XLU broke down below a 3-month range (as shown on the daily chart) to extend the downtrend from the 49.78 peak (January 28, 2015) towards 41.90 (October 15, 2014 low) then 41.40 (September 26, 2014 higher low) and possibly 40.07 (August 6, 2014 reaction low). The 44.98 lower high (May 20, 2015) should cap consolidation. Outlook: Short term: bearish Long term: bearish
NZDUSD extends the fall within a 6-week falling channel towards the multi-year low at .7076 (June 1, 2015). A breakdown there would accelerate the broad downtrend towards the key support levels including .6946 (August 25, 2010 low) and .6793 (July 1, 2015 low) near 50% of the .4890/.8835 rise (March 2009 low to July 2014 high) where consolidation could potential...
EURUSD broke through 1.1207 (May 22, 2015 lower high) to suggest a 2-week base over 1.0818 is in place. Further strength opens 1.1323 near 76.4% of the 1.1466/1.0818 fall. Above would retest the 1.1466 recent peak (May 15, 2015). The 1.1119/1.1079 zone serves as immediate support levels. Outlook: Short term: bullish Long term: neutral
GBPUSD broke through a 5-day falling wedge (as shown on the 60 minute chart), reinforcing the strong support at 1.5170 (Jun 1, 2015 low) near the 50% retracement level (1.4565/1.5184 rise). Further gains through 1.5374 (Jun 3, 2015 high) would signal further bullish momentum near term towards 1.5436 (May 27, 2015 high) ahead of 1.5507 (May 25, 2015 high) near the...
SPY has been grinding higher from the 204.12 low (March 26, 2015) to post a new record high at 213.78 (May 20, 2015). The current pullback found support at 210.20 (May 26, 2015 low) at the 4-month rising trendline. Subsequent rebound looks to retest 213.78. Clearing the latter would confirm the uptrend continuation and open the new target at 217.05 ahead of 218.50...
EURUSD extended the sharp fall from 1.1466 (may 15, 2015 high) via the 1.1207 lower high (May 22) to reach 1.0818 (May 27, 2015) near 61.8% of the 1.0519/1.1466 rise where consolidation could potentially set in. 1.1007 (May 25, 2015 high) near the falling channel resistance then 1.1061 (May 20, 2015 low) may cap the bounces. Further weakness below 1.0818 would...
GBPUSD extended the sharp fall from 1.5418 (may 14, 2015 high) via the 1.5699 lower high (May 21) to reach 1.5320 (May 27, 2015) near 61.8% of the 1.5088/1.5814 rise and 38.2% of the 1.4565/1.5814 upswing) where consolidation may set in. 1.5436 (May 27, 2015 high) and then 1.5506 (May 25, 2015 high) may cap the bounces. Further weakness below 1.5320 would resume...
AUDJPY has been capped under the 95.76 resistance level (May 21/22/26 highs) following a 7-week rising channel break (as shown on the 240 minute chart). There is scope for further weakness towards 94.31 (May 7, 2015 higher low) near 94.57 (38.2% of the 90.19/97.29 rise) ahead of 93.55 (May 4, 2015 higher low, near 50% of the 90.19/97.29 rise). However, a strong...
AUDUSD fell sharply from the 0.8162 recent peak (May 14, 2015) via the 0.7931 lower high (May 22, 2015) to breach the 0.7785 support (May 5, 2015 higher low) to suggest topping under 0.8162 and resume the broad weakness for 0.7682 (April 21, 2015 low) ahead of 0.7552 (April 13, 2015 low) and the 0.7532 year-to-date low (April 2, 2015). The immediate resistance...
USDCAD broke through a 4-week falling wedge (as shown on the 240minute chart) to reach 1.2255 (May 20, 2015 high) before consolidating. While the 1.2171 low then the 1.2081 breakout point underpins, scope remains for further gains through 1.2255 to open 1.2386 (April 8, 2015 low, near prior 3-1/2 month range breakdown). Above there would extend the upleg towards...
EURUSD extended lower off the 1.1466 recent high (May 15, 2015) to 1.1061 (May 20, 2015 low), retracing over 38.2% of the 1.0519/1.1466 rise. Currently the pair is consolidating under 1.1180 (May 21, 2015 high) forming a rising channel. While the latter caps, a break below the 1.1070 support would signal bearish channel breakdown and weaken towards 1.1061 near...
V forms a 5-month rising wedge as shown on the weekly chart while posting new record highs. Further strength would open 72.74 (0.618x 48.80/67.33 from 61.29), near the wedge upper bounds, ahead of 75.07 (0.618x 16.23/58.88 from 48.71). The 66.84 area (near April 6, 2015 weekly range high and rising wedge lower bounds) should support dips. Only a break below the...
HD rallied off the 106.62 low (April 30, 2015, near the 38.2% retracement of the 86.35/117.99 rise), forming a 3-week rising channel. Further gains open the 116.24 (April 9, 2015 lower high) ahead of the 117.99 record high (March 20, 2015). 110.83 (May 14, 2015 low) serves as the immediate support. A breakdown there is needed to dampen the bullish momentum and...
SPY broke out of the 3.5-month rising triangle resistance (linking 212.24/212.48, as shown on the 240-minute chart) to confirm the long term uptrend continuation and open new targets at 217.05 ahead of 218.50. The immediate support lies at 211.86 (May 15, 2015 low). Below rests the stronger 208.63 support (May 12, 2015 minor higher low). Outlook: Short term:...
DXY has declined from the 99.99 high (April 13, 2015) to 93.13 (May 14/15, 2015 lows, near February 3 low at 93.25) over the last 5 weeks. Currently it is consolidating within the 3-week falling wedge (as shown on the 240 minute chart). While the 94.24/94.57 resistance zone (near the wedge upper bounds) caps the bounce, scope remains for a downside reversal to...
NFLX accelerated the rally from a 3-week bull flag breakout to target 649.01 next (as shown on the weekly chart). Above would open 679.08 ahead of 803.89 (projections). The 575.00/552.26 (April 17 high/May 1 low, 2015) range should serve as support on pullbacks. Outlook: Short term: bullish Long term: bullish
AUDJPY broke out of a rising triangle consolidation pattern on the upside, extended the strong rebound off the 90.46 higher low (April 15, 2015) to retrace over 50% of the 102.83/89.36 fall. Further gains open the 98.29 lower high (December 29, 2014, near 61.8% retracement of the 102.83/89.36 fall) ahead of 99.66 (76.4% retracement of the 102.83/89.36 fall)....
GBPUSD extended the strong rebound off the 1.4565 reaction low (April 13, 2015) via the 1.5089 higher low (May 5, 2015) to approach 4-week rising channel upper bounds, retracing over 38.2% of the 1.7191/1.4565 fall. Further gains open 1.5871 (50% retracement of the 1.7191/1.4565 fall) ahead of the 1.5944 (November 11, 2014 lower high). Immediate support level lies...