H8/H12 time frame shows a hidden bearish divergence as price hits the 135 - 136 level where resistance is being established. A near term pullback to 130 is very much a possibility. Book partial profits at 132 followed by 130. Invalidated on a 'close' above 136.15
SPX failing to post any new major highs. Short term analysis shows bias to the downside. Near term support at 2160 - 2157. A break below this could send SPX down to 2105. Invalidated above 2177.5
Today's price action in Gold will be crucial in setting the stage for the month ahead. Gold is trading at a critical resistance level of 1300 - 1310. A reversal here, (maybe this week) could see gold prices falling into December's Fed decision. First stop for gold is 1250, followed by 1200.
Kiwi likely to come under pressure on RBNZ rate cut, which is already priced in but the current risk off sentiment could weigh on the New Zealand dollar (N61!) in the near term. Watch the head and shoulders pattern, which will be triggered on the break of the rising neckline support. Downside targets: $0.7030 and $0.7000
Sell Peso below 0.5370 - 0.5365, targeting 0.5200. Does this tell us something about the election outcome? Not sure, but the timing of the break of the support at 0.5370 - 0.5365 could be crucial.
Price has been very much consolidating near 104, but with the bearish divergence building up, additional signals can be seen coming from the evolving head and shoulders pattern. The downside target puts the potential decline (correction) to 101.50 (target is set to 101.60). The bearish bias is invalidated if price rallies to the previous high near 104.635. Note...
Steep increase in prices, H4 formed a doji followed by a series of bearish candlesticks. The rising wedge pattern is not yet completed as a potential to move back to 78.80 - 79.02 is likely. Still, expect to see a reversal here for AUDJPY to target 78.00 followed by 77.40
H4 Chart has a hidden bearish divergence with prices currently at 115.50 H1 Chart has a bearish divergence pointing to a correction to 114.00 D1 Chart almost 5 days of strong bullish momentum, so a pull back is quite likely Short positions targeting 114.0 (Counter trend) Trade Invalidation H4 Bullish close above 115.50. Alternately, look for long...
The recent rally in EURUSD has morphed into a rising wedge pattern with the H4 forming an inside bar . A break out from the IB's low set up of 1.12224 could see further declines. The Head and Shoulders neckline support is seen at 1.1140 - 1.1120. A breakout below this could see the declines extend to 1.100 (round off from 1.098 - 1.096). Short positions on...
NIFTY, weekly chart printed an evening star candlestick pattern with this week's price action failing to make any big gains above the highs plotted at 8968.70. On the daily chart, after a fake trend line break in August, price rallied to make a new high before printing a doji and a bearish candlestick today. Short positions from 8000, could see price falling...
4-Hour chart in XAUUSD shows the head and shoulders formation after strong momentum led gain. 1340 is the line in the sand on the 4-hr time frame. A ' Close ' above 1340 will invalidate the pattern and further gains can come on a breakout above 22/09 doji high of 1342.56. The doji inside bar on daily is currently forming indicating a potential building up of...
USDJPY fell to the 100 level earlier today on the Brexit outcome. As anticipated, price action has been flirting with the major support level seen near 100.50 - 94.50. We could therefore expect to see a reversal off this level over the next 3 months. If the neckline resistance at 124.00 is broken, USDJPY could extend gains to 150. With Brexit out of the way, BoJ...
Weekly chart, bullish flag pattern. Pullback to 0.79 could offer a good risk reward for further upside targeting 0.809 followed by a move to 0.84 and 0.87 as the next minimum targets. Long bias invalidated on a close below today's low of 0.76.
Australia dollar is starting to retrace its gains after flirting with 0.750 resistance. A bearish close today below 0.745 could see the declines extending back to the price zone of 0.73 - 0.725. Establishing support here could pave way for a new leg in the rally back to 0.745 and eventually to 0.76.
EURGBP has retraced the losses from Tuesday's decline, rallying back above 0.785. Hidden bearish divergence is building up strongly in both near term and long term. Resistance is seen as 0.79188 - 0.78725, signalling a move lower. Downside, support levels are at 0.775 which could extend EURGBP declines to 0.76 and possibly to 0.74. Three positions, sold at 0.785...
After briefly testing sub 1200 levels last week, Gold quickly reversed its losses after Friday's NFP report. Monday/Tuesday was relatively flat but today's price action showing some early gains. Above 1248.55, 1260 remains the next key level to target. But a pullback/correction is missing To the downside, 1230 - 1220 levels could act as support. Forming a...
After rallying strong on last Friday's NFP print, EURUSD has remained flat on Monday/Tuesday, forming an inside bar at the top end of the rally. A breakout is therefore likely to set the direction in the near term. To the upside , 1.140 is the key level to watch, a break higher could extend gains above 1.140 but keep prices range bound below 1.15. To the...
The RBNZ did not cut rates yesterday and did not jawbone the Kiwi's exchange rate. The resistance at 0.70 has now been breached convincingly and any dips to 0.70 could remain a buy, if validated by price. To the upside next level of interest is 0.72, July 10, 2015 high. But looking the Stochastics here, there is a strong hidden bearish divergence which signals to...