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Copper on a daily chart. Not much say. Price hit resistance multiple times and is now taking a dive. Not many support levels on the way down. I would look for a bounce a the grey arrow and observe price actions a these levels.
USDCHF 4h - Keeping an eye on the price action at those levels. There's a case to be made for a continuation of the upside move especially when looking at the daily an weekly charts.
The question here is if the pair will have enough momentum to move to the upside of the channel.
There's a bit of a price/indicator divergence going on here so I'm looking where the ...
// update 06-08-2014 //
This chart was posted last month where we noted the limited upside potential. Price came off the highs an could be rolling over. Where and how we rebound are the key questions.
The two support areas to observe are marked with the blue and brown arrows. It would be healthy to witness at least a minor bounce at the blue support level.
EURUSD 4h - Channel to the downside is still valid. Looks like we are going for one more downside move. If the downside pressure persist then 1.3350 is the next stop. An acceleration of the downside move could translate into price hitting the (sub) 1.33 level.
The slope is quite steep i.e. break of potential support levels could imply a steep move.
Let's first ...
Keeping an eye on Gold. We got here quite a steep channel. Looking to see if support is going to hold here. 1298 is the last support level. If support doesn't hold I would look for price to move down to 1280 followed by 1245
EURUSD 15min had a nice run up in the green channel and then dropped quickly. Price seems to follow this new red channel to the downside. We are currently hitting support... which is also and import support level on the 4 hour chart. I'm curious how price will behave at these levels. I suspect we might seen one more quick dip to the downside... could be short ...
Very interesting dynamics at play in the dollar. Keep an eye on the price action here. Price is currently at point A where there is a confluence of resistance levels.
Price rebounded from the blue channel a few weeks ago but there is no follow through yet. If you have a bearish bias the next drop could go as low as point B where we have a confluence of support ...
S&P500 hit upper resistance of the brown channel. We have an interesting setup here where momentum is slowing down and the RSI is also at high levels. Now price might hit the upper resistance of the blue channel but clearly some caution is due as the room to the upside is getting smaller.
Nasdaq still moving up. We had a nice rebound from the bottom of the (steep) yellow channel. We just hit first major resistance: top of the blue channel. Even if price hits the next resistance - top of the yellow channel - we will probably observe a price to indicator divergence.
Momentum is still quiet strong... and don't forget that this is a weekly chart. ...
EURUSD taking a hit.. Let see if support holds. Small breach as I'm typing here... not looking to good.
Looks like price hit our targets from yesterday. Price should retest the upper channel followed by a pullback / consolidation phase.
Quick update of our 15min EURUSD chart. We have a nice channel developing however momentum is looking a bit shaky here. Price needs to hit the resistance at the orange arrow first followed by the grey arrow to validate the uptrend. Failing to do so would be a bearish sign. Positive developments are that price and mid term support levels continue to move up inside ...
EURAUD 4h chart on the watch list. Price is in a downtrend - Red channel. Second steeper downtrend is the last few weeks... but price is correcting right now. Three levels to keep an eye on regarding key resistance levels - (grey arrows).
Chart of the EURUSD on a 15 min time frame. Not the most precise one but worth keeping an eye one. Momentum doesn't provide a clear picture. A push to the upper side of the channel would be a healthy development. First step would be for price to reach the 1.3665 level.
Time for an update of our AUDUSD chart. This chart is 3 months old and still working very well. Price pierced resistance of the red channel, resistance became support and the green channel could now be in control. It's possible that we retest support of the red channel... support of the green channel wouldn't be too far away. With momentum pausing a bit, a would ...
AUCHF looking good. Support - blue channel - held. Observing if momentum is staying strong. There's a lot of room the the upside in the green channel but we will have to see how pice behaves after breaching the latest high. It would be healthy to see price first rise up to 0.8530.
NZDCAD had a nice rebound in this channel - going back one year. A pullback is due here. The momentum for the quarter and the year is still positive. Observing price for now specifically if price continues to obey the slope to the upside.
EURCAD 4h at potential support. Blue channel is looking like it's taking control over the red channel. Price to indicator divergence also favors a long a these levels.