The US Dollar Index might have formed a potential top around 97.70 levels earlier and might be looking to resume lower. It is too early to confirm the same at this point in time but a break below 95.65/70 levels would certainly be encouraging for bears, also a confirmation that trend has turned lower. Looking at the wave structure, a potential 5 waves impulse...
The 4H chart for EURUSD is suggesting that the pair might have formed a meaningful bottom at 1.1216 levels. It has managed to push through 1.1350 levels and is seen to be trading around 1.1325 levels at this point in writing. It could be too early to confirm a bottom but a push through 1.1500 levels would certainly be encouraging for bulls and also a confirmation...
XAUUSD is approaching its resistance at 1212.28 (61.8% Fibonacci extension, 38.2% Fibonacci retracement x3, horizontal overlap resistance) where it could potentially reverse down to its support at 1198.37 (76.4% Fibonacci retracement, horizontal swing low support). Stochastic (34 5, 3) is approaching its resistance at 91% where a corresponding reversal could occur.
AUDUSD is approaching its resistance at 0.7295 (100% Fibonacci extension, 23.6% Fibonacci retracement, horizontal swing high resistance) where it could potentially reverse down to its support at 0.7198 (76.4% Fibonacci retracement, horizontal swing low support). Stochastic (55 5, 3) is approaching its resistance at 96% where a corresponding reversal could occur.
NZDUSD is approaching its resistance at 0.6824 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal swing high resistance) where it could potentially reverse down to its support at 0.6769 (50% Fibonacci retracement, horizontal overlap support). Stochastic (55, 5, 3) is approaching its resistance at 96% where a corresponding reversal could occur.
CADJPY is approaching its support at 85.66 (100% Fibonacci extensionx2, 61.8% Fibonacci retracement, horizontal swing low support) where price could potentially bounce up to its resistance at 86.23 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance). Stochastic (89, 5, 3) is testing its support at 4.5% where a corresponding...
The US Dollar Index 4H chart view might be suggesting that 97.70 could be a meaningful top formed yesterday. Please note that the index could have unfolded into 5 waves from 97.70 levels, at a lower degree; and if it holds true, prices would ideally remain below 97.70 levels and push towards 95.70 levels going forward. Immediate price resistance could be seen at...
The 4H chart for EURUSD has been displayed here to have a lower degree wave count. As discussed yesterday, if the proposed ending diagonal count for (5) th wave holds to be true, prices should ideally stay above 1.1172 levels going forward. Please also note that a lower degree wave count (1H) might have unfolded into an impulse from 1.1216 levels. If this holds to...
The 4H chart for Dow Jones seems to have completed its first leg down (wave 1), within wave(3), that began from around 26300 levels earlier. The indice has already dropped more than 1000 points since last week and could be producing a pullback rally, before resuming its drop. Looking at the wave structure again, the Dow Jones had dropped lower, unfolding into 5...
Gold has tested its counter trend line support at $1196/97 levels yesterday before bouncing back. The yellow metal is see to be trading around $1202 levels at this point in writing, expected to continue pushing higher again. As discussed yesterday, the bounce is still within the convergence support zone of trend line and fibonacci 0.618 as seen here. Furthermore,...
CADCHF does not appear to have any rallying power what-so-ever. The chart looks exhausting, the news surrounding the pair is uneventful, and the technicals are pointing south on the daily and weekly. In my opinion CADCHF is headed for down. -Wish you guys much success; don't give up. -StampsFX
EURJPY bounced nicely off its support at 127.49 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 129.80 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal swing high resistance). Stochastic (55, 5, 3) is bounced off its support at 3.7% where a corresponding...
CADCHF is approaching its support at 0.7606 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing low support) where price could potentially bounce up to its resistance at 0.7625 (50% Fibonacci retracement, horizontal pullback resistance). Stochastic (89, 5, 3) is testing its support at 3.7% where a corresponding bounce could occur.
CHFJPY is approaching our first resistance at 114.08 (Horizontal overlap resistance, 61.8% fibonacci extension, 38.2% fibonacci retracement) and a strong drop might occur pushing price down to our major support at 112.51 (Horizontal swing low support, 61.8% fibonacci retracement). Stochastic (34,5,3) is also approaching resistance and we might see a corresponding...
As we forecast downtrend for this day, so Forecast City suggests sell (limit) below R1=1.011. But the short term forecast is range bound, so we expect to reach the following targets: TP3: S1=1.007. TP4: S2=1.0045. Set the stoploss of these orders at breakout of R2=1.013. Stop and reverse: If trend gets reversed, buy (stop) orders will be opened at breakout of...