Gold has just managed to pierce the upper diagonal resistance and could be a possible breakout opportunity should we see follow through. In order to realise higher targets of 1955 (Weekly R2 Pivot) price would first need to get above the Weekly R1 Pivot @ 1926. If however we see a pullback or failed breakout the Monthly Pivot @ 1905 could be re-tested with a...
Brent crude has been consolidating in a large symmetrical consolidation for the last two weeks and have in the process formed clear diagonal boundaries with a break above 43.50 opening up the way to a healthy full target near the Monthly R1 Pivot @ @ 45.66 (which is also the Inverted head and shoulders target). The initial target would be at resistance @ 44.73...
The NASDAQ 100 has seen a strong pullback towards the 4H 100 SMA to re-test the inverted head and shoulders neckline. This is a major area of support with the Weekly S1 Pivot converging right on the neckline and the Monthly Pivot directly below. This would therefore certainly be considered a final line in the sand in terms of medium term trend direction. Currently...
In light of recent dollar weakness the GBPUSD has broken major horizontal and diagonal resistance and is currently seeing a surge of bullish interest. Targets can be expected at the top of the broadening diagonal channel near the Weekly R2 Pivot @ 1.317. Support will be found at the Monthly Pivot @ 1.300 and should we see a re-test of the breakout this would be a...
The ZAR continues to strengthen against the dollar amid increased uncertainty about the upcoming election and market stimulus talks. Multiple levels of diagonal support has now been breached and a move lower towards the Weekly S2 Pivot @ 16.27 and eve the Monthly S1 Pivot (also acting as the weekly S3 Pivot) @ 16.10 can be expected. In the scenario of a pullback...
Managed to break above diagonal resistance last week with an initial test of the 4H 200SMA failing and a second succeeding. Currently the Monthly Pivot @ 42.55 seems to be the area in the crosshairs for a re-test with the 4H 200SMA also converging there. This is also the neckline area of the new inverted head and shoulders that is currently in play. Once again be...
I linked below my previous idea which indicated that a break above the diagonal @ 0.255 could be a catalyst for a move higher. This seems to now be confirmed with what appears a be an inverted head and shoulders setiing up for a target near 0.300. The next area of resistance will probably be around 0.275
This breakout could see price head higher towards the monthly R1 Pivot @ 11945 albeit not without facing some resistance from the Weekly R1 Pivot @ 11700.
Potential to sell-off to the Weekly Pivot @ 11350 here
Following-up from my previous idea (linked below) regarding the flag break above 42 dollars, this setup now looks even more promising with what appears to be a very well defined inverted head and shoulders pattern. The initial target remains around the Monthly R1 Pivot @ 45.66 with a close back below the Yearly S2 Pivot @ 42 invalidating the setup.
Question here is whether this is a rejection of the Monthly Pivot or is this a Bull Flag (with pole) in the making? If this is a flag we could see a move to 45.66 if it breaks back above the Monthly Pivot @ 42.55
Price managed to expand the consolidation range by re-testing resistance @ 11624 but in the process have actually formed a rising wedge which has also been broken on Friday. As long as price remains below the new weekly Pivot @ 11350 we will probably see price testing lower levels of support ending in a test of the Daily 100SMA @ 10700 or even the area between the...
So far Bitcoin has rejected the 4H 200 SMA and Monthly Pivot and currently testing the Daily 100SMA. The two levels to watch for a larger move would be the lower diagonal boundary at around 10350 and the Monthly Pivot @ 10880. Targets if price break lower would be the Monthly Pivot around 9700 and if price breaks even lower we could see price test major support @...
Staged a proper W-Bottom last week with price reaching the near term target @ 1905 which is also the new Monthly Pivot and the area to watch for a break. This will set in play another possible setup with a break above 1905 setting price up for a move higher towards 1945-1950 thanks to what now looks like a cup and handle formation. This move will be invalidated...
Price is trading below the Monthly Pivot @ 0.719 and just slightly above the Weekly Pivot @ 0.713. These are now the short term levels to watch for a break as a move above could give targets of 0.727 while a move below could see the Monthly S1 Pivot @ 0.697 tested. As with most USD pairs the probability move is to the downside, yet it remains prudent to stay with...
Overhead diagonal resistance still keeping price in check with Friday closing as an inside bar of Thursday. This means that the high and low from Friday becomes important levels to watch for a breakout. Trend is still down with a break lower the higher probability. Targets for a break below 1.285 include the Weekly S2 Pivot @ 1.266 while break higher could test...
With the 1.176 area now a confirmed area of resistance and this level also tightening as price moves closer to the upper diagonal with 1.174 the new area of resistance. Any rejection from there will drive price into the Weekly Pivot @ 1.170 and if price closes below it, we will more than likely see a move lower towards 1.162, followed by a possible second move...
With the important support level of 16.55 broken and price now trading below the wedge it is likely that we will see the 16.10 area tested where it will meet support from the Monthly S1. Only a close back above the Monthly Pivot @ 16.68 will invalidate this move and give us higher targets in the vicinity of 17.00