The EURUSD seems to have made an interim top around 1.1514 levels yesterday. We have been expecting a pullback since the short term charts looked stretched after the pair hit 1.1500 levels. Looking at a lower degree count, an impulse might be complete between 1.1289 and 1.1514 levels and a counter trend drop could be underway. Please note that the potential...
Gold prices rallied after intraday lows at $1309/10 levels yesterday and managed to hit the $1320 mark, as discussed yesterday. This zone could be the next major resistance and has the potential to change direction of the existing trend. Please note that we had remained bullish since $1160 lows through $1270/80 mark earlier and chose to remain flat until the...
Believe it or not Dow Jones has hit the spot we have been waiting and anticipating since last several trading sessions now. Please note that the indice has hit convergence points of trend line resistance and the fibonacci 0.786 levels at 25100 levels and produce a bearish reaction on smaller timeframes. It is yet to produce a bearish signal confirmation on the...
The US Dollar Index continued its drop yesterday, the only surprise was a very shallow retracement it took prior to the drop towards 95.20 levels. Immediate resistance stays at 96.68 levels for now with momentum towards 94.00 levels at least. Please note that there may be intraday/interday pullbacks, back into the 96.00 levels before the drop could continue. There...
The EURUSD rally yesterday came in as no surprise since the direction we have been calling for is on the north side towards 1.1800/20 levels at least. The only element of surprise was a very shallow retracement that terminated at 1.1405 levels before the pair took off. Keeping in mind the bigger picture, we would like to bring to notice that RSI has been diverging...
The Dow Jones wave structure and price action remains unchanged for now. The spot rate is seen at 24500/600 levels at this point and there may be one more push higher into fibonacci 0.786 resistance at 25100 levels before the indice turns bearish again. Please also note that the resistance trend line since 26950 levels is also passing through very close to 25000,...
Gold prices rallied yet again yesterday and the yellow metal is trading at its highest level in the past month at $1313/14 levels at this point in writing. Believe it or not, we have several reasons to believe that this religious rally could be ending soon. First, Gold is quickly approaching fibonacci 0.786 resistance around $1314/15 levels, of the earlier drop...
The US Dollar Index could be looking to produce a counter trend rally that may last for 1-2 trading sessions, after having made lows at 95.62 levels yesterday. The hourly counts might be suggesting that an impulse drop could be through from 96.68 to 95.62 levels since Friday. Ideally, a 3 wave corrective rally should be the next probable move, which could...
The EURUSD seems to be preparing for a short pullback and retrace the rally between 1.1289 through 1.1450 levels lately. It is seen to be trading at 1.1435/36 levels for now after hitting 1.1440 levels today. Ideally, it should remain below yesterday's high at 1.1450 levels and continue drifting lower in a corrective manner. Looking at the short term wave counts...
The Dow Jones turned bearish yesterday, indicating that a meaningful top could be in place at 24860 levels, but be prepared for yet another high around 25100 levels as well. Kindly note that a major price resistance is seen at 26000 levels, which is potential Wave (2) termination as labelled on the chart view here, and prices should ideally stay below that, to...
Gold bulls seem to be in control after Friday rally from $1276 through $1300 plus levels, but resistance could be soon approaching. Lower degree wave counts suggest that Gold might have completed 5 waves from $1276 levels and ideally it could be followed by a 3 wave corrective drop, which should find support around $1293/94 levels respectively. The rally could...
The EURUSD turned track on Friday last and seem to follow up with intraday highs at 1.1444 levels yesterday. Looking at the short term wave structure, it appears that EURUSD might have completed a lower degree impulse wave between 1.1289 and 1.1425/45 levels respectively. Ideally this could be followed by a 3 wave corrective drop, which could drop until 1.1340...
The US Dollar Index managed to print yet another intraday low at 95.64 levels yesterday and continues to remain under the control of bears for now. The lower degree wave counts (1 hour) are suggesting that an impulse (5 waves) drop could be complete from 96.68 through 95.64 levels. We could witness a 3 wave corrective rally towards 96.30 levels which could take...
The Dow Jones index has made yet another high at 24860 levels before pulling back, which could be a potential top for the down trend to resume further. Please note that Dow Jones pulled back close to the down trend line passing through around 25150 levels and just ahead of fibonacci 0.786 resistance at 25100 levels respectively. This might not be a confirmed...
Gold prices rallied on Friday after printing a low just below $1280 levels. The yellow metal was trading sideways earlier and might have confirmed a flat before the thrust rally above $1300 levels. It is safe to confirm that prices would want to hit $1310/20 levels before finally giving in to bears. Looking at the medium term wave structure, the yellow metal has...
After turning momentum to bullish in the past few trading sessions, the US Dollar Index finally produced an engulfing bearish candlestick patter at fibonacci 0.618 resistance of the recent swing between 97.00 and 95.00 levels on Friday. This could be an indication that the next probable move should be a resumption lower towards 94.00 levels at least. The short...
The EURUSD might have taken most bearish traders by surprise on Friday, having staged an impressive rally exceeding 120 pips from 1.1289 lows. It is still trading comfortably above the 1.1400 mark, but short term pullbacks maybe due. The daily chart has produced an Engulfing Bullish candlestick pattern as well, indicating a potential change of direction from here...
The EURUSD dropped sharply to 1.1290 levels yesterday before finding interim support. It is seen to be trading around 1.1320 levels for now and remains to be seen if the trend line support manages to hold. We could see multiple support between 1.1270 and 1.1290 congestion area that has been tested since last several weeks. Please note that prices did break below...