USDCAD extended the decline off the 1.2204 lower high (May 1, 2015) below 1.1939 (May 6, 2015 range low) to post new 4 month lows towards 1.1931 (January 20, 2015 low). A clean break below the latter would expose the 1.1801 support (January 15, 2015 higher low) near 61.8% of the 1.1190/1.2834 rise). The oversold condition cautions near term. The 1.2027 resistance...
USDJPY reversed lower off the 119.23/119.27 minor double top (May 8/ 12, 2015 highs, near 7-week triangle resistance) to threaten the 119.05 low (May 7, 2015). Intraday indicators turned negative, suggesting there is scope for further upside near term towards 118.48, near 7-week triangle support (as shown on the 240 minute chart). 119.81 would cap bounces. A break...
NZDUSD reversed higher off .7316 (May 12, 2015 low, near 76.4% of the .7161/.7743 rise) to probe above .7500, forming a minor double bottom at .7327/.7316. Intraday indicators turned positive, suggesting there is scope for further upside near term towards .7576 ahead of .7639 (as shown on the 240 minute chart). .7419 would support dips. A break below there would...
USDCHF extended the fall from 0.9718 (April 23, 2015 lower high) to 0.9072 (May 7, 2015 low), retracing 61.8% of the 0.8476/1.0126 rise, before consolidating. While the 0.9357 resistance area (May 12, 2015 high) caps, a breakdown below 0.9072 remains favored, extending the downtrend within a 4-week falling channel towards 0.8848 (near 76.4% of the 0.8476/1.0126...
AUDUSD extended the rebound off the 0.7785 low (May 5, 2015) to test 2-week triangle resistance (as shown on the 240minute chart). A breakout is needed to complete a bullish pennant pattern, accelerating the uptrend towards 0.8075 (April 29, 2015 high). Clearing the latter would bolster for 0.8135 (January 22, 2015 minor lower high) ahead of 0.8294 (January 15,...
AUDUSD extended the upswing from .7682 (April 21, 2015 low) to reach the 3-1/2 month high at .8075 (April 29, 2015 high) before correcting lower. The pair now is testing the .7823/.7769 Fibonacci support zone (as shown on the 240 minute chart) which should hold the dip. Back above .7872 would suggest basing and shift the focus towards .7919. Clearance above there...
USDCHF extended the downswing from 0.9862 (April 13, 2015 high) to reach 0.9277 (May 1, 2015 low) before ranging. While the 0.9446 resistance (as marked on the 240minute chart) caps the price action, a break below .9277 would confirm return of weakness and offer scope for further losses towards 0.9226, the equality target (of 1.0126-.9490 from .9862) which is also...
EURUSD extended the upswing from 1.0665 (April 23, 2015 low) to reach 1.1289 (May 1, 2015 high) before pulling back. The pair now enters the 1.1140/1.1049 Fibonacci support zone (as marked on the 60minute chart) which should hold the dip. Back above the 1.1189 resistance (May 4, 2015 intraday high) would suggest basing and offer scope for further upside towards...
GBPUSD extended the strong rally from 1.4565 (April 13, 2015 reaction low) to reach 1.5497 (April 29, 2015 high) before pulling back. The pair now enters the 1.5100/1.5006 Fibonacci support zone (as marked on the 240minute chart) which should hold the dip. Back above the 1.5174 resistance (May 4, 2015 high) would suggest basing and offer scope for further upside...
XLU broke below a 7-week triangle consolidation support (as shown on the weekly chart), completing a bearish continuation pattern. Further losses risk 43.49 (March 23, 2015 weekly low) then 43.01 (March 9, 2015 weekly low) next. Below there would expose 41.40 (September 22, 2014 higher low). The 45.46 high (April 20, 2015) should cap near term bounces. Only a...
IBB corrected lower from the YTD high at 374.97 (March 20, 2015) to break blow 6-1/2 month rising trendline (as shown on the weekly chart), signaling prolonged consolidation near term. Bears look to test the range support at 333.78 (March 26, 2015 low). A breakdown is needed confirm a double top at 374.97/368.25 and weaken further towards the 305.01/302.98 long...
SPY pulled back from the YTD high at 212.48 (April 27, 2015) to test the 208.90 support (April 22, 2015 low) which is right above the 55 day moving average currently at 208.40 and the 2-month rising wedge support. While the 208.40/90 zone holds the dip, back above 210.35 (April 30, 2015 high) would stabilize SPY and signal return of strength towards 212.48....
IYT rebounded off 152.03 (April 6, 2015) back above the 154.02/154.02 3-1/2 month range support area to rally to 160.29 (April 23, 2015) before ranging. While the 153.39/154.02 support zone holds dips, there is scope for further upside. A clean break back above the 157.39/158.48 moving average resistance levels would signal return of strength and open 160.29....
AAPL reached a new record high at 134.54 (April 28, 2015). Subsequent easing suggests 134.54 could be a swing high, allowing a 2-month rising wedge to form on the daily chart. The support lies at 125.50, the rising wedge support, which should hold the corrective dip. However, failure to hold the 125.50 area would confirm a breakdown of the rising wedge,...
DD extended the rebound off 130.91 (April 13, 2015 weekly low) to test 5-month falling channel resistance (as shown on the weekly chart), reaching 140.19 (April 29, 2015 high). Further strength above the latter is needed to confirm a bullish flag breakout pattern and bolster for 142.55 (February 16, 2015 weekly high) ahead of the 146.13 peak (November 24, 2014)....
C rebounded off the 52.25 minor double bottom (April 21/28, 2015) near the 2-1/2 month rising trendline through 53.46 (April 21, 2015 range high) to signal basing and offer scope for further gains towards 54.72 (March 12, 2015 high) ahead of the 56.95 peak (December 8, 2014). Clearance above there would confirm a higher base over 45.18 (April 17, 2014) and extend...
AAPL broke through the 133.60 prior high (February 24, 2015) to complete a 2-month base over 121.63 (March 12, 2015 low) and reach a new all-time high at 134.54 Tuesday (April 28, 2015) before easing. The immediate support lies at 128.57 (April 13, 2015 range high). Below exposes the 126.32 support level (April 22, 2015 low) which should hold dips. 132.61 (April...
AUDUSD rallied strongly off the .7559/.7532 lows through an 8-month falling trendline and then the .7937 range high (March 23, 2015) to confirm a double bottom (a 12-week base) and trigger further upside towards .8294 (January 12, 2015 lower high) then possibly .8342 (.7532-.7937 from .7937) base target. On a pullback, the .7790 support area (April 27, 2015 weekly...