while technical readings remain in negative territory, all of which suggest is not yet time to buy: price needs to overcome the resistance area and settle above to trigger an upward continuation rally, with scope then to extend towards 1.5260/1.5300 area.*On the other hand, a break below mentioned daily low should put the bears back in control, looking then for 1.5130, 61.8% retracement of the same rally.
View Live Chart for GBP/USD
http://mediaserver.fxstreet.com/Repo...0520104440.png
http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif
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Trade Positioning Report
Our preferred trades in order of favorability –
With Equities Short
Sell Tops |
Sell Tops |
Buy Dips |
Sell Tops |
Sell Tops |
Sell Tops |
Sell Tops |
Sell Tops |
Sell Tops |
Sell Tops |
Buy Dips |
Sell Tops |
Sell Tops |
Sell Tops |
Sell Tops |
6. EUR/NZD short |
Sell Tops |
7. AUD/CHF long |
Buy Dips |
For all other Exotics: higher risk (expect volatility/sluggishness)
Our preferred trades in order of favorability-*
With Equities Long
Buy Dips |
Buy Dips |
Buy Dips |
Buy Dips |
Sell Tops |
Buy Dips |
Buy Dips |
Buy Dips |
Buy Dips |
Buy Dips |
Buy Dips |
Buy Dips |
Sell Tops |
Sell Tops |
Sell Tops |
Sell Tops |
6. EUR/NZD short |
Sell Tops |
For all other Exotics: higher risk (expect volatility/sluggishness)
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EURUSD: All Eyes On The 1.2750 Level And Below
http://mediaserver.fxstreet.com/Repo...0520093121.gif
EURUSD: All Eyes On The 1.2750 Level And Below.
EURUSD - Having sold off for a second-week in a row, there is risk of further declines as we enter a new week . Support lies at the 1.2800 level and next the 1.2750/35 levels, its key support levels. Further down, support comes in at the 1.2600 level. Its weekly RSI is bearish and pointing lower supporting this view. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 1.3050 level where a violation if seen will aim at the 1.3150 level. Further out, resistance resides at the 1.3242 level. A cut through here will resume its medium term uptrend and call for a run at the 1.3300 level. A clearance of this level will pave the way for a run at the 1.3350 level. All in all, EUR continues to retain its medium term downside bias.
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USD/CHF 1H Chart Emerging Pattern: Rising Wedge
USD/CHF has formed a Rising Wedge pattern on the 4H chart. The pattern has 51% quality and 48% magnitude in the 120-bar period.
The pattern began on 10th of May when the pair peaked to 0.9628; at the moment it is at 0.9698. Trading volume seems to be holding at the same level in the length of the pattern. Technical indicators on aggregate point at appreciation of the pair on 4H and 1D horizon suggesting it should maintain bullish trend. Long traders could focus on the daily pivot (PP)/20-bar SMA at 0.9709/13, Bollinger band at 0.9742, pattern’s resistance/daily pivot (R1) at 0.9770/80 and daily pivots at 0.9833 (R2) and 0.9904 (R3).
Technical indicators on aggregate point at depreciation of the pair oh 1H horizon suggesting it should continue moving towards the pattern’s support. Short traders could focus on the Bollinger band at 0.9684, daily pivot (S1) at 0.9856, pattern’s support at 0.9834, daily pivot (S2)/200-bar SMA at 0.9585/69 and daily pivot (S3)/20-day SMA at 0.9532/494.
http://mediaserver.fxstreet.com/Repo...0520085703.jpg
EUR/NZD 1H Chart
Emerging Pattern: Channel Up
Throughout the last 230 bars EUR/NZD has been trading strictly within the upward-sloping channel. However, it has just reached the upper edge of the pattern, meaning there is going to be a correction, presumably down to 1.5695 or 1.5658, before the bullish move is renewed. In the meantime, there is no one dominant view on further development of the pair among market participants, as the difference between the numbers of long and short positions is insignificant.
