The recent rally past 96.68 levels must have turned most traders on the bullish side of US Dollar Index but prices still need to decisively break above 97.71 levels to void the bearish scenario. It has taken several months and expanded flat structures are difficult to identify at times. At this moment the larger degree structure remains intact towards an expanded...
Believe it or not, it is just a matter of time before we could confirm that Gold has carved a major top at $1326 levels. The recent price action in Gold reveals that prices could be poised to print below $1300 levels if not further. With prices bouncing off from $1303 levels yesterday, it could be possible that a down gartley is underway before it resumes lower...
The rally looked stretched already but a lower high seems to be carved by the Dow Jones at 25450 levels. The wave structure still remains intact with an impulse Wave (1), followed by a flat corrective Wave (2) that terminated at 26000 levels and Wave (3) underway with lower degree waves i and ii at place around 21800 and 25450 levels respectively. If the above...
Gold prices might touch $1217 levels intraday before deciding further short to medium term direction it seems. As discussed earlier, Gold might have hit a major resistance at $1326 levels recently that has potential to remain a major top going forward. Also, on the shorter time frames, the yellow metal might have produced an impulse between $1326 and $1302 levels...
The NZDUSD drop from 0.6942 levels would be completing an impulse drop around 0.6700 levels. A corrective rally could be in the making after that which can push prices back above the 0.6800 handle. Another look at the structure since NZDUSD made a high at 0.6975 levels reveals that it has been consolidating and could end up producing a flat or a triangle. Please...
The EURUSD dropped lower below 1.1320 levels early today but is seen to be bouncing back. This could be an ideal demonstration of what sideways or consolidation may seem like. The EURUSD has been oscillating in a consolidation between 1.1270 and 1.1500 levels broadly since last several weeks. As we have been discussing earlier, the bias may be on the north side...
The US Dollar Index has managed to squeeze a few points above 96.68 levels as seen here but it still remains vulnerable until prices remain below 97.71 levels. The overall structure since December 14, 2018 highs at 97.71 levels seems to have produced a complex corrective structure, probable a combination w-x-y not labelled here. Furthermore, the US Dollar Index is...
Gold prices completed an impulse at lower degree yesterday with prices forming fresh lows around the $1302/03 handle before pulling back. The lower degree counts are still suggesting that the pullback is not complete yet and there could be another push higher towards $1317 handle before bears could take back control. As we have been discussing this earlier, the...
The NZDUSD currency pair has now dropped potentially 5 waves from 0.6941 through 0.6729 levels respectively. Ideally, a 3 wave corrective rally can be expected from here, which could push prices back into the 0.6800 handle. The overall medium term wave structure still looking constructive for bulls until prices remains above 0.6425 levels going forward. After...
The US Dollar Index tests resistance at 96.68 levels yesterday and reverses lower again. It has produced a significant engulfing bearish candlestick pattern on the 4H chart, indicating a potential reversal lower. Looking at the larger degree wave structure, the US Dollar Index seems more like to be producing an expanded flat (A)-(B)-(C) correction, that could push...
The EURUSD continues to consolidate and oscillate between the broad trading range between 1.1300 and 1.1500 levels. It is seen to have found support at 1.1324 levels yesterday and is trading around 1.1340 for now, ready to launch higher from here. Structurally, the EURUSD pair is most likely unfolding as an expanded flat since 1.1300 levels in mid August 2018....
The EURUSD has retraced more than 60% of its recent gains between 1.1289 through 1.1514 levels for now and is seen to be trading around 1.1360 levels. We again present the daily chart wave counts here: The EURUSD dropped into 5 waves impulse between 1.2550 through 1.1300 levels earlier. Since then, it has been consolidating into 3 wave structures and the most...
Gold prices dropped below $1308.30 levels today to fresh lows at $1304.00 at this point in writing, completing an impulse drop at a lower degree. Ideally, a 3 wave corrective rally could be under way soon towards $1315/16 levels, which is also the previous wave 4 termination point. Please note that the probability of a major top formation around $1326 levels gets...
On a 4H chart the NZDUSD maintains bullish bias against 0.6425 levels and ideally prices should find support well ahead of 0.6500 levels. Please note that the recent drop from 0.6941 levels is looking 3 waves corrective with wave c as an extended one. After having produced an impulse rally earlier between 0.8425 through 0.6970 levels, the NZDUSD pair seems to be...
The Dow Jones indice has rallied past our estimated price around 25100/300 by less than a percent. It is seen to be trading around 25390 levels in the spot market, and till the time prices stay below 26000 mark, the bearish structure remains intact. The wave structure is still suggesting that a potential 3rd of 3rd wave lower might be coming soon. The indice has...
Yesterday was an indecisive day as Dow Jones produced a doji on the daily chart , leaving room for a potential bearish reversal today. A potential top could be in place at 25109 levels earlier this week, at the fibonacci 0.786 (of drop between 26000 and 21800 levels) and downtrend line confluence. Looking at the wave counts, a higher degree Wave (3) might be...
Gold has not only met the minimum expectations of hitting $1320 levels but exceeded by a few dollars and print a high at $1326 levels yesterday before pulling back lower. The yellow metal is seen to be trading close to $1318 levels at this moment, looking to break lower again. Please note that Gold has produced a shooting star candlestick pattern on the daily...
The US Dollar Index hit lower at 95.16 levels yesterday before pulling back. It is seen to be trading close to 95.60 levels for now and could continue higher towards 96.00 levels at least before reversing again. Please note that a counter trend rally was looking to be due after the thrust move between 95.98 to 95.20 levels earlier. Looking into the short term wave...