The US Dollar Index broke lower from its consolidation, dropping to fresh lows at 93.83 levels. Please be aware of a potential bear trap around 93.70 and 94.00 levels since the entire region is fibonacci 0.382 support of the previous rally between 88.00 through 97.00 levels respectively. Looking at the wave structure, it could still remain probable for the index...
The EURUSD pair broke above its consolidation structure towards its medium term outlook which is up. Our alternate count of a wave B lower did not materialize for now but prices have moved towards the projected direction. Please note that EURUSD is trading extremely close to the fibonacci 0.382 resistance of the entire drop from 1.2570 through 1.1300 levels....
The AUDUSD short term story remains intact for now with bulls in control since 0.7140 levels. It was expected and discussed earlier that the pair could be setting up a decent rally projected through 0.7370 levels, which also converges with earlier price resistance. Looking into the wave structure, it seems that Wave 3 or C is well into progress at this point and...
Gold -0.12% is carving out corrective waves for now and believe it or not, bears could still remain in control, till the yellow metal stays below $1216 levels going forward. Please note that we are only expecting this complex corrective phase to terminate around $1185 as a probability and a fibonacci 0.618 support coming around the same level. It could be a safe...
The US Dollar Index is still seen to be consolidating in a narrow range between 94.30 and 94.70 levels respectively. The index is trading at 94.40/45 levels at this point in writing and is expected to turn higher pushing above 94.70 levels, provided the lower support range remains intact. With the bearish structure intact for US Dollar Index for medium term...
The EURUSD consolidation could be into its last leg now with a potential top in place at 1.1689 levels for now. Immediate price resistance is seen at 1.1713, followed by 1.1725 levels respectively and till the time prices stay below, we could expect bears to remain in control. As an alternate count, a clear break above the consolidation resistance line, would push...
AUDUSD rallies as expected and discussed earlier. The minimum expectation is fibonacci 1.618 of Wave A or 1 as highlighted on charts, at 0.7370 levels. Also note that AUDUSD bounced higher from 0.7140 levels earlier, which is fibonacci 0.618 support of Wave A or 1. Unless an expanded flat structure is unfolding as Wave B or 2, it could be safe to assume that...
Gold short term structure is a triangle as highlighted on the chart and the a,b,c,d,e waves could be complete at $1202.68. If this structure should remain valid, we could see the yellow metal dropping below $1196 levels and possibly towards $1185 levels as well. Please note that the fibonacci 0.618 support is seen at $1181 levels and we should not be surprised if...
The US Dollar Index is also consolidating within the rectangle region highlighted on chart here. Looking at the wave structure, Wave B could be still unfolding as an expanded flat a-b-c, before Wave C decline could resume. If this count holds true, we could witness a sharp rally towards 95.70 or probably 96.00 levels as Wave B termination point. Also note that a...
The EURUSD consolidation continues for now with the entire area highlighted within a rectangle on chart presented. Please note that the drop from 1.1733 to 1.1526 and subsequently rally through 1.1722 look like an a-b-c wave structures respectively. With each day passing within the consolidation range, probabilities of a complex corrective structure increases. A...
The AUDUSD rallied from 0.7140 levels as expected yesterday, which is the fibonacci 0.618 support of the previous rally, labelled as Wave A or 1 on the chart. If this wave structure holds for now, we could expect a continued rally through 0.7370 levels from here as potential Wave 3 or C unfolds. On the other hand if a more complex correction occurs, we could see...
Gold sideways story continues with recent wave counts are unfolding into probable corrective waves since the lows formed at $1187/88 levels. If Wave C is already in progress, prices would probably stay above $1193 levels, and Gold could continue higher as a potential ending diagonal structure for Wave C. In this case, we can expect the next stop for Gold -0.28%...
The US Dollar index lost all its ground covered on Friday, and trades around 94.40 levels again at this point in writing. Please keep the bigger picture in mind for US Dollar Index which is pointing towards 91.50/92.00 levels going forward. Maybe possible that Wave C lower is progressing sooner than expected. For now, resistance stays at 95.70 levels and bears are...
The EURUSD rallied to test Friday highs yesterday and is seen to be trading around 1.1702 levels t this point in writing. Keeping the bigger picture intact, we are expecting a 3 wave corrective rally A-B-C, since bottom formation at 1.1300. Looking into the wave counts, Wave A looks to be complete at 1.1733 levels earlier, and potential Wave B might have...
The AUDUSD short term chart has been depicted here for probable initial trade entries. It could be noted again that AUDUSD has taken out initial resistance around 0.7200 levels already. That rally can be labelled as wave 1 or A (alternate). A subsequent drop since then is corrective in nature and is at the 50% retracement of the previous rally. In short, a bullish...
Goldshort term wave structure still continues to be a corrective in nature. The rally between $1189 and $1213 earlier was in 3 waves. The sharp reversal lower was not a surprise and it was presented on Friday, that prices could still drop towards $1185 levels before turning higher again. Looking at the structure till now, the drop has been in 3 waves but it...
The US Dollar Index short term picture could still remain encouraging to bulls if prices stay above 94.40 levels. The index is probably carving an expanded flat corrective wave structure as potential Wave B. If this structure holds well, we could see prices rally back towards 95.70 levels at least or even push through 96.00 mark. The rally on Friday from 94.38...
The EURUSD reversed sharply from 1.1721 levels on Friday, remained shy of just a few pips from previous swing high at 1.1733 levels. This drop could be an indication that a potential flat could be in the making. If this corrective structure turns valid, we could see prices dropping lower at least towards 1.1526 levels. Ideally, we could consider the region between...