Possible supply towards 1,31/3200 and above towards 1,33 and 1,35/3600 and possible demand around 1,27.
Break below 1,27 may expose 1,25.
Brexit related news will drive the market again and we should see highier volatility.
Will look to sell failure above 1,3150
Oil closed yesterday above key $50 level as the production cut seems to be real. But while Saudi Arabia claimed they are going to cut production by a significant amount, on the contrary new supply is coming and the main source is the US where the production is still at 11.7 M Barrels. Despite crude inventories dipped by 1.7M barrels, to 439.74M barrels, they ...
It's Bank of Canada day ;)
Hike is expected by the Mr Market
In my opinion it's big "if", even if they hike it will be dovish hike.
So I do expect lower levels ahead of or right after ( stop hunt ) and then higher prices towards 1,35.
Invalidation of that bullish view with daily close below 1,3150.
Stops are done to the downside and strong weekly close suggest bulls are trying to dominate.
I would like to see retest of 0,7040/00 early this week, rejection and higher prices towards 0,72+ at the end of the week.
This kind of action would create another lower shadow on weekly chart.
Possible targets stops above 0,74, then 0,7510/7630.
Weekly close below 0,70 ...
The first week of the year crude made an impressive come back although it didnt manage to close above key $50 level. Oil seems to be oversold and some short covering was necessary. The engulfing pattern on the weekly chart is a hint of possible reversal. Also MACD histogram is signaling weakening momentum as there the hope the US-China trade talks may continue in ...
We are done with small H&S formation but what about "The Monster" one ?
For now we may see continuation to the downside towards 9500/000 and after that some kind of bounce/rally
which might create right shoulder.
Please remember its weekly chart , its going to take time and we are talking about possible bounce twds 12000/500
On the deceber 3rd we were right about shorts at the top of the channel here
Bears still happy below 6370/6400 on daily basis and retest of the latest low possible. Daily close below may expose 5000 and even 4600 but Im not going to be surprise to see aggressive rally above 6400 which may expose top of the channel again.
Looking for intraday bounce as opportunity to sell short from intraday perspective with 96,40/20 as possible target BUT...
DXY: bulls are losing the ground after Fridays failure at the top but would be careful saying that we made the top. It might be just consolidation/profit taking ahead of FOMC.
In the latest monthly oil reports the demand growth forecasts didn't change and slowing production growth in H1 2019 due to production cuts could bring some stability around the 50% fibonacci level and could also give some short term support for bulls.
This could lead to retesting the broken trendline while the first resiStance at around 60-61 which could a ...
While the big technical picture o Weekly chart points to south the bulls are trying to avoid the possible sell off in EURUSD. On daily there is a signof possible short term correction to the upside as the recent dollar negative sentiment hlped to create a classic inverse HS which still needs to be confirmed. However the bulls seems to be weak for now and each time ...