RamziAbouAbdallah-CMT

RamziAbouAbdallah-CMT

• Despite the hawkish surprise by the RBA yesterday, raising interest rates unexpectedly we are experiencing a fading momentum of the bullish reaction • Reason behind this might be lack of conviction within the buyers • US Dollar strength is back in the markets amid renewed fears amid banking woes and recession adding to that pricing of a continued Federal...

RamziAbouAbdallah-CMT

• Euro Dollar is trading in a tight range between 1.09 and 1.11 • Bulls and bears are in balance, awaiting this week's key rate decisions for fresh impetus • Technical setup is pointing towards a breakout soon and odds are 50 50 • We can see an ascending triangle and the price action is shrinking as we move through the cradle of the triangle • This pattern is...

RamziAbouAbdallah-CMT

• Up trend intact as long as we are above the line • 20 Moving average supporting the price • Buying pressure/momentum is still bullish • Potentially, the Euro is ready to print new highs in the coming sessions • First upside target is 1.11360 followed by 1.1190 and 1.123 (61.8% of the entire 2021-2022 decline) • We might see a re-test of the ascending trend...

RamziAbouAbdallah-CMT

• The US Dollar erased all of the gains it made from May 22 till Oct 22 • 20 Moving Average acting as a resistance, the index is unable to break it • Possible descending triangle, a bearish continuation pattern • 100.80 support has been tested multiple times, increasing the odds of the bears breaking it and selling pressure dominating • Were the bears able to...

RamziAbouAbdallah-CMT

• Ethereum is suffering from the overall crypto market correction • After hitting the upper trend line of the broad ascending channel, price reversed and broke through the middle line as well indicating increasing selling pressure • Price found some support at the lower bound of the channel • Bulls will try to keep the price from breaking the channel even if...

RamziAbouAbdallah-CMT Updated 

• Triangle pattern on hourly chart, so consolidation mode and sideways market • Triangle is usually a continuation pattern • Previous move was bullish, so breakout should be to the upside • First support 1.0910 followed by 1.08320 and 1.07140 • First resistance 1.09980 followed by yearly highs at 1.10750 • Triangle breakout target as per the measurement method...

RamziAbouAbdallah-CMT

• Picture doesn't look so bright for the Sterling • Odds are turning in favor of the bears for the following reasons: 1: The Ascending parallel channel has been broken for the first time today 2: Recent rally failed to print a new high above the previous one at 1.2540 and a potential double top is being formed 3: Bears are approaching the double top neckline at...

RamziAbouAbdallah-CMT

• Recent decline in the Gold seen as corrective rather than trend reversal • Major trend still up, reinforced by the ascending trend line since Nov 22 • Also we have an ascending parallel channel, also intact • Bulls will try to defend the channel support line, today at 1977 (very close to today's low) • Gold moves according to overall sentiment and is...

RamziAbouAbdallah-CMT

• Bearish picture still intact for the US dollar against the Loonie • The ascending trend line since June 22 has been successfully broken recently with several daily closes already below it • Recent rally is attributed to a short term Dollar correction • Bulls might re-test the trend line support turned into resistance line • If they are able to break above it,...

RamziAbouAbdallah-CMT

• Mixed picture on the weekly EUR/USD chart • We have bullish and bearish signs • Bullish signs: Uptrend line still intact despite recent drop • Still within weekly corrective levels. Prior rally from 0.95 to 1.10 retraced to almost 38.2% • Descending trend line from May 21 high has been successfully broken in Dec 22 • However, latest leg up from 1.05 to 1.10...

RamziAbouAbdallah-CMT

Here's a short term analysis on the pair • Labelled the March-April 3 waves of rally as 1,2 and 3 respectively I am going to discuss the market's behavior and yesterday's sudden fall despite bad figures for the U.S • Prices never keep going in one direction as a straight line. They rather retrace because of traders taking profit and Stop Losses being hit etc.....

RamziAbouAbdallah-CMT

• Long term descending channel was broken back in March • We had several breakouts before that were proven to be fake, is this one going to be a long lasting one ? Or it is just another fake breakout that is going to fade and trade back into the descending channel ? • We have a bullish crossover between the 50 and 200 Moving Averages • We have a symmetrical...

RamziAbouAbdallah-CMT

• November 21- November 22 descending trend line was already broken and turned from resistance into support • Back in March we can see a bullish crossover between the 200 and 50 Moving Average, a bullish signal and they are both pointing upwards • Since Jan 23, we are trading inside an ascending channel and prices are spending more time in the upper limit of...

RamziAbouAbdallah-CMT

• Highlighting some triple tops and triple bottoms on the gold • Highlighting how the 1955 resistance became support now • Trend is bullish but I would be cautious on this level as we are approaching a critical resistance at 2070 • Potential triple top at 2070

RamziAbouAbdallah-CMT

• Trend neutral to bullish • Bulls need to be cautious around current levels as we got contradicting signals • While prices are printing new highs, MACD is not so probable negative divergence • MACD histogram declining, which negates the bullish picture • 2000 psychological level tough barrier , bulls still not able to break it for 3 consecutive weeks, signaling...

RamziAbouAbdallah-CMT

• Bullish trend intact • Ascending channel • Higher highs higher lows both on the price chart and MACD confirming the trend • MACD in positive territory • Price above 50 and 100 SMA with bullish crossover, fast MA crossing above the slow one • Bulls need to overcome the 1.0930 resistance level • Next target above that level will be 1.1030

RamziAbouAbdallah-CMT

Suggested Elliott wave analysis • Rule #1: Wave 3 can never be the shortest impulse wave (applies here) • Rule #2: Wave 2 can never go beyond the start of wave 1 (applies here) • Rule #3: Wave 4 never enters the territory of wave 1 (applies here) Wave 2 usually retraces between 50% to 61.8% of wave 1 (applies here and shown) Wave 3 is the longest Wave 4 usually...

RamziAbouAbdallah-CMT

• Euro is rallying again after testing the ascending trend line support near 1.05 • The pair is still trading inside an ascending channel • I added a middle line inside the channel which is acting as support and resistance along the trend up • Also, we can spot a short term descending channel, in which we are now, inside the big upward channel • Bulls need to...