positionforex

positionforex

Is EUR/USD heading lower? Is this support and resistance?

positionforex

Could be a critical break and a reverse in trend.

positionforex

Chance for a bounce here...need a little time to play out

positionforex

Since the breakout of 11/23 at the $1.60 level the Pound rallied to nearly 1.6350 and while it looked poised to go higher it has since sold off, bounced at $1.60 on 1/10 and has now returned to test the level. the more often a level is tested the more important it is. The more times it holds the support there is for it but if it breaks price may remain under it...

positionforex

$EURAUD has now put in a lower high and momentum is turned to the downside. Clearly the Euro is short term overbought against multiple currencies and while the Aussie remains stubborn against the Dollar this makes it strong against the Euro. Minor support at 1.2550 is unlikely to hold with the negative momentum behind price which is no longer consolidating.

positionforex

Markets around the world have had a nice run lately including the FTSE100 but this pattern presents a risk. Using the EWU ETF as a proxy for the FTSE100 (they differ a bit but its close) the chart demonstrates the breakout from resistance on 1/2/13, the market retesting old resistance now support on 1/8/13 and the rally higher from there. If we look at the...

positionforex

Like a play from a playbook the GBP/USD is exhibiting a classic bullish activity. Pop on bullish news (US fiscal cliff averted), blow through resistance, sell off, find support, and bounce from there. On 12/27 the Pound put in a higher low but needed some momentum to get through $1.62 resistance. The news flow was sufficient to get the momentum going and the...

positionforex

In the competition to see which central bank can print the most money the Bank of Japan is winning with the US Fed Reserve a close second and the ECB a distant third. As a result when the US announces it will creating $4T of new debt and everyone knows that will require more money printing the USD weakens. Interestingly however it is not weakening against the...

positionforex

$140 is critical support for SPY and today's bounce was very bullish for keeping the rally from early June going. This should start the move to $147.

positionforex

Holding on to the 1400 area keeps me bullish over the medium term.

positionforex

The Pound is breaking out of recent resistance and is poised to take out 1.63. I don't think 1.63 will hold resistance.

positionforex

Oil opened higher, swooned with stocks lower on Senator Reid's comments, and finished higher when the day was over. From a technical perspective today's candle is a Dragonfly Doji. The Dragonfly Doji is a bearish reversal candle which is reasonably reliable - if so why is this a breakout. In order for the Dragonfly Doji to be confirmed prices will need to open...