EUR/SEK is trading within a well defined range, however recent price action suggests increased buying pressure that could see a move towards the top of the range. A break out of the upper resistance levels will see the completion of a long term bottoming pattern and potentially the start of an upwards trend. OANDA:EURSEK
GBP/JPY has been on a good run upwards and is now consolidated into what could be a rather ugly head and shoulders pattern. A defined level of support has been tested previously and there is likely a large number of stop loss orders that will be triggered should prices break below the shaded level. I do not have an opinion on how the price action will unfold,...
GBP/CAD has been putting in a significant sized base for a long time now, most importantly the lows of this base are higher, if only marginally then the previous low. I believe the GBP/CAD is poised to breakout of this consolidation and attempt a move to new highs. The UK's ability to keep Coronavirus under control will significantly impact the success of this...
If the current consolidation just above 80.00 breaks down a quick move lower could occur. Establishing short positions within the current consolidation pattern is riskier then waiting for a breakdown but has a much higher risk reward ratio and ensures the move downwards will not be missed. The price action suggests quite few stop losses are placed just below...
Wheat is contracting into a symmetrical triangle and is poised for a breakout. Volatility as measured by a 14 day ATR is the lowest it has been since last year February, this is generally a good sign of a market poised for a large move especially when combined with a definitive consolidation pattern like a symmetrical triangle. Which way the break will occur is...
Recent comments by the federal reserve has served to significantly allay the fears of many investors that any further rate increases will occur in the near future. Further more the recent government shutdown should serve to stunt some of the upcoming economic indicators. As the Fed has stated many times they remain data dependant and if upcoming data disappoints...
The USD/ZAR has moved into an area of support that has held up well and produced a decent bounce, with prices moving up from the mid 13's until the mid 14's before turning back down. The move into this support zone has coincided with a divergence signal from the RSI indicator, price has moved lower while the indicator has moved higher. As with most oscillators...
To start the new year off the Eur/Jpy cross confidently broke through well defined horizontal support and an ascending trendline. The pair then moved down to a low of 123.529 the day before the Yen flash crash. After the flash crash the pair put in a timid rebound that has stalled just below previous support turned resistance and consolidated into a tight range...
WTI crude is forming an inverse head and shoulders pattern following the steep decline during the latter part of last year. Price is constricting just below the neckline of the head and shoulders pattern, hinting that an explosive move is imminent. There are many potential catalysts for a move currently including commentary out of Davos that could lead to...
Natural gas has recently fallen down to a confluence area of support. This support area consists of a long term trendline originating from the low in March 2016, a short term trendline, the 61.8 fib retracement of the March 2016 low to November 2018 high and the 3.00 whole number level. Price has been ranging around this area of confluence for several days now,...
Buy the dip is phrase that often comes to mind at times like these. Blindly buying any market decline without an appreciation for the underlying conditions causing the drop is foolish and unprofitable. However the panic caused by falling share prices does provide us with some excellent profit making opportunities provided we stay flexible and keep our eye on the...
The SP500 has over the recent weeks broken through some well defined support levels and looks set to close red for the year. As a barometer for risk trends and overall market sentiment the current price action does not appear to embody confidence among investors. Rightly so as there are a plethora of fundamental headwinds that have got investors nervous at the...
Soybeans recently broke out to a new high and managed to spend some time above the 9.00 mark before the 200 day moving average and the top of an ascending channel forced price back down. It is now stalled at confluence fibonacci support and a parallel of the lower trendline of the ascending channel, with the bottom of the channel very close below. An aggressive...
Price has reacted strongly to the trend line resistance guiding a descending price channel, this also coincides with the 76.4 retracement of the recent swing low. If price closes below the 200 weekly moving average a short trade will be initiated targeting 0.865.
The EUR/JPY has moved down to an area around 125-126 that has seen price be strongly rejected from on two occasions in the past. This time the move into support coincides with an ascending trendline from 2016. Price has bounced strongly for two days since coming into contact with the trendline which gives greater validation to its importance. Technically I have...
Price recently broke under a well defined level of support around the 1.2700 level and has bounced back to retest it several times. The upswings in price have been guided by a short term ascending trendline, best viewed on the 4 hour timeframe. In addition to the previous support turned resistance a lid is being kept on price by the 61.8 fib retracement of the...