WTI Oil futures are at their highest level since July 2015 after a strong rally took prices above the key 57.00 level, hitting as high as 57.66. The short-term trend is clearly to the upside but the market has become overextended. This is indicated by the RSI on the 4-hour chart, which is now above […]

Bullish sentiment was strong in Asian markets today with major Indices closing at multi-year highs. The Nikkei 225 and the Topix, Japan’s broader gauge of equity performance, added 1.7% and 1.2% to finish at their highest since early 1992 and early 2007 respectively. The Nikkei is now eyeing the 23,000 mark. The two benchmarks were […]

EUR/USD: The EUR/USD pair is moving downwards gradually, while the overall bias on the market is bearish. Price is now below the resistance line at 1.1600, going towards the support line at 1.1550. USD is supposed to be strong this week, and that is what would put some bearish pressure on the EUR/USD pair. USD/CHF: […]

Wave summary: We continue to look for more downside pressure towards 1.6545 to complete wave ii and set the stage for a new impulsive rally in wave iii towards 1.7770. Short-term resistance is now seen at 1.6760, which ideally will cap the upside for the expected decline to 1.6545 R3: 1.6890 R2: 1.6800 R1: 1.6760 […]

Wave summary: Resistance at 133.15 should continue to cap the upside for a test of short-term important support near 131.60 and a clear break below here will confirm that wave (D) completed with the test of 134.49 and wave (E) towards 123.43 is developing. Short-term minor resistance is seen at 132.86. R3: 133.98 R2: 133.15 […]

Daily Outlook A recent bullish breakout above the downtrend line took place on May 22. Since then, the market has been bullish as depicted on the chart. This resulted in a quick bullish advance towards next price zones around 0.7150-0.7230 (Key-Zone) and 0.7310-0.7380 which was temporarily breached to the upside. Recent bearish pullback was executed […]

Monthly Outlook In January 2015, the EUR/USD pair moved below the major demand levels near 1.2050-1.2100 (multiple previous bottoms set in July 2012 and June 2010). Hence, a long-term bearish target was projected toward 0.9450. In March 2015, EUR/USD bears challenged the monthly demand level around 1.0500, which had been previously reached in August 1997. […]

One of the longest working members of the BITCOIN community, co-owner of Bitcoin.org and Bitcointalk, said that if 2x get enough support, opponents should gather to play the “broken” Bitcoin chain. He said: ” If 2x wins, it does not mean that Bitcoin has been “changed”, it means the Bitcoin was temporarily destroyed and we […]

GBP/USD has been trading with a bearish bias in a volatile manner after the Bank of England raised interest rates last week. The bearish pressure was bit of a surprise for the market as GBP was expected to receive a boost from the increase of Official Bank Rate to 0.50% from the previous value of […]

After quite an exciting Monday trading, the overnight Asian session passed in a quiet atmosphere. AUD found support for the RBA message and NZD did not suffer any revision of the RBNZ mandate. The work on tax law in the US is slow (but forward). Crude Oil remains strong on hopes of OPEC and turmoil […]

USD/JPY has been trading in a volatile and corrective manner towards the resistance area of 114.25-50 from where the price is currently expected to show some bearish move. JPY has been quite impulsive with the recent gains which has led to a strong bullish rejection. Today Japan’s Average Cash Earnings report was published with an […]

Early on Tuesday, the RBA decided to hold interest rates steady at record low levels, retaining its confidence on economic growth and the labour market. The aussie, however, posted short-lived gains following the policy statement as weak inflation continued to worry policymakers. Meanwhile, in New Zealand, the Finance Minister said that targeting the currency was not the new […]

The Dollar index has broken out of the bullish channel but price remains above the Ichimoku cloud and has not broken below any previous low or important support. Price is mainly moving sideways. Blue lines – bullish channel The Dollar index is above the 4-hour Kumo (cloud) support. Price has broken out of the bullish […]

Last minute burning forecast 07.11.2017 EURUSD: We earn on the break of the range. Strong data on employment in the US, released on Friday, could not force the Euro to continue its decline against the dollar. At the same time, the euro is around the bottom of the local range, which provides a chance to […]

These are the Main Daily Trading Signals for Tuesday. Here’s how the interbank compares with the technicals at 8 AM GMT. There’s red across the table for the Euro/Dollar, which sees 6 sell prompts in both the short and long-term and 5 bearish models in the mid-term, but, in contrast, the interbank is neutral at […]

GOLD price has broken above the 4-hour Kumo (cloud). This is an initial bullish sign but we will need to see confirmation of this strength by breaking previous highs. Red line – price support Black line – RSI support As we mentioned yesterday, the RSI was on top of support and we expected price to […]

Morning Report: 07.00 London This morning, the Pound is performing well relative to the Euro. The GBP/USD has now erased more than half of last week’s losses, with the EUR/GBP rebounding and reversing three quarters of last week’s gains. Yesterday, the saw some soft economic data, while inflation concerns have boosted the pound. The Yen […]

You’re watching the Support and Resistance Level Report for Tuesday. Here’s how our in-house model tests out. Euro/Dollar is trading in the range limited by R1 of 1 1630 and S1 of 1 16. R1 leads in resistance with 16 studies, and R2 is a 100 day moving average with 3 studies. R3 counts Price […]

Data released on Monday indicates that the Eurozone economy is on target to close out 2017 strongly. The latest Markit composite PMI fell to 56.0 in October, slightly lower than the previous months reading of 56.7, but well above the key 50 zone indicating positive sentiment for growth. PMI data showed the 2 largest economies, […]

GBPUSD has maintained a neutral bias during the past month after declining from the high of 1.3656. Strong support is provided at the key 1.3000 level. Near-term risk is tilted to the downside as GBPUSD continues to trade below the 50% Fibonacci retracement level of the upleg from 1.2773 to 1.3656. This level at 1.3215 […]

Technical outlook: EUR/USD daily chart setup has been presented here with the most probable and alternate wave counts to help keep the bigger picture in mind. According to the most probable wave count, EURUSD has produced waves 1,2 and 3 of the same degree and wave 4 are just underway. It is expected to terminate […]

When the European market opens, some Economic Data will be released, such as ECOFIN Meetings, Retail Sales m/m, Retail PMI, Italian Retail Sales m/m, French Gov Budget Balance, and German Industrial Production m/m. The US will release the Economic Data, too, such as Consumer Credit m/m, JOLTS Job Openings, IBD/TIPP Economic Optimism, and Mortgage Delinquencies, […]

In Asia, Japan will release the Average Cash Earnings y/y data, and the US will release some Economic Data, such as Consumer Credit m/m, JOLTS Job Openings, IBD/TIPP Economic Optimism, and Mortgage Delinquencies. So, there is a probability the USD/JPY will move with low to medium volatility during this day. TODAY’S TECHNICAL LEVEL: Resistance. 3: […]

The price has broken major support and is on route to our profit target. We now look to sell on strength below major resistance at 132.30 (Fibonacci retracement, horizontal overlap support) for a strong push down to at least 131.52 support (Fibonacci extension, horizontal swing low support). RSI (34) sees immediate support at 41% and […]

The price has continued to rise perfectly to our profit target. We now prepare to sell below major resistance at 0.6968 (Fibonacci retracement, Fibonacci extension, bearish divergence) and we expect to see a strong reaction from this level to push the price down to at least 0.6827 support (Fibonacci extension, horizontal swing low support). Stochastic […]