The Fed decision today with probably give the market their expected 25bp hike, the devil in the detail is always the press conference and any potential guidance offered, the market is pricing in much slower and ending to rate hikes and possible cuts by year-end. BUT he has consistently said there will be not cuts this year !! and that could disappoint bulls and a...
Slowly getting there
Monthly suggests moving higher to complete move up from 1999
Weekly while below 2078 could see a deeper correction before the next retest higher
Daily showing the first wave of a move higher so now we need to monitor the 2078 weekly high and possible topping pattern in daily to measure momentum.
I am showing you my process of working through a chart that could help you
I will post charts to show the thought process
Firstly the monthly chart, currently has seen a top when we broke above the previous high, why because the market was divergent and thats why now unless break is explosive and corrects that divergence the gold will struggle to get to much higher
Once you have accessed the higher time frames then drill down into the lower time frames to find trades in the contaxt of: -
1. continuation, pullback and buy again
2. ending and looking for trade set up to buy-sell
The market has in the last few years observed the VIX below 20 and above 35 close to 40 and given the market a defined range, its again time for those that follow the Vix as a barometer to decide whether the current rally in the S&P holds here or hereabouts and continues within the range, or its time for the bulls to take control and push the market higher.
USDZAR like most currencies in the past few days have come under pressure from the strong dollar, but the Rand is unique and has been on an upward trend since the 1980's, the currency is influenced by local politics and is not helped by the flight from commodity based currencies and emerging market syndrome. This currency needs very careful trading tactics and is...