AB_de_Villiers17

AB_de_Villiers17

The pair continues to find some buying interest at an ascending trend-line, currently near 1.0600 handle. The trend-line support extends from yearly lows through early March lows and remains an immedaite strong support to defend. Hence, a decisive break below the said support would confirm a bearish break down and turn the pair vulnerable to extend its bearish...

AB_de_Villiers17

The chart above shows one of the most likely ways price can move in the coming days. This forecasts an ending diagonal wave (v) ending of the impulse wave. We have seen on this platform how effective diagonals can be if they play out as a terminating end of a reversal pattern. A dip to 1264-67 could be seen before the last leg upside. If price completes this...

AB_de_Villiers17

Wave summary: There is not much to add from yesterday's update here. The range trading between 1.5150 - 1.5347 continues to dominate the picture and only a breakout of this range will determine the next larger move up or down. We still favor a rally above resistance at 1.5347 for a continuation higher to 1.5570 and likely even closer to 1.5790. That said, we need...

AB_de_Villiers17

EUR/JPY - 4-Hour timeframe The break below 116.28 has forced a recount for the rally from 109.48 and even the longer-term picture. Instead of an impulsive rally from 109.48 that possibility was invalidated with the break below 116.28. Therefore we will be looking for a double zig-zag correction which is unfolding. We saw wave W completing with the test of 124.09...

AB_de_Villiers17

Price is testing major support at 0.6949 (Fibonacci retracement, horizontal overlap support, bullish divergence) and we remain bullish above this level for a push up towards 0.7092 resistance (Fibonacci retracement, horizontal overlap resistance). Stochastic (34,5,3) is seeing strong support above 6.69% and also displays bullish divergence vs price signalling that...

AB_de_Villiers17

We remain bullish above major support at 0.7492 (Fibonacci retracement, horizontal swing low support, bullish divergence) and we expect to see a bounce above this level to 0.7561 resistance (Fibonacci retracement, horizontal overlap resistance). RSI (34) seeing major support above 34% and also displays bullish divergence vs price signalling that a bounce is...

AB_de_Villiers17

The Statistics Canada reported that the Canadian economy added 19,400 jobs in March, following the preceding month's gain of 15,300 and surpassing the market expectations for an increase of 5,700. Moreover, the data also showed that 18,400 full-time jobs and 1,000 part-time jobs were created last month and the jobless rate increased to 6.7% from 6.6% in February....

AB_de_Villiers17

Trading recommendation: We are long EUR from 117.05 with stop placed at 116.05. If you are not long EUR yet, then buy a break above 118.07 and start by using the same stop. R3: 118.07 R2: 117.66 R1: 117.21 Pivot: 117.00 S1: 116.83 S2: 116.71 S2:116.22

AB_de_Villiers17

In the absence of other economic events, the market focuses on geopolitical risk factors.The US Dollar is dropping under pressure of falling US Treasuries, as speculations over Fed policy leaves room for fears over the geopolitical situation. The stock market is feeling aversion to risk so Gold gets stronger. Oil remains high due to supply constraints from Libya...