The AUD/USD has been consolidating this week after sharp declines since the beginning of September. The wave count anticipated earlier in the week may be materializing as we see our first pullback towards parity in a leading triangle pattern. The 1H chart shows the AUD/USD then make an abc correction that was supported near the 0.97 level…

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The Non-Farm Payroll, which comes out the first Friday of each month looks at the jobs growth in the previous month from the private sector. August posted a flat 0, failing forecast of 74K. July’s was also revised down from 117K to 85K. The poor data invites risk aversion and higher prospect of QE3. USD crosses were schizophrenic. CAD-weakness held tighter, but eventually pared. CHF strength also pared…

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The Philly Fed Index, which is an indicator of manufacturing in the Philly fed jurisdiction (includes Washington DC and Maryland), and is a proxy for overall manufacturing in the US, came in -30.7 for August, with expectation of 4.0, an improvement from 3.2 in July. Below expectation would be an understatement, and the market is probably going to have a hard time digesting this…

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In the last video update of the S&P 500, the market was in a ranging mode, with some bullish action. However, it was noted that after an ABC correction, a rally could be a bull trap for another ABC, or another corrective structure. So far this past couple of week’s price action has shown that the extended correction scenario has materialized, and even giving initial signs for a bearish reversal…

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The Swiss Franc has been a favorite during risk-off trading, where the market wants to find safe haven. We have seen the EUR/CHF, GBP/CHF, and USD/CHF all make record lows in July. As we enter the last week of the month, we take a look at this month’s these Swiss-Franc-Crosses as they have come back from the record lows for some consolidation or correction…

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Ahead of the EU Summit in Brussles, Angela Merkel tried to lower expectations after the Greek finance minister Evangelos Venizelos was quoted that “reaching a solution is attainable”. The market is buying into some of that optimism as it lifts the euro across the board. Let’s take a look at the setups in the EUR/USD, EUR/GBP, EUR/JPY, and EUR/CHF charts to assess the technical situation before this important risk event…

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