2ndSkiesForex

2ndSkiesForex

After taking a beating, Apple formed a series of 3 HLs (Higher Lows) which is quite constructive for bulls. You will notice that there were sellers present during each of the 3 HL's as they formed, but in each case, the bulls were able to take control from the sellers. This to me represents a change of hands, and taking out the key resistance at $469 likely...

2ndSkiesForex

Gold has only 1x this year gained for 5 days in a row. Yesterday was the fourth. 4hr and 1hr charts show failed breakout attempt which resulted in LH (lower high). Pressure and likely profit taking is on, so expect at least a minor pullback.

2ndSkiesForex

The Kiwi has formed a strong counter-trend impulsive bull run taking out a former SH (swing high). It formed a consolidation, then broker higher confirming the bulls are in control. The recent corrective price action likely signals a pullback to support before heading higher, so a potential buy setup to catch the second leg of this move.

2ndSkiesForex

After selling off selling off for several hundred pips, the AUDJPY hit a multi-year support level at 87.30 bouncing twice. However the reactions each time produced smaller and smaller bounces, suggesting the bears are continuing to sell any rallies as its produced two LH's (Lower Highs). Watch for a breakout pullback setup after a little more selling pressure...

2ndSkiesForex

The GBPJPY failed 4x to take out the key 151.30 level, selling off over 120 pips since. The recent break below the 20ema produced a weak pullback to the 20ema which was quickly sold. It is now threatening to break the range and open up a lot of potential downside.

2ndSkiesForex

After consolidating between 9000-9300 for over a month, the Aussie broke the yearly lows on a horrible homebuilders report and a likely rate cut by the RBA coming up. In taking out the yearly lows at 9000, the pair is setting up to hit a multi-year target and Aug. 2010 swing lows at 8775, so watch for pullbacks towards 9000, or intraday setups around...

2ndSkiesForex

The bullish gains as of late have been well structured, with pullbacks each time heading to the prior consolidation which led to the last upside move. If this pullback is more shallow, then it would suggest bulls are buying higher and more aggressively, thus taking over short term momentum and the order flow. For now the PM will have to clear intraday highs around...

2ndSkiesForex

As i've been saying for over a week now, Gold has likely formed a complex bottom in place. Today it took out two key levels (1300 and 1321), hitting a high of 1338 (May swing low). I'll look for a pullback towards prior support before getting long, or a breakout pullback setup if we can clear the 1338/40 level. We did have a massive amount of shorts cover today...

2ndSkiesForex

After a large bullish move, the Euro has ranged for about a week now, unable to garner significant follow through. This may lead to some unwinding if there is no bullish boost during the Bernanke speech. A breakdown will test the range lows around 1.3015/3000, where some intraday buyers will likely take a crack at. If this fails, then 1.2920 and 1.2890 are on...

2ndSkiesForex

On the daily charts the pair formed a pin bar off 1.3000 which we suggested in our daily market commentary. This level has held 3x after the large bullish impulsive move. Suspecting more upside to test the resistance area around 1.3185 after a potential pullback towards 1.3000.

2ndSkiesForex

Gold has broken above the daily 20ema for the first time in over a month, and taken out a key role reversal level post FOMC meeting. If the PM can hold above this key level, I'll look for intraday longs there, targeting 1300/08, 1315 and potentially a much larger move towards 1335/50 area (chart below). SL will be around 1250. Kind Regards, Chris Capre

2ndSkiesForex

The recent $11 ten day bull run in Crude is starting to show some price action signs of needing a pullback via the recent two way price action. Tensions in Egypt clearly are bullish for the commodity, but intraday buy signals are mostly available on new breakout pullbacks setups, so will need to wait for the next resistance to be cleared. I'll look for a deeper...