http://mediaserver.fxstreet.com/Repo...0520085641.jpg
NZD/CAD 1H Chart
Emerging Pattern: Channel Down
Position of the currency pair on the chart, technical indicators and traders’ sentiment, all are suggesting that the New Zealand Dollar will not be able to overcome resistances at 0.8362 and 0.8383, but is on the verge of a decline. First of all, NZD/CAD had been in a down-trend for 136 hours and is facing the bearish resistance line. Secondly, 4H and daily indicators are showing strong ‘sell’ signals. And finally, an overwhelming majority (73%) of traders are holding short positions.
http://mediaserver.fxstreet.com/Repo...0520085606.jpg
EUR/AUD 1H Chart
Emerging Pattern: Channel Up
While there appear to be almost no reasons to doubt bearishness of NZD/CAD (see previous slide), a situation with EUR/AUD is not as unambiguous. While formation of the channel up implies further appreciation of the Euro (also suggested by daily indicators), there are only few people (one out of four) supporting such a scenario.
http://mediaserver.fxstreet.com/Repo...0520085529.jpg
http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif
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EURUSD Could Reverse Into A Correction In Coming Days-Elliott Wave
EURUSD once broke lower on Friday and hit 1.2800 level that we were focusing on already a week back. Now we can count five waves down in wave 3 from 1.3195 peak which means that bottom could be near. Notice that price also tested 200% extension level of wave 1 measured from wave 2 high which could also react as a support in wave 3. With that in mind, EURUSD could make a corrective bounce this week in wave 4, back to 1.2935 before new sell-off occurs. If 1.2800 is out then watch out for the next number at 1.2750. From a larger perspective EURUSD remains in downtrend mode as long as price trades beneath 1.3033 level, because that was wave 1 low, and we know that upcoming wave 4 must not trade into a territory of a wave 1 otherwise impulse wave count would become invalid.
EURUSD 4H Elliott Wave Analysis Chart
http://mediaserver.fxstreet.com/Repo...0520080353.gif
What is an Impulse?
Impulse is the most common motive wave and indicates a primary or current direction of a trend.
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GBP/NZD to fall to 1.8514 in 7 hours
GBP/NZD continues to decline toward the hourly Key Support Level 1.8514 (type Approach) identified by Autochartist– in line with the following trade alert that I received today for this currency pair via Autochartist’ email subscription. GBP/NZD earlier reversed down (at A) from the resistance zone consisting of the round resistance at 1.8800, 50% Fibonacci Correction of the previous downward price thrust from the December of 2012 as well as the resistance trendline of the weekly Down Channel from May of 2012. GBP/NZD is set to reach the target level 1.8510 in the next 7 hours.
http://mediaserver.fxstreet.com/Repo...0521061036.png
The daily GBP/NZD chart below highlights aforementioned resistance levels:
http://mediaserver.fxstreet.com/Repo...0521061106.png
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Brent Crude & WTI Crude
Daily Forecast - 21 May 2013
Brent Crude July contract
http://mediaserver.fxstreet.com/Repo...0521061227.jpg
Brent Crude did push on for 105.31 & made a high for a high for the day exactly here as predicted. We are overbought now & should see some profit taking after 4 days of gains but if we continue higher look for a retest of 105.95/106.05 May highs. This should hold again this week so we could exit longs & try shorts with stops above 106.50 for a test of March lows at 106.80.
Immediate support is at 104.40/30 so a break below here should trigger sell orders & keep the market under pressure for 103.85/75. This should hold the downside so worth profit taking on shorts, but a break lower should see 103.25 & possibly good support at 102.70/50.
April High |
Feb Low |
Jan Low |
March Low |
Last Week’s High |
November Low |
Aug Low |
Last Week’s Low |
April low |
Nymex WTI Light Crude June contract
http://mediaserver.fxstreet.com/Repo...0521061801.jpg
WTI Crude did keep up last week’s momentum for a test of May highs at 97.17 but we are overbought and failed here. We expect some profit taking now & perhaps a drift lower to 95.50. If we continue lower look for good support at 94.50/40 & a buying opportunity with stops below the 100 day moving average at 93.90.
Above 97.17 however we hit 3 month trend line resistance at 97.53 & April highs at 97.80. We should fail with in this 97.17/80 band but will need stops above this year’s high of 98.24.
