GBPUSD bearish – Posts new 7-month lows GBPUSD has submarined lower to post new 7-month lows towards 1.4887 (76.4% of the 1.4565/1.5929 rise) ahead of the 1.4856 minor higher low (April 21, 2015).The 1.5136 resistance (November 25, 2015 high) should cap near-term bounces. An upside break above the latter is needed to caution bears and prolong the consolidation...
USDJPY 122.50 – Neutral – Consolidates above the immediate support zone USDJPY is consolidating within a 3-week range under the 123.76 high (November 18, 2015). While the 121.50 area (October 30, 2015 range high) provides support to contain the dips, scope remains for upside. A break above 123.76 would extend the current upleg from the 118.06 low (October 15,...
MSFT 54.19 – long-term bullish – Bullish falling wedge breakout points higher MSFT posted a new 15.5-year high at 54.98 (November 6, 2015) following an 11-month bullish falling wedge breakout on October 23, 2015 (as shown on the monthly chart). Further consolidation remains expected given the overbought condition. While the 50.05 area (November 2015 month high)...
USDCHF 1.0155 – bullish – Rallies within a 4-week rising channel USDCHF reached 1.0220 (November 18, 2015 high) while forming a 4-week rising channel (as shown on the daily chart). While the 1.0076/0.9990 support zone (November 8 high/November 12 low, 2015) holds dips, above 1.0220 would extend the uptrend towards the 1.0239 YTD peak (January 14, 2015). Clearing...
USDCAD 1.3293 – bullish – Consolidates within a 6-week rising wedge USDCAD reached the 1.3371 high (November 16, 2015) before ranging within a 6-week rising wedge as shown on the daily chart. While the 1.3224 area (November 12, 2015 low) near 38.2% of the 1.2832/1.3371 upleg and the rising wedge support holds the pullback, scope remains for further upside through...
BABA 76.81 – neutral – Pulls back to support zone BABA pulled back from its new 3-month high at 86.42 (November 5, 2015) to expose the 74.00 support area (38.2% of the 57.20/86.42 rise). Below lies the 72.84 minor higher low (October 23, 2015) near 50% of the 57.20/86.42 rise and 68.89 (October 21, 2015 minor higher low) near 61.8% of the 57.20/86.42 rise. Back...
VIPS 13.54 – neutral – Posts a new 18-month low near key retrace VIPS fell to a new 18-month low at 12.02 (November 16, 2015), retracing 61.8% of the 0.41/30.72 rise (April 2012 low/April 2015 high) before consolidating. Oversold indicators caution for short-term bounces. While the 14.68 area (August 24, 2015 low) caps any bounces, scope remains for further...
BIDU 198.72 neutral – Could be range-bound under 202.99 near term BIDU rallied to 202.99 (November 12, 2015 weekly high) before consolidating. The immediate support lies at 189.55 (November 12, 2015 weekly low). An upside break through 202.99 would signal return of strength and open 214.22 (June 22, 2015 weekly high) next. However, a deeper than expected retreat...
FXI 37.69 neutral – Remains range-bound near term FXI retraced near 61.8% of the 34.32/40.59 rise (September 29 low/October 23 high, 2015). 35.85 (October 2, 2015 low) near 76.4% of the 34.32/40.59 rise, is the next support. Below lies the 34.32 range low. However, if bulls manage to retake the 38.34 high (November 12, 2015), that would suggest scope for...
USDCHF 1.0066 – bullish – Approaches key resistance at 1.0129 USDCHF extended the 5-week rally from the .9477 higher base (October 15, 2015 low) to 1.0095 (November 13, 2015 high), approaching the 1.0129 key resistance (March 12, 2015 high). Above lies the 1.0240 YTD peak (January 14, 2015). Overbought studies caution for pullbacks. While the 0.9990 low (November...
GBPUSD 1.5195 – bearish – The 1.5263 area should cap bounces GBPUSD remains in a downtrend making a series of lower highs and lower lows since June 2015. While the 1.5263 high (November 13, 2015) caps, further weakness is expected to open 1.5108 (Oct 1, 2015 low) ahead of the 1.5027 swing low (November 6, 2015). However, an upside break above 1.5263 would caution...
EURUSD 1.0764 – neutral – The 1.0897 area may cap bounces EURUSD sold off from the 1.1494 lower high (October 12, 2015) to reach 1.0674 (November 10, 2015 low), retracing 74.6% of the 1.0461/1.1713 March/August rise), before consolidating. The 1.0897 resistance area (October 26, 2015 weekly low) should cap bounces. Below 1.0674 would resume weakness towards the...
FB 108.01 – neutral – Ranges under the record high FB rallied strongly from breaking above the 99.24/96.49 triangle resistance (July 20/September 21, 2015 weekly highs) to a new record high at 110.65 (November 2, 2015). Overbought indicators caution for pullbacks. While the 101.08 area (November 2, 2015 low) holds dips, scope remains for short-term bullish...
AMZN 673.25 – bullish – Scope for triangle breakout target at 700.51 AMZN rallied strongly from breaking above the 580.57/570.94 triangle resistance (July 20/October 12, 2015 weekly highs) to a new record high at 675.96 Wednesday (November 11, 2015). Overbought indicators cautions for pullbacks. Short-term bullish momentum could propel the stock higher towards...
AAPL 117.48 – neutral – Consolidates near support zone AAPL pulled back off its 123.82 3.5-month high (November 4, 2015) near the 200 day moving average (currently at 122.09). The 115.50 level (50% of the 107.31/123.82 upleg) then 113.99 (October 27, 2015 higher low) should provide support. Bulls need to reclaim 122.09/123.82 area to resume strength for higher. ...
USDCHF 1.0068 – bullish – Triangle breakout points higher USDCHF broke out of a 7-month triangle consolidation (during the week of October 26, 2015), extending strength towards the 1.3126 lower high (March 9, 2015). Above would retest the 1.0239 YTD peak (January 12, 2015). Further bullish momentum from there would expose 1.0640 (July 26, 2010 weekly high) near...
USDCAD 1.3287 – bullish – Scope for higher towards September peak at 1.3456 USDCAD has been consolidating under the 1.3317/1.3331 resistance zone (November 6/October 1, 2015 highs). Bullish momentum indicators suggest scope remains for further upside. A break above the area would resume strength towards 1.3456 (September 29, 2015 peak). Above would extend the...
SMH 54.54 – neutral – Expects range-bound price action near-term while the long-term rising trendline underpins SMH recovered 76.4% of the fall from 60.13 (June 2015 peak) to 43.53 (August 2015 low) before consolidating. While the 47.54 area (September 2015 low) near the long-term rising trendline (from November 2008 low) underpins, further consolidation under...