USDJPY (4H): After double bottoming (on Sept 27) at the 100.00 support zone, price moved sharply higher and is now back at previous resistance. Price has broken the rising wedge and has retested the bottom of the wedge as well as the 50 SMA. This is also the right shoulder of the head and shoulder pattern. My downside targets would be the 103.25 (Previous weekly...
USOIL (4H): After spiking higher oil is trading in a bull channel. It is currently approaching the highs of this bull channel. It has broken the high at $51.57. Will it hold above or will price rotate to the lows of the channel. Note that price is also at the 127.2% extension of a previous swing high. The trend is clearly bullish and I would only be looking for...
USOIL (Daily): For more than a week oil has broken and held above $50. The next target is resistance at $51.70. It tried to break this level on Oct 11 but failed to do so. Here we are again. The trend is clearly bullish but be careful of buying into resistance.
SPX500 (4H): Price bounced off support near 2100 and is currently trying to break through the resistance zone at 214x. This resistance is defined by previous support now resistance as well as the 50 SMA. Buyers who entered in the 212x zone could consider taking partial profits. Those looking to buy should wait for a strong break and retest of this resistance zone....
SPX500 (Daily): Bounced off support in the 2100 zone. This area has acted as resistance for several months before the bulls achieve a clean break. Price has retested this area with the bulls showing their presence. Although the trend is up it should be noted that for the past three months the market has simply chopped sideways. In this situation I would stick to...
DXY (4H): Price is trading in a up channel after a sharp upward move. We are currently at the lower trend line of this bull channel. Price is clearly in a up trend. My upside targets are 98.1x (previous high) then 98.5x (upper measure move/previous high). I would not consider shorting until there is a strong breakdown of the up channel that brings price below the...
DXY (Daily): Since breaking higher on Oct 4 the dollar has been particularly strong. It is trading in a bull channel and approaching the top of that channel. Price has recently broke resistance at 97.57 and is currently using this resistance as support. The next resistance zone is at 98.5x (previous high, 127.2% ext and measured move). Due to the strong up move...
USDCAD (4H): After spiking higher off the 1.28000 zone, price is trading in a slight bull channel. Note however than in the short term we are still trading below the 20 SMA as well as the 50 SMA. We are currently at the lows of this channel. If the lower bull channel line holds my upward targets are 1.316x (previous high) then 1.328x (previous high), then finally...
USDCAD (Daily): The USDCAD is in a slight uptrend where it is slowly grinding higher. It has tested the 50 SMA leaving a long lower wick. In this type of price action the up moves are not sustained with deep retracements. Major support is at 1.30000. My upside targets are at 1.327x (previous high) and 1.337x (127.2% ext as well as measured move). My initial...
GBPUSD (4H): Price broke to the upside of the triangle pattern and is currently at the 50 SMA as well as near the previous high created Oct 11. The trend is clearly down and I expect selling of bearish price action at this level as well as the other overhead resistance zones (up to the 61.8% retracement). I would only consider buying (counter trend trade on a...
GBPUSD (Daily): After trading in a range for more than 3 months the GBPUSD finally broke sharply to the downside. Price trades through, then pullback from the 1.20000 level as well as the lower range expansion target. Price is currently trading sideways and all the price action is contained within the candle created on Oct 11. Although the downward momentum has...
USDJPY (4H): After double bottoming (on Sept 27) at the 100.00 support zone, price moved sharply higher and is now back at previous resistance. THe 50 SMA has catch up with current prices (due to slowing momentum) and there is a rising wedge which I am expecting to break to the downside. My downside targets would be the 103.0x zone (38.2% retracement) then the...
USDJPY (Daily): is at the 61.8% retracement of the previous swing low. Price has broken the upper trend line of the down channel. The resistance zone was previously tested On Sept 2 and higher prices were rejected. Price is trading above the 20 and 50 SMA. I am looking for a move (at least) back to the moving averages and possible to the lows of the bull channel.
EURUSD (4H): The downward momentum has slowed as price runs into the 1.10000 level. I expect some correction. This zone is also the 161.8% extension of a previous down swing. Price is trading slightly below the down channel lows and is overextended with significant separation from the 50 SMA. The USD as been strong and I expect selling pressure at previous swing...
EURUSD Daily broke and close below the 1.10000 level. Price is trading towards the low of the down channel. The 1.10000 zone has acted as support in the past and could do so again.
SPX500 (4H) is coiling into a wedge pattern the centre of the consolidation is around the 216x zone. Both the 20 and the 50 SMA have flattened. The price action seems rather balanced. It should however be noted that the last dominant move was a swing low. There is immediate resistance at the 217x zone and immediate support at the 214x zone.
