Reversal At 11474? | #forex $EUR $JPY $GBP $CHG $AUD $CAD
04 DEC 2014 - Update:
Friends,
Important NFP data coming out tomorrow. Expectation favors softer employment data.
In the long-term, USDollar index remains bullish. However, the interim calls for unwinding.
Looking at the $USDJPY, model defines a high-target at 120.996 - This nominal target represents a low-probability reach, but high-probability reversal (i.e.: not likely attained, but if so, a significant decline should ensue).
The following chart is looking at a dual view:
1 - Top is $USDJPY
and
2 - Bottom is $USDJPY tempered by $ES.
The filtered charted below reveals tendencies, such as sustained, but weakened rally within a bullish channel. The second point is a double-top formation, suggesting that $USDJPY's rally weakened against its SP500 futures. The two would tend to maintain a positive correlation. However, if the USDollar bearish force strengthened against the implied market strength, I would expect that this weakness would pervade across other USD crosses.
For instance, we have recently looked at:
1 - The possible topping in $USDRUB:
(Source:
)
2 - The potential near-reversal in $XAUUSD:
(Source:
)
3 - A technical recovery in $GBPUSD:
(Source:
)
4 - A long-awaited Elliott Wave Flat completion in $USDCAD:
(Source:
)
5 - A near-complete target-hit in $USDCHF at TG-Hi:
Source:
)
6 - A pending 5th wave completion in $EURUSD:
(Source:
)
7 - And a similar $AUDUSD geometric completion in $AUDUSD:
(Source:
)
OVERALL:
In other words, all of these charts are implying a pending reversal on the back of a weakening $USD, at least in the most immediate, smaller timeframes.
Most recently, the $ES analysis also pointed to a potential top, stomped at a 1.618-Fibonacci following a quasi-mechanical ascent, possibly connected to a multi-central bank purchase coordination, according to ZeroHedge.com.
Directional bias rests on Neutral until clear sign of reversal emerge.
Cheers,
David Alcindor
Predictive Analysis & forecasting
Denver, Colorado - USA
-----
Twitter: @4xForecaster
00000
Friends,
Important NFP data coming out tomorrow. Expectation favors softer employment data.
In the long-term, USDollar index remains bullish. However, the interim calls for unwinding.
Looking at the $USDJPY, model defines a high-target at 120.996 - This nominal target represents a low-probability reach, but high-probability reversal (i.e.: not likely attained, but if so, a significant decline should ensue).
The following chart is looking at a dual view:
1 - Top is $USDJPY
and
2 - Bottom is $USDJPY tempered by $ES.
The filtered charted below reveals tendencies, such as sustained, but weakened rally within a bullish channel. The second point is a double-top formation, suggesting that $USDJPY's rally weakened against its SP500 futures. The two would tend to maintain a positive correlation. However, if the USDollar bearish force strengthened against the implied market strength, I would expect that this weakness would pervade across other USD crosses.
For instance, we have recently looked at:
1 - The possible topping in $USDRUB:
2 - The potential near-reversal in $XAUUSD:
3 - A technical recovery in $GBPUSD:
4 - A long-awaited Elliott Wave Flat completion in $USDCAD:
5 - A near-complete target-hit in $USDCHF at TG-Hi:
6 - A pending 5th wave completion in $EURUSD:
7 - And a similar $AUDUSD geometric completion in $AUDUSD:
OVERALL:
In other words, all of these charts are implying a pending reversal on the back of a weakening $USD, at least in the most immediate, smaller timeframes.
Most recently, the $ES analysis also pointed to a potential top, stomped at a 1.618-Fibonacci following a quasi-mechanical ascent, possibly connected to a multi-central bank purchase coordination, according to ZeroHedge.com.
Directional bias rests on Neutral until clear sign of reversal emerge.
Cheers,
David Alcindor
Predictive Analysis & forecasting
Denver, Colorado - USA
-----
Twitter: @4xForecaster
00000
