Copper is highly cyclical commodity. Current cycle seems to have a lot in common with cycle from early 1990`s. If current cycle will replicate final swing from 1993, we would see the final bottom somewhere in mid June.
Copper has declined in five wave down move which looks like a third wave of the C wave correction.. Copper might give a little upside correction as 4th wave of Wave C before going down further. Its a short term trade. Happy Trading!! Siraj Hudda, CFTe Web: www.prowaveanalysis.com Skype: sirajhudda Email: contactus@prowaveanalysis.com Facebook:...
Bearish fundamentals on copper may make a short down to the support line a good trade...
We can look for shorts (in the case of AUDUSD might be better for wait to enter on a retracement) in these instruments. It's evident we have failed to break resistance in AUDUSD and that USDCLP is forming a nice turn at the lows in the daily, which nicely correlates to Copper forming a double top here, with plenty of downside to be seen. Clearly, bears are...
Last attempt was a failure as shown below:
Technically, we're at a major trendline, 200 ema, and key resistance area. We are also retesting a small broken counter trendline. Stocks are also starting to turn, which at the same time the YEN is starting to gain some strength from a fundamental and technical perspective. At the time I think we could see some what of a sell off in OIL, COPPER, etc, which will...
USDCNH is a very interesting pair right now. In this chart you can see a few instruments, pitted against each other. Currently, talking currencies, the offshore yuan is lagging the group, compared to the other dollar pairs on chart, and it happens to have a weekly time at mode downtrend signal, which confirmed last week on close, which gives us targets of 6.37 and...
USDCLP has traced a nice downtrend, and now with commercial hedgers net long copper I expect excellent continuation into the lows. Target is on chart, the time at mode signal specifies a slightly higher target, but there's potential to reach the red arrow below. Shout out to my mate Tom Killick, he's frequently trading this pair. Check out his posts, definitely a...
Hi there! Today I was thinking of the pair which reflects the strength of the Dollar and commodities (rising Oil drags Copper and others) and I came to EURAUD chart. (BTW EURCAD idea already paid well) EURUSD is in downtrend still and DXY is going to reverse higher. AUDUSD still up on rising Copper. So even fundamentally the EURAUD is huge negative. Look at the...
The USDOLLAR has officially broken down, but currently in a consolidating period. XAUUSD broke out of a long term wedge and is now consolidating. The retail crowd is short pointing to further gains. From a technical perspective the wedge target would come around $1430, where there is a major resistance area, the 50% fib from the 10/12 high to the 12/15 low and...
Excellent place to go long right here. Retracement underway after H&S breakout. Currently at neckline, good risk/reward to go long. Target at previous high of 2.3235. SL at 2.06.
A series of events took place causing me sit back and contemplate market participants (in)sanity. First, it is known that I've was one of the first to stick my neck out and tell it how it is – the U.S. Is facing a recession in 2016 – last April. Soon after, various investment banks flirted with the potential but gave the very realistic situation very low...
High Grade Copper Futures have just met with a long term uptrend spanning back to 2003. Copper is oversold and a bounce off of this trendline indicates large potential long term future growth. Entering the market around 2.40 with take profits at 3.00, 4.00 and 5.00. Please don't hesitate to leave your thoughts and comments. Good luck to all and happy trading.
CAD is at some major resistance currently and expecting the YEN to follow Gold soon. We just completed a bearish bat and a false break of the trendline. I am short at 85.4. Expecting to see a lot of weakness. The target is open.
Although SCCO completed the bearish gartley, the pullback tested the daily breakout. Should keep above the daily trendline and go for a new high. This move is playing on weekly double bottom so very likely for bullish continuation. Strong resistence cluster around the 30 mark, supply. If this breaks look for 35.63 harmonic target on bearish crab.