As Excavo has already precisely shown, GER30 is at the 0.786 Fib retracement area. I would wait and not enter any new long positions. We will see either a rise along the 5th arc upwards, or if this fails a really strong drop. Caution !
There is in my opinion a holding pattern going on in USDJPY, as this pair has been used to prop up everything. However, looking at volume of Yen futures ( CME ), we can see that selling pressure is building up in this pair. Don`t be disappointed that it didn`t drop further, another opportunity will come soon. At the moment we have low volume Xmas, and everything...
Waiting for 117.237 break down and possible retest. See levels on chart for possible targets.
AUDJPY had a fast run higher like many Yen pairs in the wake of USDJPY`s phenomenal upmove. Looking for some form of correction into the FOMC press conference ( " risk-off " ).
Just a big picture showing some structural developments. We have FOMC today and price is extended at the top end of this " megaphone ". A correction and / or much higher volatility is likely. Trade very small size / nimble, or stay out.
Weekly big picture shows weakness in this upswing, compared to the impulsive move down off the highs. But as A. Mangal points out : be very careful with any immediate short, there will be lots of whipsaws of big players trying to get at your stops before they let it drop. ( Similar to DXY etc. ) An alternative would be FX Options, giving you enough time until expiry.
I don`t trade much intraday : but for those inclined an opportunity might arise here, either today ( later in US trade ) or early next week. USDJPY was extremely bullish after the Trump election, it went too far too fast. Take care and trade with low risk :-)
We can see how DXY managed to break free out of this major time/price band - even a lower timeframe setback may just be a retracement.
I do think that Apple will correct a bit more. It is educational and important to look at higher time frames and see how - despite the intraday HFT algo programs - in the long run previous levels are respected and then turn out to be very useful for us.
Just a heads up for people trying to figure out how much lower price can go. The blue dotted horizontal lines depict roughly the top end of this range. Now the breakout higher is sold off. WAIT for price action to show some kind of base and re-test before buying. This applies to many stocks as well.
Surprisingly, during the rise in 2016 in the general market, defensive sectors like Utilities and Consumer staples were bid up, in search of yield and dividends. If the Treasury Yield goes UP, or any rate hike actually happens, some funds and big investors will move out of stocks ( even defensive ones such as XLP or XLU ). Watch major support ( weekly ) around 52.00 USD.
Despite the iPhone 7 event yesterday, AAPL has been weak recently. It has a large short interest from major Hedge Funds as well. All the major holders of AAPL have exited and only some retail traders and "fans " are holding ( the bag ). Wonderful products and company, but if long : then from a lower price....
I was closely watching AXP after it was previously rejected at the 200 MA, however the drop didn`t really go far and it seems as if strong hands are still supporting further gains. Look for this gap close around 66.42 USD & then possibly still further upside. P.S. Congratulations to all followers who participated in BABA after my call-out :-)
Just a specualtive idea : but looking at Bank stocks like Citigroup - it looks like many institutional investors were surprised by the sudden drop very early this year. Thus they might take this window of opportunity to drive price back up to at least the previous breakdown level ( just to get breakeven ). Therefore, a rise in Citigroup to approx. 50.00 USD area...
DBA had a retrace after breaking out of this declining wedge. I am now watching price behaviour around this base area and setting some alerts ( 21.00USD ). If the macro assessment is correct we should see Agrobusiness follow the pro-inflation-fear environment, which means that precious metals, commodities and Agrobusiness should provide considerabel gains in to...
There is still a resistance band between 29.72 and 31.16, but I think it could break higher. Cautious investors wait for confirmation ( e.g. breakout and retest ).