IanColeman

IanColeman

The daily chart highlights spikes in both directions for the last four days. This is a clear indication of investor indecision in front of tonight's FOMC minutes. The intraday chart highlights volatility over the US Retail Sales yesterday. The cross has managed to regain most of the initial losses. From a technical perspective, we will build a bearish Gartley...

IanColeman

The six-hour chart highlights an impulsive move to the upside and the completion of a bullish Elliott Wave count at 1.3502. That would dictate we are now within the choppy and corrective move lower. The last five days of price action have seen dramatic spikes in both directions, highlighting the lack of clear direction. The intraday chart highlights a bearish...

IanColeman

Although we have seen 7 consecutive weeks of net gains for US Crude Oil, last week's price action posted an indecisive Doji-style candle. This negative momentum has continued into this week. From a technical perspective, we look to be moving lower within a three-wave pattern. This is common in corrective formations. Bespoke support is located at $81.23. We have a...

IanColeman

DXY - although the intraday chart posted a bearish Bat formation, and we have seen mild selling pressure, immediate signals are hard to interpret. We are between a support barrier at 101.78-101.65 and a strong resistance level at 102.57. The 4-hour chart highlights an Expanding Wedge formation which has a bias to break to the downside. With the trend of higher...

IanColeman

With the stalling in bullish price action close to the 261.8% extension level of 1.3488, it is likely that we have completed a bullish Elliott Wave count (5 waves). That would suggest that we are now in the corrective move lower. However, the eight-hour chart clearly highlights a bullish Outside Candle, highlighting investor enthusiasm to still buy dips....

IanColeman

The pair completed a bullish Elliott Wave count close to the 261.8% Fibonacci extension level of 1.3488 (from 1.3093-1.3243). This would suggest that the next move is lower and corrective. We have seen an impulse move to the downside at the open. There is no clear indication that this negative trend is coming to an end. The first support zone is located at 1.3319.

IanColeman

Rallies continue to be sold. The intraday chart as posted a negative trigger close to the point of control at 1.8060. With bespoke support lining up with the completion of a butterfly formation at 1.7937, we look for further losses today. A break of the intraday swing high at 1.8075 good result in this bias breaking.

IanColeman

DXY (the USD Index) completed a one-hour bearish BAT formation at 102.36. The six-hour chart highlights an Expanding Wedge formation. With the trend of higher lows located at the same level as bespoke support, 101.47 could be a substantial downside barrier. On a clear break of this support zone, the measured move target is 99.10. Using correlation this offers...

IanColeman

Mixed and volatile trading has resulted in an Ending Wedge formation being posted on the four-hour chart. This pattern has an eventual bias to break to the downside. We can also note bearish divergence on the relative strength index (the chart makes a higher high (HH) while the oscillator makes a lower high (LH)). This will often lead to a change in trend or at...

IanColeman

The weekly chart highlights buyers emerging close to the 61.8% Fibonacci level. However, there is no clear indication of a change in trend. We have bespoke resistance located at 0.8235 and 0.8238. When these levels collide, they add weight to the barrier. The point of control (PoC) from Thursday the 27th of July is located inside this zone at 0.8237. We will...

IanColeman

We have two bespoke support levels located at 178.24. When these levels collide, they add weight to the barrier. The exact projected support level for the completion of the AB leg in a Crab formation is located at 178.24. Although the immediate bias is to the downside, with stock indices likely to drift lower this week and traders buying safe-haven Yen, we look...

IanColeman

Friday's initial rally was sold into with sellers emerging at 35,506. Follow-through negative momentum resulted in a Bearish Outside Candle being posted on the daily chart. This is negative for short-term sentiment. Our focus this week is on 34,400-34,385: • we have two bespoke support levels colliding at 34,385. This adds to the strength of this support. • we...

IanColeman

The inverse correlation between DXY (the USD Index) and EUR/USD is driving the major currency pair lower this morning. We witnessed a selloff in US indices in late trade on Friday. This resulted in a reversal in DXY as traders looked to buy the safe-haven US Dollar. This upward momentum within the index has continued. From a technical perspective, we could see...

IanColeman

Although traders bought the index after the US employment data on Friday (non-farm payroll), sellers emerged at 4,542 with follow-through negative momentum resulting in a Bearish Outside Candle being posted on the daily chart. This candle highlights investor enthusiasm to sell rallies and is negative for short-term sentiment. Our focus this week is the...

IanColeman

Mixed and volatile trading has resulted in an Expanding Wedge formation being posted on the intraday chart. This pattern has a bias to break to the upside. On a break through 2.656 the measured move target is the previous swing high at 2.794. With bespoke resistance located at 2.621, there is ample scope for a corrective dip to the downside before the impulsive...

IanColeman

Although the indexes failed to post a clear topping formation, the sequence for trading is now lower lows and lower highs. An interesting support level is located at 4,399-4,391. This is: • The 261.8% extension level from 4,610 – 4,530 is located at 4399. Elliott Wave analysts could look to this level as the completion of the first bearish wave formation....

IanColeman

Silver is inversely correlated with DXY (the USD Index). I am looking for rallies to be sold in the index. This should result in dips being bought in Silver. From a technical perspective, I have two bespoke support levels located at the same price of $22.97. When these indicators collide, they add weight to the support zone. The projected support barrier for the...

IanColeman

Although we have seen a mild reaction higher close to the 61.8% Fibonacci retracement level of $1,929, with the DXY (USD Dollar Index) highlighting scope for further buying interest, we could see further mild losses in Gold. DXY: although we have broken out of the Ending Wedge formation to the downside, resulting in a mild negative bias, there is ample scope for...