The US Dollar Index has reversed lower after printing highs at 97.71 levels last Friday. It has also produced an engulfing bearish candlestick pattern on the daily chart yesterday indicating a potential bearish reversal ahead. It is seen to be trading around 97.13 levels at this moment in writing and a break below 96.36 levels would confirm and accelerate further...
Gold prices rallied past $1248 levels earlier, and is seen to be trading close to $1245/46 levels at this point in writing. The metal might have produced a meaningful bottom at $1232 levels earlier and prices should ideally stay above that going forward. Please note that a short term price resistance has been taken out at $1247.00 levels; hence do not be surprised...
The US Dollar Index had print higher on Friday by just 1 pip. It touched 97.71 levels before reversing lower again and is seen to be trading around 97.30 levels at this point in writing. It is too early to confirm a bearish reversal at this moment, but a break below 96.36 levels could be seen as a confirmation. Please also note that the next resistance is not too...
The EURUSD failed to drop below critical support at 1.1213 levels on Friday, unlike the US Dollar Index . This could be seen as a divergence, indicating a potential change in the direction of short/medium term trend. The EURUSD reversed from 1.1270 levels on Friday and is seen to be trading around 1.1325 levels at this point in writing; looking to continue its...
Gold manages to reverse from $1232/33 levels on Friday, very close to $1235 levels as expected. Please note that it found support close to fibonacci 0.382 levels as marked here on the 4H chart presented, and produced an engulfing bullish candlestick pattern indicating a potential reversal. Looking at the lower degree wave counts as well, wave iv (not labelled)...
The Dow Jones dropped on Friday and managed to close around 24100 levels. The wave counts are suggesting that bulls could still produce a surprise rally towards 25200/300 levels before giving in to bears. As presented on the chart here a lower degree wave ii could be in place at 24800 levels, or is unfolding now and could terminate around 25200/300 levels...
The US Dollar Index is seen to be trading close to 97.60 levels at this point in writing, just shy of breaking above 97.70 levels. Please note that if bulls are successful in breaking above those levels, 98.00/20 levels is the next resistance in line. Also note that 98.00/20 is the fibonacci 0.618 resistance of the entire drop between 103.80 through 88.30 levels...
The EURUSD has dropped lower below 1.1306 levels and made fresh lows at 1.1287 today, indicating a potential termination of the lower degree wave ii or b as highlighted on the chart here. Please note that it could still terminate lower below 1.1268 levels, but it is expected to stay above 1.1213 levels if the above structure needs to hold. Looking into the wave...
Gold has reached the minimum criteria required for a pullback after having tested $1252 targets earlier. The metal touched $1236 levels today, preparing to turn any moment now. Please also note that it is converging with the fibonacci 0.382 support at $1235 levels, presented on the chart view here. We can expect a bullish response here for prices to resume its...
The Dow Jones Industrial Average is seen to be consolidating since the last 2 days before attempting a rally towards 25000/200 levels as wave ii of a lower degree is unfolding. The indice closed at 24600 levels yesterday, and should be within an a-b-c corrective structure to unfold as wave ii (within Wave (3)). Looking at the higher degree wave counts, the Dow...
US Dollar Index needs to hold below 97.70 levels for the medium term bearish outlook to remain. The index is seen to have tested 97.54 levels already yesterday and bulls are looking to break higher above 97.70 levels at this point in writing (trading close to 97.50/55). It could be possible though that the US Dollar Index might be unfolding a lower degree wave ii...
The EURUSD dropped to 1.1306 levels yesterday before finding interim support. Please note that yet another low could be print between 1.1268 and 1.1280 levels before it resumes its rally. Looking into the lower degree wave counts, EURUSD might be unfolding wave ii or b as a standard or a running flat. Please note that wave i or a potentially terminated at...
Gold prices dropped close to $1240 levels yesterday before reversing; the metal trades around $1244/45 levels at this point in writing and should be looking to continue pushing higher towards $1270 levels going forward. Immediate price support is seen towards $1235 levels, along with the 0.382 fibonacci ratio, as highlighted here. It could be a safe strategy to...
Dow Jones had settled lower at 24370 levels at yesterday's close. Further to what we discussed, the indice looks to be setting up for a pullback/counter trend rally towards 25200/300 levels from here, before it resumes lower again. Please note that 25200 is also the fibonacci 0.618 resistance of the drop between 26000 through 23870 levels, as highlighted on the...
Gold prices hit above $1246/50 levels, as discussed earlier and it could be setting up for a retracement lower, before the rally could resume. The metal trades at $1248/49 levels at this point in writing and might be looking to correct through $1232/35 levels in the short term. Please note that further upside remains possible from here as well and the next...
The Dow Jones rallied swiftly on Friday to hit resistance at 25100 levels and reverse. The spot rate closed at 24388 levels and it is expected to continue lower as US markets open today. Looking into the wave structure, the Dow Jones unfolded into an impulse drop between 26950 and 24100 levels earlier, labelled as Wave (1). Wave (2) possibly unfolded as a running...
The US Dollar Index is seen to be trading around 96.49 levels at this point in writing, probably looking to push below 96.00 and further. Please note that intermediary support comes in at 96.00 levels and a break below that would be required for bearish momentum to continue. Looking at the wave counts, a higher degree corrective (A)-(B)-(C) drop could be still...
The EURUSD pair hit 1.1442 levels during early trading hours today, suggesting that it could be ready to push higher above 1.1500 levels going forward. Intermediary resistance is seen at 1.1472 levels and only a consistent push through it would be constructive for bulls. The corrective wave structure (A)-(B)-(C) which began from 1.1300 levels earlier, could be...