AUDUSD has been trending higher for the past month. Supported by gains in commodity prices, specially copper , oil and gold . However, in recent days copper has started to diverge, pulling back lower. Meanwhile gold is flat.
Yield differential is in favor of the U.S. dollar. As the yield between the 2-year Australian bonds and the 2-year U.S. bonds has been...
Market Correlations and Yields
The Canadian dollar is highly sensitive/correlated to oil and natural gas prices, as Canada is a big producer of both. Hence its economy is influenced by fluctuations in their prices. Higher oil and natural gas prices usually help the Canadian dollar and push the USDCAD lower.
I have plotted the natural gas, oil and Canada/U.S...
Hello TV Fellows,
AUDUSD has completed a short term double top formation by breaking its neckline at 0.7174. Meanwhile, RSI has been signalling a negative divergence, as it failed to follow the price action and make new highs.
I expect a retest of 0.7070 main short term support area. Approximately a 100 pips potential.
If we assume( speculate on) that we are already in a bear market, following the high recorded on February 19th, then:
I will be looking for signs for bearish reversal starting from 2940(horizontal resistance) up to 3024 (next horizontal resistance)
This area includes the confluence of the 200 days exponential and simple moving averages as well.
I think the selloff following ease of geopolitical risks is about to stall, and we could see a short term bullish bounce.
Technically the price hits the 200-days simple moving average and the main rising trend line for the overall bullish trend.
Looking for a short term upside possible target 2 dollars from here, around $60/Barrel.
I am looking for the price to rebound further towards the the channels ceiling and possibly the 200% Fibonacci extension level around 1.1330 area. Bullish bias should remain valid as long as the price is holding above the 200 days simple moving average.
Trade with care
I placed a pending buy on a retest of the broken neckline for a double bottom pattern, the pattern formed at the 50-days simple moving average. I am expecting a retest of the recent swing highs just near the 200-days simple average. Trade details on chart.
Expecting the NZD will gain further against the CAD as the price has completed a rounding bottom formation after breaking 0.8500 key resistance level.
First target at 0.6825 followed by 0.8700.
I have initiated a short on AUDUSD as the price retested the key resistance area along with the 50 days simple moving average and was rejected. I am speculating on a move towards the bottom of the range. Trade details on chart.
EURNZD may have completed a retest to the broken key support turned resistance at 1.7300 area. I am looking for a downside move at least towards the most recent swing low at 1.7150. And a second target at 1.7000 level.
The most recent bearish wave looks impulsive for me, usually impulsive strong waves are followed by short pullbacks and at least a resumption attempt of the initial impulse wave. The wave has taken the short to medium term trend line and printed a Gravestone doji candle.
My targets are outlined on chart.
Dax and many other stock indices are trading in strong uptrends. Pullbacks are shallow as investors enter at any short term dip, fueled by Quantitative Easing Europe edition.
Under this type of trends, it be might be necessary to be less conservative and more aggressive in entry to be able to ride the trend.
Therefore, I am long targeting the most recent high...
EURCAD printed a double bearish candles at the main horizontal resistance for the overall down trend. Firstly a spinning top candle, followed by a smaller shooting star candle. Today, the price confirmed the rejection and broke back below the low of the spinning top candle at 1.4642, and closed the daily candle below it. Meanwhile, the RSI has reached its prior...
Hello fellow traders,
An interesting setup may be at hand for a USDJPY short on market, I just shorted it few hours ago.
The chart explains it all, however, here is the list of reasons in bullet points:
Major horizontal resistance cluster area.
200-days simple moving average resistance.
Potential rising wedge pattern.
Shooting star candlestick at...
For my Turkish friends,
Long term 3 months chart shows how the Turkish lira has been in a constant depreciation against the USD. It will be interesting to see ultimately when the parabolic curve will be broken and the major reversal of more than 50 percent to follow.
Simple head and shoulders pattern completed on the 4-hour chart. If we also look at the weekly, we had a bearish engulfing candle at the major long term resistance around 0.9300. Possible short term target at 0.8900 area.
BTC is following a very interesting pattern. There is a very large similarity between what happened in 2014,2015, 2016 and now.
We had a major correction started at point A in late 2013, and ended at B early 2015, which is very similar to the most recent major correction from pont C to D.
After bottoming at B the price rallied and stopped temporarily at the...