UK100 - Intraday - We look to Buy at 7335 (stop at 7295) The dip was bought and the rally sold resulting in little net change for 4 consecutive (trading) days. There is scope for mild selling at the open but losses should be limited. Bias is mildly bullish today but we need to see a break of 7422 to confirm the upward pressure. Price action is forming a bullish...
FX:EURUSD OANDA:EURUSD FOREXCOM:EURUSD SAXO:EURUSD Why is EURUSD correcting lower after such an impulsive breakout? Firstly, we have nothing in the way of major economic releases or ‘news bombs’ to send the major currency pair in either direction. After an aggressive turnaround in stocks, we have seen the market relatively flat this week as we...
US30 - Intraday - We look to Buy at 26075 (stop at 26000) Mixed but positive price action has resulted in consecutive, narrow-ranged, sideways trading days. The move higher is mixed and volatile, common in corrective sequences. Although the bulls are in control, the stalling positive momentum indicates a possible turnaround is possible. With our medium term bias...
FX:USDCHF OANDA:USDCHF SAXO:USDCHF FX_IDC:USDCHF FOREXCOM:USDCHF The Swiss National Bank left rates unchanged again at -0.75%. Thomas Jordans (Chairman of the SNB) comments were: Risk of renewed upward pressure on the Swiss franc is high, the situation on forex market fragile. It costs more to hedge against Swiss franc appreciation than against its...
The monthly chart has confirmed completion of a 5 wave impulsive move and price action continues within a rare and complex expanding triangle formation. The bearish engulfing candle on this chart will be confirmed in the next 48 hours. The daily chart shows a head & shoulders formation with prices currently testing the neckline. A clear break and close below this...
Looking away from the majors today and to a solid set-up in GBPCAD. This cross not only offers a sound technical outlook in its ‘own rights’ but also lines up with the correlated view (GBPUSD bearish USDCAD bullish – GBPCAD BEARISH) Monthly: The long-term bias remains bullish. With the 50% pullback level at 1.8088 (from 2.0970-1.5205) lining up with the Ichimoku...
USD INDEX- The index has stalled at the 161.8% extension level of 90.25 (from 88.26-89.49). Although the med-term bias remains bullish for the US dollar, some currency majors are highlighting scope for a deeper correction. Bespoke support is seen at 89.94. If we see a break of this area then further support is seen at 89.61, a possible right shoulder of a bullish...
USD INDEX- We expressed some caution yesterday with the USD index close to the 161.8% extension level of 90.25 (from 88.26-89.49). As long as we fail to breach and hold below the trend line support at 89.65, the medium-term bias remains bullish. However, we have to be prepared for the possibility of substantial USD correction lower today. With Canadian...
USD INDEX- The USD has scope for consolidation and possibly a mild correction to the downside as we hit the 161.8% extension level of 90.24 (from 88.25-89.48). With this in mind, we only look to buy USD dips this morning The selloff looks underway for NZDUSD but we have the reverse view and look to sell into rallies Monthly: Trading in a congestion zone. This...
USD INDEX – Looks to be forming an intraday bullish reverse Head and Shoulders formation. Key support is 88.89 (61.8% pullback) and 89.50 (neckline break)
Technical I am not a great fan of trading non-farm payrolls. I sometimes find you have the correct view, only to be ‘spiked out ‘of your trades on the initial move. This results in me having a far more flexible stop policy, something that goes my system (normally stop above or below trigger candles). I also ‘think’ that we will see a move lower in JPY crosses. ...
Monthly: Hard to take too much away from the longer timeframe as most brokers have different low trades from the January 2015 spike. What we can note is the fact we will post a bearish Outside Month. Weekly: Bearish divergence can be seen on the weekly chart. Chart makes a higher high while the oscillator (RSI) makes a lower high, often seen before the change...
Monthly: The move from the year 2000 to the 2015 lows, could be seen as an Elliott Wave 5 wave bearish count (impulse). If this is the case, then we are in the corrective formation higher. The most important factor to take away from this timeframe is the fact the Ichimoku Cloud continues to stall (cap) buying. Weekly: Levels close to 1.3414 continues to find...
Monthly: In a large expanding wedge formation that has eventual bias to break lower. Weekly: in a corrective channel formation. Rallies close to 0.8100 find sellers. Could also be seen as an Ending Wedge. Higher highs seen at 0.8205 Daily: Possible ‘double top’. The most important factor in this timeframe is bespoke resistance at 0.8100 Intraday (15-MINUTES)...
Monthly: In a large descending triangle formation that offers a downward bias. Since posting a Hammer base in October 2016 trading has been mixed and volatile, common in corrective sequences. Ichimoku Cloud offers resistance at 156.36 Weekly: Mixed trading for the last 58 weeks has formed a bearish Ending Wedge. On a break of 143.80 the measured move target is...
Critical time for Congress and the US dollar. News overnight is that the US House has voted to pass a stopgap funding bill that funds the government into mid-February. The bill now goes to the upper house for a vote USD Index Weekly: Wednesdays bullish outside day is still holding but the long-term trend of lower lows from Q3 2015 to Q2 2016 is being pressured...
USD Index Weekly: The index has traded to the lowest level in 159 weeks. This has resulted in signals for sentiment being at oversold extremes. Levels below the trend of lower lows (from Q3 2015 and Q2 2016) are finding buyers. A break back above 91.00 would reignite USD bulls. One currency pair that would take advantage of this reverse in trend is USDJPY....
A very basic and straightforward trade idea show the double top formation triggered by the Dow breaking 19718 yesterday. We would look to set shorts at current levels (19732) with a stop at 20000 and a target of 19436