About meRajan Dhall is a experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns. He is a full member for the Society of Technical Analysts holding the prestigious MSTA designation
EURUSD and GBPUSD
Big day for the two with the ECB and BoE meetings
This was my preview before the event-
* All policy change effected in the year so far, so no more expected in the foreseeable future.
* Next move will be to signal an end to the APP program, which is set to run until Sep 2018 at a reduced Eur30bln, but remains open ended as...
So Lonmin has broken a pattern of mine and it has been confirmed by good volume and a bullish candle.
One thing I would look out for is a small retracement to the value area on the volume profile.
But it looks like it could be a long on dips
Interestingly this one tears my tech vs fundo brain, copper prices are rising output is high and strikes in Chile are over.
All things considered this should be a long. Taking a clear look at the volume data the highs have been rejected twice with big volume. Not only that the moves down have been followed by volume confirmation.
A move to the main value area...
I wanted to use this chart as an example of how useful market profile is!
Just below the 340 area you can see the main value area on the volume profile indicator.
In conjunction with the candle action you can see that area was rejected with some power.
Once the candle high was broken the approach to new highs was made.
BAE SYSTEMS are said to be cutting costs at the moment and will cut 1000 jobs.
This will only mean profits will improve over time and with geopolitical tensions high I think the mean value on this chart will be tested again if not the highs.
News this morning - Tesco H1 18 Earnings Results: Revenue: GBP28.3B (est GBP27.62) Dividend: 1p and UK LFL Sales Up 2.2%.
Two members of Tesco's financial team resigned in 2014 because they were concerned that their professional integrity was being compromised by what they were being asked to do by their bosses, a court heard on Yesterday.
Now we have cleared...
On the weekly gold chart I am expecting a rest of the broken trendline as it confluences with a support level.
We may pull back through it so be carefull if you any any trades here but following that a restest of the recent wave high is my first target.
* Holding the mid 1.1900's, EUR/USD looks comfortable inside a range which looks set to play out until the FOMC mid week.
* Drivers all set to come from the US side this week, with the FOMC meeting in focus on Wednesday. Next ECB not till late Oct, and tapering expectations getting priced in - it's now a matter to what extent.
* On the downside, 1.1800-25...
This was a nice retracement to come back into lloyds shares.
The BoE are talking about reducing their balance sheet and we have FOMC ready to normalise after CPI gets closer to the target range.
If the FOMC sounds remotely hawkish then longer term I think we can test the highs, just look for a reaction at 69.40. This is a stable UK bank and at these prices it...
I believe we could see a move back into value or even higher if the oil price rises after the 22nd Sept OPEC meeting.
We are currently seeing bullish signs and volume is in favor of this move.
I have highlighted what I believe is a floor and ceiling level of the current consolidation level.
The first target would be at the price label and then the top of the...
BAE are world leaders in defense and as long as Trump and Kim keep up this war of word I believe that the highs will be tested.
Looking at the profile we have found support in the weekly timefame at the vacuum level. Once the recent value area is tested then we can look at the candles to find out if a break is valid, look for how bullish price action is on the...
supermarkets have something to worry about. Amazon who recently bought Wholefoods said they are set to drop prices at the organic supermarket and offer a delivery service like no other. Sticking with supermarkets Kantar Worldpanel showed the big four are going strong and Lidl stepped up to become the 7th largest grocer in the country. Tesco shares rose as it came...
* It will be a long day for EUR traders, as ECB Draghi is down on the slate to speak at Jackson Hole after European hours - 3pm CET.
* Ahead of this we have already had the German GDP data for Q2, unrevised at 0.6% qoq and 0.8% yoy. Next up is the IFO survey at 9.00am London time.
* EUR gains have been faltering on the upside, so it leaves all to believe...