EURUSD 1.1271 – neutral – Form an 8-day rising channel within a 6-week triangle EURUSD remains holding above the 1.1104 support area (September 22, 2015), forming an 8-day rising channel within a 6-week triangle (as shown on the daily chart). The 1.1318 level (October 2, 2015 high) near the crossing point of the rising channel/triangle resistances is crucial....
SPY 189.75 bearish – Potential to test August’s 182.40 low SPY reversed lower off the 192.49 high (October 1, 2015). Given the weak indicators, there is scope for further downside. Below 186.93 (September 29, 2015 low) would extend the current decline to test the 182.40 spike low (August 24, 2015). Below lies the 181.92 key low (October 15, 2014). However, if...
EWH 19.35 bearish – Potential to test August’s 17.57 low EWH has been consolidating within the wide range between August’s 17.57 low (August 24, 2015) and the recovery high at 20.15 (September 14, 2015). Given the strong bearish momentum, there is potential to see a test of the 17.57 low near 61.8% of the 13.30/24.65 (October 2011 low/May 25, 2015 record high)...
USDJPY 119.75 – Neutral – Consolidates within a 5-week symmetrical triangle USDJPY is consolidating within a 5-week symmetrical triangle. Given the weak indicators, scope remains for downside. A break below 118.79 (September 7, 2015 low) near triangle support would confirm a bearish continuation pattern and open the 116.07/115.84 zone (August 24/January 12 lows,...
USDCAD 1.3267 – Neutral – Consolidates within a 2-month rising channel USDCAD pulled back off the 1.3456 multi-year high (September 29, 2015) following completion of a 2-month rising channel (linking July 29 low/August 25 high, 2015). Near term supports are 1.3174 (September 21, 2015 low) then 1.3116 (August 31/September 1, 2015 lows) where a swing low remains...
IYT 139.46 bearish – Potential to test August’s 128.26 low IYT has been consolidating within the wide range between August’s 128.26 low (August 24, 2015) and the recovery high at 149.86 (September 14, 2015). Given the strong bearish momentum, there is potential to see a retest of the 128.26 low near 38.2% of the 70.82/167.80 (October 2011 low/November 2014 high)...
IBB 300.99 Bearish – Oversold bounce requires caution IBB slumped from the 400.79 record high (July 20, 2015) via the 366.56 lower high (September 14, 2015) to reach 285.53 (September 29, 2015 low), shy of the 284.16 spike low (August 24, 2015) before ranging. Given the strong bearish momentum, a swing high under the 329.20/330.60 resistance zone (January 26...
FXI 35.11 Bearish – Tests 7-week rising wedge support FXI is testing 7-week rising wedge support (from August 24 low/August 27 high, 2015). A breakdown below 34.32 (September 29, 2015 low) would complete a bearish continuation pattern, extending the downswing from the 52.85 record peak (April 27, 2015) to open 32.80/31.85 (August 24, 2015/June 24, 2013 lows)...
EURUSD 1.1171 – bearish – 20 day moving average caps the bounce EURUSD failed to overcome 1.1295 (September 24, 2015 high) which is near the 50% retracement of the 1.1459/1.1104 fall and the 20 day moving average (currently at 1.1230). The current slide offers scope for further weakness towards the 1.1104/1.1086 support zone (September 23/4, 2015 lows). A...
GBPUSD 1.5167 bearish — Probes below 3.5-month support to eye equality target GBPUSD slumped from the 1.5658 high (September 18, 2015) to probe below the 1.5169/1.5163 3.5-month range support zone (June 1, September 4, 2015 lows). That signals scope for further weakness towards 1.5088 (May 5, 2015 higher low) ahead of the 1.5003 equality target (1.5818-1.5163...
EURGBP 0.7401 – bullish – Bullish weekly reversal points higher EURGBP reversed strongly off the .7195 low (September 22, 2015) to test the .7421 range high (August 24, 2105) and the 50 week moving average currently at .7402. Bullish momentum suggests there is scope for further upside. A clean break through .7421 would confirm a higher base over .7195 and...
EURUSD 1.1236 – neutral – Bounces off triangle support EURUSD is consolidating within a 5-week triangle range. The pair bounced off the 1.1104 support (September 23, 2015 low) through 1.1185 (200 day moving average) to probe the 20 day moving average currently at 1.1233 which has been capping the last 5 days’ trading. Below 1.1104 would weaken towards 1.1016...
SPY 192.47 – bearish – Former rising wedge support now reverts to resistance SPY reversed lower from Friday’s 195.00 high (September 25, 2015) just beneath the former rising wedge support which now reverts to resistance. Below 190.56 (September 24, 2015 low) would weaken further towards 186.92 (August 25, 2015 low) then possibly 182.40 spike low (August 24,...
EURAUD 1.6135 bullish – Bullish triangle breakout points higher EURAUD rallied through a 5-week triangle (from August 24, 2015 peak) to confirm a bullish triangle breakout pattern and trigger further gains towards 1.6283 (August 25, 2015 high) ahead of the 1.6584 spike high (Aguust 24, 2015) near term. 1.5901 (September 24, 2015 low) provides immediate support....
ASHR 32.46 Bearish – 3.5-month falling wedge remains capping ASHR formed a 3.5-month falling wedge (from the 55.19 peak, June 8, 2015), continuing to cap the recent rise to 35.29 (September 21, 2015 high). With the indicators still weak, there is scope for a retest of 28.84 (August 24, 2105 low). Below there would expose the key 27.00/26.65/26.23 support zone...
SPY 194.00 – bearish – Gaps below 3-week rising wedge support for 190.73 SPY gapped lower Tuesday morning (September 22, 2015) below 3-week rising wedge support to suggest scope for further consolidation towards the 190.73 range low area (September 1, 2015 low). A breakdown there would weaken further towards 186.92 (August 25, 2015 low) then possibly 182.40 spike...
USDCHF .9694 – bullish – Probes 8-day down trendline with scope for higher USDCHF rallied strongly off last Friday’s .9527 low (September 18, 2015, near 200 day moving average) to reach .9740 (September 21, 2015 high), just shy of the 76.4% retracement of the .9832/.9527 fall. Intraday bullish momentum suggest scope remains for further gains through .9762...
GBPUSD 1.5647 – neutral – A higher swing low cannot be ruled out GBPUSD rallied from the 1.5329 minor double bottom (September 15/16, 2015 lows) to 1.5658 (September 18, 2015 high, near 76.4% of the 1.5818/1.5163 fall) before pulling back. Given the positive indicators, a swing low near the 1.5475/1.5424 zone (September 10 high/August 7 spike low, 2015) cannot be...