January High |
February High |
April High |
March High |
Last week’s High |
Feb Low |
Last Week’s Low |
March Low |
April Low |
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EURUSD – The risk would be selling through a stop of 1.2861
EURUSD – USD weakness across the board resulted in EURUSD breaking the sequence of 4 negative daily performances yesterday. With the intraday chart now posting higher highs and lows, the bias turns to the upside. However, this could be short-lived with the previous high at 1.2929 ‘lining up’ with a 261.8% extension level (from 1.2795-1.2847). Risk/reward is just ample to call a buy this morning. We are looking to Buy at the 7am open with a stop at 1.2861. The profit targets are1.2916 and 1.2929. A break of this level is unlikely but the market should focus on 1.2942
The risk would be selling through a stop of 1.2861
http://mediaserver.fxstreet.com/Repo...0521054101.JPG
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Index Recommended Levels
Dow Jones :
Resistance(daily close) : 14855.63, 15021.70, 15159.38 and 15404.28. Breaking of the latter would give 15643.13, 15845.63, 16022.80
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GBPJPY: Bullish, Broader Bias Remains Higher
http://mediaserver.fxstreet.com/Repo...0521085301.gif
GBPJPY: Bullish, Broader Bias Remains Higher.
GBPJPY – With GBPJPY continuing to hold on to its broader upside, we look for it to strengthen further in the days ahead. This will leave it targeting the 157.00 level where a violation will aim at the 159.00 level and then the 163.05 level. Its daily RSI is bullish and pointing higher supporting this view. O the downside, in case of any pullback, the 150.54 level will be targeted where reversal of roles as support may occur. Further down, support comes I at the 149.94 level. All in all, the cross remains biased to the upside.
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GBP/USD 1H Chart Emerging Pattern: Channel Down
GBP/USD has formed a Channel Down pattern on the 1H chart. The pattern has 63% quality and 43% magnitude in the 73-bar period.
The pattern began on 16th of May when the pair peaked to 1.5322; at the moment it is trading at the 20-bar SMA at 1.5146. Trading volume seems to be decreasing in the length of the pattern. Technical indicators on aggregate point at appreciation of the pair on 1H horizon. Long traders could focus on the Bollinger band/daily pivot (PP) at 1.5172/79, daily pivot (R1)/pattern’s resistance/200-bar SMA at 1.5245/56, 100-day SMA/daily pivot (R2) at 1.5327/29 and 20-day SMA/daily pivot (R3) at 1.5373/95.
Technical indicators on aggregate point at depreciation of the pair on 4H and 1D horizons suggesting it should maintain the bearish trend. Short traders could focus on the Bollinger band at 1.5132, daily pivot (S1)/pattern’s support at 1.5095/91 and daily pivots at 1.5029 (S2) and 1.4945 (S3).
http://mediaserver.fxstreet.com/Repo...0522081927.jpg
GBP/NZD 1H Chart
Emerging Pattern: Channel Down
Most of the time lately GBP/NZD has been trading in an up-trend, being underpinned by the 200-bar SMA. However, 55 hours ago the currency pair overextended the rally by deviating three and a half figures away from the rolling average, but subsequently returned to it, forming the channel down. A substantial majority (70%) of market participants believe the price will not breach the 200-bar SMA to the downside, but will start a recovery instead.
http://mediaserver.fxstreet.com/Repo...0522082006.jpg
CHF/SGD 1H Chart
Emerging Pattern: Ascending Triangle
Although there are few reasons to believe that CHF/SGD will return within the boundaries of the pattern, the possibility exists. Moreover, the lines that are parts of the ascending triangle may still prove to be useful in determining further price action, which is likely to involve a sell-off with the nearest targets located at 1.2954, 1.2937 and 1.2888.
http://mediaserver.fxstreet.com/Repo...0522082039.jpg
CAD/HKD 1H Chart
Emerging Pattern: Channel Down
Already 152 hours ago CAD/HKD closed beneath the 200-bar SMA and since then has been on the decline. Nevertheless, 73% of traders have entered long positions, believing that the falling resistance trend-line the pair is facing at the moment will not be able to suppress bulls. Such a strong positive sentiment is particularly interesting given that on average throughout their crosses both CAD and HKD are bought with the same frequency, in 27% of cases.
http://mediaserver.fxstreet.com/Repo...0522082123.jpg
http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif
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The Dollar Index (DX) eventually closes weak to currently trade at 83.80 ranges
Market Commentary
After trading strong for most part of the European session, the Dollar Index (DX) eventually closes weak to currently trade at 83.80 ranges; immediate resistance is observed at 84.50. The benchmark equity index of the Dow Jones Industrials Average (DJIA) continued to make new highs to currently trade at 15375; it seems the correlation between DJIA Vs DX is getting lesser significant, wherein historic inverse correlation is not observed since last couple of weeks with both the indices appreciating.
