By Jonah S. Ford Gold futures resumed their upward climb in last week’s trading, moving significantly above the $1,700 per ounce key level support. The overall chart analysis suggests the buyers are still in command of this market as the steady climb has yet to see any meaningful price retracement. While this bodes well for…
By Jonah S. Ford Gold futures completed an impressive rally to reach a key target level during last week’s trading. The week ahead will be important for determining whether this is a short term uptrend or the beginning of a major leg higher on the chart. After breaking out of the Falling Wedge chart pattern…
The NZD/USD continues to be bearish. In the last report, I mentioned a support cluster near the October low of 0.7485. The daily chart shows the market trading below the 200 period simple moving average in a projected declining channel. Also the RSI has been kept below 60 after tagging 30 and a return below 40 reflects a return of bearish momentum…
The EUR/GBP is accelerating and chances are, we already completed an ABC correction. In the Elliott Wave model, it would have been an expanded flat. The RSI in the 4H chart broke above 60, and is threatening to crack 70 soon. This would help build the case for bullish continuation, and the count that we are in wave 3 at the moment…
The USD/CHF indeed is near the 0.9110 level now after breaking below the central equilibrium at 0.9190, as anticipated in an earlier post. The 0.9090 level is going to be very important for us to end this week and to start the next. The direction of the market since March 25 has been sideways. If the 0.9090 level holds, and the market breaks back above 0.9190…
The EUR/CHF continues to knock on the 1.32 level. As mentioned in the previous post, a break above 1.32 completes a double bottom, and suggests a rally towards 1.38. The market looks to be in a wave (3) channeling up, and the internals suggest strength, and a count to break above 1.32. Then if a throwback fails to break below 1.29…
The rally since April 3 looks like a completed impulse wave. This can be a C wave within an expanding pattern seen more clear in the daily chart below. This could also be a wave 3 of a developing impulse wave that can break above the expanding sideways action. Also note the bearish divergence developing…
The EUR/USD shook off the risk event yesterday in the form of an ECB rate hike and Trichet press release. The market successfully rallied after the throwback seen in the 4H chart and the RSI is pushed back above 70. As mentioned earlier int he week, the EUR/USD is heading into a zone of heavy resistance, but seems unabated so far…
Gold should accelerate with a close in the daily above 1.447 record high. This can open up the bullish swing towards 1510. However, resistance can be expected at 1480 as well. This is between 138.2% and 150% extended retracement of the decline from Dec-Feb. If there is a rally form the current support above 1410, we should monitor the 1430 level…
RT @MarvellousR8kie @alaidi Thank you very much for the valuable insights. Great seminar. Thks for coming ! #forex
A MUST For Anyone who Trades FX! Free e-book from BK -Don't Trade Like Tony Montana FX http://t.co/WTBAVCeZ .03
$GBPUSD 240-minute swing entry update video walk-thru http://t.co/Gd2ELB55 #forex $$ $GBPUSD Follows-Through as Greenback Slides Towards Psych Level http://t.co/wVNJGzNH #forex $$ Sandy kicking off the seminar, Ill take over at Noon http://t.co/xrZdNmNC #forex $SPX Pretty much replicated $EURUSD shorts on Thurs nite as on Tue; results were the same, peaks at 1.32 back to hit 13080s targets #forex
Thank you kindly! Have a great weekend. @SE1_Trading @LeeGrins @aussietorres @knmtechnology @esanchez81 (cont) http://t.co/mwArOhWy
Need to launch changes on DailyFX so US traders can watch videos. May take a few days. Meantime US viewers can go here: http://t.co/z54gnUQY Weekend Video (now available to US viewers): AUDUSD and Dow Clear Resistance Post NFPs, EURUSD Anchored http://t.co/eDfHlafs And, there were no fireworks in US crude positioning this past week. But then again, oil held congestion http://t.co/XOKxCq4l We had a notable jump in the net long interest in gold this past week. Feeding into the metal's upswing. http://t.co/9Q5FNffe We've noted the divergence between S&P 500 price and volume. Add to that net speculative positioning. http://t.co/PHLpdOMi We talk about the short-cover potential in EURUSD, but what about the unwinding of this big $AUDUSD long buildup. http://t.co/uHep6hbe In the meantime, here is the $EURUSD versus the net speculative Euro interest. A lot more room for covering here.. http://t.co/d7P0JHsa
weekly http://t.co/FjE1lFRL i WILL be online sunday night during the super bowl after I smoke my ribs on the grill #forex Yet another Friday where $EURUSD is rallying into the close on spec that Greek deal will be done. The US Dollar Index fell far behind this recent build up in net speculative positioning in dollars. http://t.co/vMcNiXT7 Here's the Dow Jones Industrial Average and its respective volume lull as well. http://t.co/e2X4CbFK Too much to expect a multi-month high close on the $S&P 500 to garner greater turnover. http://t.co/vnF8MqmY
Co-chairs of Greek Creditors Committee flying into Athens this w/e - either tough decisions need to be made or a deal is ready to be closed Best performing currency pair today is CADJPY +1.11%, Worst performing is EUR/CAD -0.60% RT @kathylienfx: @Fxflow Congrats on cracking above 8k// thanks K Flow Rules! :) crosses http://t.co/sTJIEdld better opportunities here (still) than in usd imo Awesome Timetable on Greece courtesy of WSJ. Print it out or save the link http://t.co/RnUs2EYX ...great quote from Sebastien Galy at Soc Gen in that article, “The SNB’s hand is being forced and it will likely be fairly brutal.” According to a good FT article on SNB political pressure for solid intervention, the options market is pricing in a 30% chance of 1.20 break EUR net short positions down 8 percent - confirming that shorts were "squeezed" over the past week That's a hearty drop in net dollar long interest from the COT figures. Good indicator for establishing a time frame for dollar's tumble.
This is the stand out figure IMO RT @djfxtrader: Net Yen Long Position $9.3 Billion Increases 30%,according to analysis of CFTC data #forex Here's the risk-trend alternative to the cable channel: $AUDUSD blowing through the potential triple top at 1.0750 http://t.co/q4EgQK8n
#FF The young ones in FX @Hew_Dat @stephensimonis @Lawrence_Fayman @josephrichman @Rebelgt09 @jaredboydfx You can't use rate expectations for the BoE, so here is $GBPUSD versus the UK-US 10yr yield differential. http://t.co/0pq2FBfE We're talking the spread of a crisis state from Greece to Portugal, but Portuguese CDS have pulled back recently. http://t.co/KQ85ZFYl Fed ZIRP 'less' ZIRPy -time for ECB/BoE/BOJ/SNB to play catchup (mkt weighing adj in rate diffs w/risk app)..balance sheets ready to implode
@JamieSaettele thanks buddy!..yep 161.8% projection of wave 3 vs 1 - kiddie stuff :-) Can u believe I will ACTUALLY be watching the Superbowl Sun? Usually I'm at a rest bc its the BEST day of the yr to get those had reserv!
Do now that we're all on LinkedIn, what happens? Do we all get raises? Or do we all hire each other? An hour an change left for the official NY trading session. Looks like we will hold onto these breaks for next week. You can definitely tell those officials that are irked by the 2014 FOMC hold call. Bullard says it was wrong to link it to a specific time. Our clients at Aspen have 1.0820 limits to take profits in AUDUSD to go flat for +225 pip trade. Feds Bullard says Fed may have to raise rates before 2014 and strong data weakens case for QE. He is a non voter on FOMC
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