USD/JPY is expected to trade with a bearish bias below 114.30. The pair remains in consolidation, but is still holding above its key resistance at 114.30. The relative strength index lacks upward momentum. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. On Thursday, gains in blue chip […]

USD/CHF is expected to trade with bearish bias as Key resistance at 1.0140. The pair is trading below a horizontal resistance at 1.0140, which should limit the upside potential. The relative strength index is bearish below its neutrality level at 50. Additionally, the declining 20-period and 50-period moving averages suggests that the pair still has […]

NZD/USD is expected to trade with bullish bias. The pair stands firmly above its key support at 0.7045, and is expected to challenge its next resistance at 0.7130. The relative strength index is bullish, without displaying any reversal signals. To conclude, as long as 0.7045 is not broken down, a further bounce is preferred with […]

GBP/JPY is expected to trade with bullish bias above 142.60. The pair has pulled back on its key support at 142.60, representing the current 50-period moving average, which is still heading upward, and should act as a strong support role. The relative strength index is bullish above its neutrality level at 50. Even though a […]

In Asia, Japan will release the Monetary Base y/y, and the US will release some Economic Data, such as Unemployment Rate, Non-Farm Employment Change, and Average Hourly Earnings m/m. So, there is a probability the USD/JPY will move with medium to high volatility during this day. TODAY’S TECHNICAL LEVEL: Resistance. 3: 114.38. Resistance. 2: 114.15. […]

Wave summary: A new low has been seen here at 1.4801. All requirements have been fulfilled for the ending diagonal from 1.5839. We still expect more downside to 1.4728 and possibly even lower to 1.4575 as long as resistance at 1.5095 is able to cap the upside. A break above 1.5095 will indicate that the […]

Wave summary: The rally from 118.52 busted right through resistance at 120.16 indicating that red wave v of wave (iii) was already developing. The ideal target for red wave v is seen near 122.00 where a shallow flat correction will be expected in wave (iv). The minimum target for the correction in wave (iv) is […]

Since our previous analysis, gold has been moving downwards. As I expected, the price broke its trading range and tested the level of $1,161.96 in a high volume. Using the market profile analysis, I found a strong buying tail from the buyers, which is a sign that selling looks very risky. My advice is to […]

Gold price made a new low yesterday. I warned that a break below $1,177 would open the way for a new low. A trend remains bearish but I believe we are at the final stages of the decline and traders should focus on the upside. Black lines – bearish channel Gold price is oversold on […]

The dollar touched a 9-1/2-month high against the yen on Thursday as oil prices surged after OPEC agreed to output cuts. The 14-member group of major oil producers reached an agreement to reduce their output by 1.2 million barrels a day to a ceiling of 32.5 million barrels a day. If OPEC’s cuts weren’t bullish enough […]

Silver Sentiment Looks Golden Chart of the Day By Elliott Wave International Bullish sentiment among silver traders recently fell to 8 percent, the lowest reading since mid-2015. So, sentiment is in the right place for the next big leg in the price pattern. FREE 12-Minute Video from Bob Prechter: Learn What REALLY Moves the Markets […]

Simple Yet Powerful Trading Tools Jeffrey Kennedy discusses technical tools that support Elliott wave analysis By Elliott Wave International In this new interview, Jeffrey Kennedy gives a trading lesson on how to use trendlines, trend channels, price gaps and other technical tools in conjunction with Elliott wave analysis. 5 Ways You Can Use Trendlines to […]

Overview The gold price continues fluctuating near the previously broken support line that turned into key resistance at 1,193.50. The breach of this level will reinforce expectations of the bullish trend continuation in the upcoming period, which also depends on the stability of the 1,172.68 level against the negative pressure that dominated the recent trades. […]

Overview The silver price traded steadily above the key support at 16.56 after attempting to break it yesterday. This keeps the bullish trend scenario active until now; the count is also supported by stochastic positivity shown on the four-hour time frame. The price is likely to visit the 17.43 level as the first main target. […]

Since our previous analysis, gold has been trading sideways at the price fo $1,185.50. The yesterday analysis is still valid. Using the market profile analysis, I found a strong point of control at the price of $1,186.00. Anyway, I found the trading range between the prices of $1,180.40 (support) and $1,197.00 (resistance). The short-term trend […]

Gold price continues to trade sideways between $1,195 and $1,177. Support was tested yesterday and held, but bulls could not break resistance. The strong Dollar remains the biggest influence so far to the downside for Gold. Blue line -short-term resistance Green line – short-term support Gold price is trading around the 4 hour kijun- and […]

Wave summary: As feared, a break below 1.4963 has been seen. We have reviewed our count for wave [v] of v and it’s very likely that more downside closer to 1.4728 and maybe even lower to 1.4562 is needed to complete the ending diagonal. We do prefer the 1.4728 target over the deeper equality target […]

Wave summary: The correction from 120.16 is turning into a flat correction. We have seen wave a and b and now needs wave c lower to at least 118.52 and possibly even lower to 117.69 to complete red wave iv and set the stage for the next impulsive rally higher in red wave v. The […]

Overview The gold price faces strong resistance formed by the previously broken support shown on the chart that turned into resistance at 1,195.00. The EMA50 adds extra negative pressure to protect the mentioned resistance, which might cause more sideways fluctuations until the price gets enough positive momentum to breach this level and resume the recently […]

Overview Silver price is hovering around 16.56, accompanied by a stochastic approach from the oversold areas. This keeps the chances valid to rebound and resume the expected bullish trend on the intraday and short-term basis, waiting to visit the first target level of 17.43. Therefore, the bullish outlook is valid unless we witness a clear […]

Since our previous analysis, gold has been trading sideways at the price fo $1,188.50. The analysis from yesterday is still valid. Using the market profile analysis, I found a strong point of control at the price of $1,186.00. Anyway, I found the trading range between the price of $1,180.40 (support) and the price of $1,197.00 […]

Gold price continues to hold recent lows but has also not broken the $1,200 short-term resistance. A medium-term trend remains bearish. A short-term trend is neutral as there are signs of a trend reversal. Gold price is trading around long-term support levels. Green line – trend line support Price is above the short-term Ichimoku cloud […]

Overview The USDJPY pair successfully touched the awaited target in our last report at 112.05 and broke this level strongly by today’s opening and settled below it now. Thus the bearish wave is likely to be extended on the intraday and short-term basis, and the price is going to head towards 110.90 as the next […]

Overview The gold price starts this week with more positivity testing the minor resistance 1,197.00, which represents the previously broken support line shown on the chart. A breach of this level will reinforce our expectations of bullish trend continuation in the upcoming sessions and will make the price head towards our first main target at […]

Overview The silver price trades with clear positivity breaching 16.56 levels and closing the last four-hour candlestick above it. This stops the recently suggested negative scenario and makes the price try to recover to target 17.43. The price attempts to regain the main bullish trend after the correctional bearish pressure that dominated the recent trades. […]