The benchmark equity index of the Dow Jones Industrials Average (DJIA) continued appreciating to make new highs; the major trend is still intact till DJIA manages to trade above 14860 ranges.
Historic correlation between DX Vs DJIA suggests the long term trend is still Dollar bearish till the Dollar Index is not closing above 88.40 on monthly basis though medium term trend is bullish till it manages to close above 83.40 ranges on daily basis.
Sideways-Up |
1.2990 |
1.2955 |
1.2880 |
1.2840 |
Sideways |
103.20 |
102.90 |
100.30 |
99.90 |
Sideways-Down |
1.5225 |
1.5210 |
1.5110 |
1.5080 |
Sideways-Up |
0.9770 |
0.9720 |
0.9660 |
0.9620 |
Sideways |
134.90 |
133.90 |
130.60 |
130.00 |
Sideways |
0.8960 |
0.9830 |
0.9730 |
0.9690 |
http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif
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EUR/USD to reach 1.2837 in 13 hours
EUR/USD continues to decline in line with the following trade alert that I received today for this pair. The price is set to fall to the target level 1.2837 (the hourly Key Support Level, of the type Approach, which was recently identified by Autochartist) in the next 13 hours. EUR/USD earlier bounced up from the support zone near the support level 1.2750 (which reversed the pair strongly up at the start of April). The upward correction from 1.2750 quickly lost its momentum – as it was against the predominant medium-term downtrend affecting the pair now. EUR/USD is set to reach the target level 1.2837 in 13 hours.
http://mediaserver.fxstreet.com/Repo...0522061942.png
As can be seen from the Volatility Analysis chart for EUR/USD shown below, the lower border of the daily Expected Price Range calculated by Autochartist (1.2831) stands within a few pips’ of with the target level specified in the above trade opportunity alert (1.2837) – which heightens the likelihood EUR/USD will soon reach this target level.
http://mediaserver.fxstreet.com/Repo...0522062014.png
http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif
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Brent Crude & WTI Crude
Daily Forecast - 22 May 2013
Brent Crude July contract
http://mediaserver.fxstreet.com/Repo...0522051207.jpg
Brent Crude held below 105.31 & hit profit taking as expected to hit our 103.85/75 target. As predicted this did hold the downside where we advised profit taking on shorts, but a break lower today should see 103.25 & possibly good support at 102.70/50. Exit shorts & try longs here with stops below 102.00.
If we push back above 103.85 we could try for resistance at 104.35 & a possible selling opportunity but shorts need stops above 104.60 for a retest of 105.30.
April High |
Feb Low |
Jan Low |
March Low |
Last Week’s High |
November Low |
Aug Low |
Last Week’s Low |
April low |
Nymex WTI Light Crude June contract
http://mediaserver.fxstreet.com/Repo...0522051552.jpg
WTI Crude hit profit taking as predicted hitting out target of 95.50 & in fact bottomed exactly here. We could continue lower today for good support at 94.50/40 & a buying opportunity with stops below the 100 day moving average at 93.95. Then look for 93.64 as the next support.
If we hold on to 95.50 we could crawl higher to try resistance at 96.45/60. We should struggle here but a push higher targets 97.00/17 for a selling opportunity. Stops above 97.35 for a run to April highs at 97.80 & another selling opportunity, but will need stops above this year’s high of 98.24.
