Another important chart for your watch lists. This and many other charts will be discussed LIVE in the London session tomorrow at www.tradinglegion.com
The kiwi had a solid move against the dollar on Friday, gaining 1.14 percent. The move came as commodities rebounded, thus pushing up their respected commodity FX. This was a response to the weaker dollar, but commodities saw their sixth week of capital inflows as traders deem a more risk-on approach in the medium-term. The move into commodities has been the...
After sliding from the peak of 3,550 in April for almost 6 months, the STI has been rallying for the past 3 weeks to 3,068. Based on my analysis, the 6 months bear was a 3-wave correction, with the existing rally acting as the 2nd wave of the bigger trend. With that in mind, the STI may continue its decline at the 0.618 level at 3,237.
IF YOU GUYS HAVE BEEN FOLLOWING MY POSTS, YOU WILL HAVE NOTICED THAT PRICE IS REACHING A MAJOR SUPPORT LEVEL ON THE DAILY. THE PSYCHOLOGICAL LEVEL OF 1.0800 HELD A STRONG SUPPORT 3 TIMES IN THE PAST (ONCE IN JUNE, ONCE IN JULY, ONCE IN AUGUST) ON THIS CHART. i HAVE INCLUDED MINOR AREAS WHERE I WOULD BE LOOKING FOR LONG/SHORT ENTRY'S, BUT I WILL ULTIMATELY BE...
Technical analysis on the chart explains it all. NZDJPY has reached a strong resistance level and still has another leg of drop to complete the Gartley pattern before looking for a counter. I will be entering based off of price action as I will be looking for a strong bearish candle setup as extra confluence.
We have a video from last month explaining what is next for the equity markets which was very informative. You can find it here (youtu.be), with explanation of the Chinese stock market turmoil and why it has happened. However, I will briefly explain why China is facing the current situation. The thinking we had behind this was that many developed equity...
CAD/JPY has been in a dominant bearish trend since December 2014 as the breakdown in the Canadian Dollar, largely influenced by the crash of oil prices, has crippled the currency. January 2015 resulted in an absolutely massive bearish engulfing bar on CAD/JPY, February offered us a nice bullish pullback, and now we have the continuation pattern in play. We have...