- EURUSD has now completed the larger descending channel pattern to the downside following an impulsive leg up on the LTFs, confirming medium to longer term bullish momentum in the pair albeit part of a larger continuation/corrective pattern to the downside. - Price appears to be more structurally and technically driven eyeing weakness in the USD & slowing...
USDCAD: Corrective break, downside anticipated
- EURUSD continues to correct on the HTFs in a larger descending channel pattern, indicating medium to longer term bullish momentum in the pair albeit part of a larger continuation/corrective pattern to the downside. - On the LTFs the pair remained bearish last week correctively moving down within the ascending wedge structure, with momentum slowing and now...
Technical outlook: Bearish with an initial bullish correction - We see a dollar correction and reversal at the start of the week with price likely to re test the 1.1435 support turned resistance level. - Technically speaking, the EUR has now hit the 127 extension level of Septembers bear run and has a few hurdles to jump over should it want to run higher (Dec 16...
NZD currently sitting within a range awaiting US GDP numbers for momentum. - Broken 4hr H&S structure albeit consolidation below neckline - Break and pullback to previous swing low will initiate a short position to 0.64 level
Global equity markets are selling off, with the S&P now closing below structure (yearly trendline) and the closely watched 200 SMA. We anticipate a follow through to our target level and zone 1&2 prior to any type of reversal.
Gold has now broken the longer term April 2018 trend line, consolidated and now looks to push higher. We have identified a few points to note prior to taking any long position. - Key 1240 handle reached (which also happens to be the 38.2 fib level from the Apr run) - Bear flag pattern forming indicating a potential to reverse lower (confluent with the recent DXY...
After our successful short trade on the 17 Oct (clearing +5.5% unlevered), we have identified a critical area of support which we anticipate a bullish reversal leg from. - 66.75 support zone - June 2017 bullish trend line support - 64 - 66 zone has been a critical reversal area over the past 4 months on both sides
Pending short: USOIL - key resistance zone/4hr sym triangle