January High |
February High |
April High |
March High |
Last week’s High |
Feb Low |
Last Week’s Low |
March Low |
April Low |
http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif
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RBI buying will be the key
Till rupee does not break 56.10 against the US dollar in futures market, I am against going long. It remains to be seen whether a weaker US dollar will result in gains as RBI demand is still there. If the rupee weakens today some of the short positions might just squared off. Bank of Japan meeting will be the key. Some of the Federal Reserve officials saying that there will be a delay in withdrawing of quantitative easing should result in more gains for the Indian currency. Intra day volatility will rise trade carefully.*
Trading strategy For the very large traders and high risk traders
- USD/INR MAY 2013: Sell at 55.80-55.90 stop loss 56.17 for 55.2525-54.8975 or sell below 55.4225 stop loss 55.5775 for 55.3575-55.1675
- EURO/INR MAY 2013: Buy only if euro/inr trades over 71.32 for 71.52-71.72 stop loss 71.22
- GBP/INR MAY 2013: Watch 84.0300 and trade accordingly
- JPY/INR MAY 2013: watch 54.1000 and trade accordingly.*
http://mediaserver.fxstreet.com/Repo...0522025357.jpg
TECHNICAL VIEW*
US-DOLLAR – INDIAN RUPEE (USD/INR) MAY 2013 – (CURRENT PRICE 55.4975)Bullish over 55.4000 with 55.6575 and 55.9100 as price targetBearish below 55.2000 with 54.9875 and 54.6975 as price targetNeutral Zone: 55.2000-55.4000
- 55.70-55.80 is the key resistance and only a break of 55.80 will result in more.*
- Key support is at 55.20 and there will be another wave of selling below 55.20 or failure to break 56.10 by Friday
EURO-INDIA RUPEE (EUR/INR) MAY 2013 – (CURRENT PRICE 71.2775)Bullish over 71.1000 with 71.4825 and 71.7125 as price targetBearish below 70.9825 with 70.8100-70.6100 as price targetNeutral Zone: 70.9825-71.1000
- A break of 71.36 will result in 71.57-71.87
- There will be sellers only if euro/inr trades below 71.10 in European session
UK POUND -INDIA RUPEE (GBP/INR) MAY 2013 – (CURRENT PRICE 84.0075)Bullish over 83.9025 with 84.3250 and 84.7575 as price targetBearish below 83.7725 with 83.5225 and 83.2025 as price targetNeutral Zone: 83.7225-83.9025
- Cable needs to trade over 84.00 today to target 84.33-84.70
- There will be another wave of selling only if cable trades below 83.95 after 1:45 pm IST (after UK opens)
JAPANESE YEN -INDIA RUPEE (JPY/INR) MAY 2013 – (CURRENT PRICE 54.0275)Bullish over 53.9100 with 54.2025 and 54.8075 as price targetBearish below 53.4925 with 53.2025 and 53.0725 as price targetNeutral Zone: 53.4925-53.9100
- Yen can rise to 54.22-54.75 as long as it trades over 53.45
- Watch 54.10 all the time
Happy profitable trading & Trade without emotions
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Elliott Morning Overview: EURJPY, EURUSD, GBPUSD and GOLD
JPY crosses are moving higher this mooring after BoJ Kuroda highlighted that change in fx-rates will boost export volume, but not earlier than in 6-9 months. This means that there current policy has a positive impact on the economy that’s why we can see strong rally on Nikkei which is pushing the JPY down, or XXX/JPY to the upside.We are long EURJPY from 131.90 with members and so far pair is moving very nicely in our favour with possible extension to 133.80 in sessions ahead.
EURJPY 1h
http://mediaserver.fxstreet.com/Repo...0522092232.gif
EUR is also up against the USD today but pair is testing some important resistance around 1.2940/70. As you know our larger picture is bearish for the EURUSD, and if we consider only three wave rise from 1.2795 on the hourly chart then pair should be on our radar now as pair could turn bearish in the next few sessions. However, as always we need a confirming price action! Only an impulsive fall back to the lower side of a corrective channel will be bearish for the pair, and then we may look for short entries.
EURUSD 1h
http://mediaserver.fxstreet.com/Repo...0522092306.gif
GBPUSD is moving sharply lower for the last two days and has now extended its weakness after worse than expected Retail Sales numbers. Notice that technicals won again; market reversed perfectly from 1.5190 resistance from wave four high which was highlighted in our yesterdays intra-day updates for members. So if we are still on the right track with the count then pair is now in red wave v) down that could make an extended structure with more downside in view based on latest price action.
GBPUSD 1h
http://mediaserver.fxstreet.com/Repo...0522092337.gif
On Gold we still think that wave 4 is in progress, now with sub-wave (b) that could test 1354 level in the next two sessions, while 1401 is not breached.
GOLD 1h
http://mediaserver.fxstreet.com/Repo...0522092407.gif
For now, we will stick and track this EURJPY very closely, but will be flexible and turn bearish on the EUR again, but against the USD then and possible shorts if we see evidences of reversals! Grega
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Brent Crude & WTI Crude
Daily Forecast - 23 May 2013
http://mediaserver.fxstreet.com/Repo...0523053417.jpg
Brent Crude has continued lower with the outlook remaining weak. If we hold below 102.00 we could test the next support at 101.35/20. We are getting very oversold in the short term so this could hold the low for the day. Watch for a bounce but keeps stops tight below 101.00 as a break lower risks a move to 100.26. Exit shorts & try longs here with stops below 99.80.
102.40/50 is now resistance & could hold a bounce but above here we could test trend line resistance at 103.13 coupled with moving average resistance just above at 103.40. Shorts here need stops above 103.85.
April High |
Feb Low |
Jan Low |
March Low |
Last Week’s High |
November Low |
Aug Low |
Last Week’s Low |
April low |
Nymex WTI Light Crude July contract
http://mediaserver.fxstreet.com/Repo...0523053924.jpg
WTI Crude did continue lower to the 94.50/40 target & a buying opportunity. We bounced nicely from here but have since broken lower to hit the next target of 93.64. The outlook remains weak so look now for a test of strong support at 92.80/75. We are however starting to look oversold in the short term so watch for a bounce. If attempting longs we need stops below the 200 day moving average at 92.30 & can then look for the next support at 91.60/40.
A bounce from 93.60 is possible and could reach resistance at 94.40/50. It could be worth trying shorts here with stops above 94.90. We could then test the next resistance at 95.50 for another selling opportunity.
January High |
February High |
April High |
March High |
Last week’s High |
Feb Low |
Last Week’s Low |
March Low |
April Low |
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EUR/USD 1H Chart Emerging Pattern: Channel Up
EUR/USD has formed a Channel Up pattern on the 1H chart. The pattern has 41% quality and 50% magnitude in the 113-bar period.
The pattern began on 16th of May when the pair peaked to 1.2930; at the moment it is trading at 1.2939. Trading volume seems to be holding in the same level in the length of the pattern. Technical indicators on aggregate point at further appreciation of the pair on 1H horizon. Long traders could focus on the Bollinger band at 1.2949, 20-day SMA/daily pivot (R1) at 1.2974/79, pattern’s resistance/daily pivot (R2) at 1.3035/36 and 1.3069/115 area (100 and 200 day SMAs and daily pivot (R3).
Technical indicators on aggregate point at depreciation of the pair on 1D horizon. Short traders could focus on the 20-bar SMA at 1.2925, daily pivot (PP)/Bollinger band/200-bar SMA at 1.2900/892, daily pivot (S1) /pattern’s support at 1.2844/31 and daily pivots at 1.2765 (S2) and 1.2709 (S3).
http://mediaserver.fxstreet.com/Repo...0524080345.jpg
NZD/USD 1H Chart
Emerging Pattern: Channel Down
The most recent price action (last 128 bars) suggests NZD/USD is going to decline further, down to 0.8011. The pair formed a channel down and has just bounced off the down-trend resistance line at 0.8176, meaning it is likely to complete the bearish wave by touching the lower boundary of the pattern—a scenario supported by technical indicators, although traders’ sentiment is neutral towards NZD/USD.
http://mediaserver.fxstreet.com/Repo...0524080424.jpg
EUR/SGD 1H Chart
Emerging Pattern: Channel Up
After gaining a foothold above the 200-day SMA the currency pair recommenced a recovery, forming an upward-sloping trading corridor, even though technical studies are neutral. Still, most (71%) of market participants consider EUR/SGD being capable of reaching new highs while being underpinned by the support at 1.6327.
http://mediaserver.fxstreet.com/Repo...0524080504.jpg
USD/TRY 1H Chart
Emerging Pattern: Channel Up
USD/TRY has been trading within the bullish channel throughout the last 273 hours, meaning that the U.S. Dollar is more probable to appreciate relatively to the Turkish Lira than to lose value, this is also implied by 4H and 1D indicators. Nonetheless, only one out of four traders believe this will be the actual scenario, having entered the market with buy traders.
http://mediaserver.fxstreet.com/Repo...0524080705.jpg
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The major trend is still intact till DJIA manages to trade above 14860 ranges
Market Commentary
Speculation that the Fed may reduce bond purchases led to the US Dollar gaining across the board resulted in most of the asset classes succumbing to selling pressure nevertheless the Dollar Index (DX) again finds resistance at 84.50 ranges. The benchmark equity index of the Dow Jones Industrials Average (DJIA) seems to be over stretched wherein historic inverse correlation is not observed since last couple of weeks with both the indices appreciating.
The benchmark equity index of the Dow Jones Industrials Average (DJIA) continued appreciating to make new highs; the major trend is still intact till DJIA manages to trade above 14860 ranges. Historic correlation between DX Vs DJIA the long term trend is still Dollar bearish till the Dollar Index is not closing above 88.40 with 84.50 ranges acting as intermediate resistance.
Sideways |
1.3 |
1.2955 |
1.288 |
1.282 |
Sideways-Down |
103.2 |
102.5 |
100.6 |
99.8 |
Sideways |
1.518 |
1.514 |
1.503 |
1.5 |
Sideways-Down |
0.976 |
0.972 |
0.966 |
0.952 |
Sideways-Down |
132.6 |
132.1 |
130.6 |
129.2 |
Sideways-Down |
0.978 |
0.971 |
0.96 |
0.958 |
http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif
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AUD/USD to rise to 0.9826 in 2 trading days
As you can see from the following trade alert for AUD/USD, this pair recently turned up from the lower trendline of the hourly Down Channel chart pattern identified by Autochartist. Expect the pair to rise to the target level 0.9826 in 2 trading days. The stop level for this alert is set at 0.9593 (point A, which is the bottom of this chart pattern). This point was formed earlier when AUD/USD reversed sharply up from the support area embracing the major support level 0.9600 coinciding with the 50% Fibonacci Correction of the previous weekly upward price thrust from May of 2010. The pair is expected to break this Down Channel and to reach the target level 0.9826 in 2 days.
http://mediaserver.fxstreet.com/Repo...0524055915.png
The weekly AUD/USD chart below highlights the aforementioned support levels:
http://mediaserver.fxstreet.com/Repo...0524055949.png
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Brent Crude & WTI Crude
Daily Forecast - 24 May 2013
Brent Crude July contract
http://mediaserver.fxstreet.com/Repo...0524053213.jpg
Brent Crude broke support at 101.35/20 but being very oversold in the short term we bounced ahead of our buying opportunity at 100.26 & recovered to 102.40/50 resistance. This has held the bounce as expected but the outlook is more positive today so a push above here looks likely for a test of moving averages at 103.40 & Fibonacci resistance just above at 103.80. Exit longs & try shorts with stops above 104.10.
Failure to hold 102.50 sees a drift back to 101.85/55. Exit shorts & try longs here with stops below 101.20. We then look for a test of yesterday’s low at 100.64 & a bounce from here.
April High |
Feb Low |
Jan Low |
March Low |
Last Week’s High |
November Low |
Aug Low |
Last Week’s Low |
April low |
Nymex WTI Light Crude July contract
http://mediaserver.fxstreet.com/Repo...0524053711.jpg
WTI Crude hit our target & support at 92.80/75 & although we tested the 200 day moving average at 92.30 we just held on to allow longs to be held for the expected bounce. We then reached resistance at 94.40/50 where we advised to try shorts & this was the exact high.
Today the outlook is a little more positive so be ready with stops on any shorts above 94.90. We should then test the next resistance at 95.50 for another selling opportunity with stops above 96.00. A break higher could take us as far as 97.00/17 May highs.
Failure to break 94.50 targets 93.65 & a bounce possible but below here look for 92.85/75 support & a potential low for the day. Try longs but be ready to add down to the 200 day moving average at 92.30 with stops below 92.00. We then look for the next support at 91.60/40.
January High |
February High |
April High |
March High |
Last week’s High |
Feb Low |
Last Week’s Low |
March Low |
April Low |
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Index Recommended Levels
Dow Jones :
Resistance(daily close) : 14855.63, 15021.70, 15159.38 and 15404.28. Breaking of the latter would give 15643.13, 15845.63, 16022.80
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Crude Oil Pin Bar From Support
Chart in Focus: Daily Crude Oil Chart
Crude Oil tried to move lower today but found support near $92.00 and rejected that level to form a bullish pin bar into the daily close. If the market remains strong above $92.00 we could see it push higher from here and re-test resistance up near $97.00. Note that the pin bar signal from today rejected the same support / event area as the previous pin bar that formed on May 15th.
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GBP/USD Trading at Falling Channel Resistance
GBP/USD 1H chart 5/24/2013 8:10AM EDT
http://mediaserver.fxstreet.com/Repo...0524132438.png
Falling Channel: GBP/USD has been trading in a falling channel since retreating from 1.56 at the beginning of May. This channel anchored below a rising channel and price has fallen to a previous pivot around 1.5025. This is below 61.8% retracement of the previously broken rising channel. As we get into the last session of this week, GBP/USD has rallied above 1.51 to about 1.5125, held there so far as the relief rally is challenged by the falling channel resistance.
A break above 1.5150 should clear the channel resistance and suggest some short-term correction.
Respect of the channel and a fall below 1.5060 could refocus the market to the downside. Downside risk still remains toward 1.50. Below 1.50 we are looking at the 1.4830, 2013-low
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GBP/USD: short term bullish above 1.5130
The GBP/USD continues to be capped by the 1.5130 Fibonacci level, although a general dollar negative sentiment maintains the pair above 1.5100 and with a positive tone this Friday, as price stands above its 20 SMA, while indicators head higher still below their midlines. The upward corrective movement can extend once price firms up above mentioned resistance, requiring at least a 1 hour candle opening above it to confirm more gains, towards 1.5160/80 price zone.The intraday bullish tone will persists as long as price stands above 1.5050, immediate support as once below this last there’s scope for a test of 1.4990, next Fibonacci support.
http://mediaserver.fxstreet.com/Repo...0524110523.png
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EUR/USD: it's all in the eye of the beholder
Last week update, purely focus on a technical perspective, showed how dangerously close the EUR/USD was to the neckline of a big H&S pattern in the daily chart. However, price was not even close to test the base of the figure, around 1.2740/50, and found buyers on dips toward 1.2800/20 price zone for most of the day.The FED did not actually bring anything new to the table, saying that they will tapper QE when the economic situation improves, something we all already knew. But it was how market read the news, and not what was actually said what moves the market. Stocks had been under pressure ever since the Minutes, after posting record highs almost daily basis during May: investors are not so confident now on ad eternum QE, and therefore, dollar buyers are back to fight.
The EUR is one of the few majors that points to close the week positive against the greenback, with the EUR/USD daily chart showing sellers around 1.3000, 20 SMA in the mentioned time frame, and indicators trying to correct higher, still in negative territory. Further recoveries need to push price above 1.3040 area and with a weekly close above it, chances turn to the upside next week, towards 1.3200 price zone, top of its recent range.
The figure is not yet discarded, but is now on hold: as long as price stays above 1.2744, yearly low, there’s not enough technical signs of a bearish continuation, while a break below this last will likely trigger a stronger bearish rally, eyeing then 1.2660, November 2012 low, ahead of 1.2430/60 price zone.
http://mediaserver.fxstreet.com/Repo...0524095849.png
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AUDUSD: Bearish, Weakens
AUDUSD: Bearish, Weakens.
AUDUSD - With AUDUSD seen reversing its recovery attempts on Thursday, there is risk of further downside. Support comes in at the 0.9592 level where a break will target the 0.9500 level. Other supports are located at the 0.9450 level and the 0.9400 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, immediate resistance resides at the 0.9700 level followed by the 0.9800 level and then the 0.9851 level. Further out, resistance resides at the 0.9900. All in all, the pair remains biased to the downside medium term.
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