EURUSD 1.1337 – neutral – Pullback retraces over 38.2% of the upswing EURUSD pulled back from the 1.1494 peak (October 15, 2015) to retrace over 38.2% of the 1.1104/1.1494 rise. There is scope to test the 1.1295 support area (near 50% of the 1.1104/1.1494 rise) which may hold the dips. Back above 1.1395 would signal return of strength and firm for 1.1494....
GBPJPY 184.42 – bullish – 8-week triangle breakout points higher GBPJPY rallied off 180.66 (September 28, 2015 weekly low) near the 12-month rising channel support (as shown on the weekly chart) to break above the triangle resistance (linking 195.27/188.27 weekly highs) to signal further bullish momentum towards 185.01 (February 23, 2015 weekly high) near the...
GBPJPY 184.42 – bullish – 8-week triangle breakout points higher GBPJPY rallied off 180.66 (September 28, 2015 weekly low) near the 12-month rising channel support (as shown on the weekly chart) to break above the triangle resistance (linking 195.27/188.27 weekly highs) to signal further bullish momentum towards 185.01 (February 23, 2015 weekly high) near the...
NZDUSD 0.6812 – neutral – Bearish Inside Day pattern (when overbought) cautions for further pullback NZDUSD’s remarkable 3-week rally reached a new 4-month high at .6896 (October 15, 2015). While the momentum indicators are overbought, the subsequent bearish Inside Day pattern warns of potential pullback. A break below the .6781 low (October 15, 2015) would...
PM 87.73 bullish – 2.5-year triangle breakout points higher PM broke out of 2.5-year triangle resistance (as shown on the weekly chart) to post new year-to-date highs. Bullish momentum suggests further upside towards 90.25 (November 10, 2015 weekly high) and then 91.63 (June 16, 2015 weekly high) near 76.4% of the 96.73/75.27 fall. Above there would open the...
EURUSD 1.1369 – bearish – Bearish intraday reversal forms a tweezer top EURUSD rallied strongly to reach 1.1494 Thursday (October 15, 2015 high, near 61.8% of 1.1713/1.1086 fall) where the resistance proved to be tough. Subsequent sharp reversal formed a tweezer top (as shown on the daily chart) which typically suggests near-term topping especially when the...
FXI 39.19 bullish – Posts new 2-month highs FXI extends the rally off the 34.32 higher low(September 29, 2015) to reach new 2-month highs. Improving momentum suggests there is scope for further upside towards 40.45 (38.2% of the 52.85/32.80 fall). Above would expose the 41.55 lower high (August 17, 2015 weekly high). The 37.02 area offers immediate support....
USDCAD 1.2968 – bearish – The 1.3080/1.3175 resistance zone caps near term USDCAD sold off sharply from the 1.3456 multi-year high (September 29, 2015) to 1.2900 (October 8/12, 2015 lows) near the 100 day moving average before ranging. While the 1.3080/1.3175 resistance zone caps near term, scope remains for further weakness towards 1.2860 (July 29, 2015 higher...
GBPUSD 1.5458 – bullish – Bullish reversal suggests scope for higher GBPUSD reversed sharply higher from the 1.5199 low (October 13, 2015) Wednesday to retrace 61.8% of the 1.5658/1.5107 fall. Bullish momentum suggests scope remains for further upside towards 1.5568 (September 21, 2015 high) ahead of 1.5658 (September 18, 2015). The 1.5387 area (October 13, 2015...
USDCHF .9578 – bearish – Declines towards the 200 day moving average USDCHF declined from the .9843 high (September 25, 2015) to Tuesday’s .9555 low (October 13, 2015), retracing 50% of the .9257/.9843 upleg. Bearish indicators suggest there is scope for further weakness towards .9527 (September 18, 2015 range low) near the 200 day moving average currently at...
SPX (S&P 500 Index) 2017.46 neutral – Rallies to expose key resistance zone SPX rallied strongly 1871.91 (September 29, 2015 low) to probe the 2020.86 range ceiling (September 17, 2015). Daily indicators are in the overbought territory, cautioning for potential pullbacks. Strengthening indicators suggest scope remains for further upside towards the key...
EURUSD 1.1369 – bullish – Breaks out of a 6-week triangle and a 3-week rising channel, points higher EURUSD rallied strongly Friday (October 9, 2015) to break out of a 6-week triangle and then a 3-week rising channel (as shown on the daily chart), suggesting further bullish momentum near term. The next upside resistance is 1.1459 (September 18, 2015 high) near...
GDX 15.60 – bullish – Falling wedge breakout points higher GDX rallied strongly following the falling wedge breakout last week (October 2, 2015) to approach the 16.16 August high (August 21, 2015), near 38.2% of the 21.25/12.62 downswing. Further gains would open 16.94 (July 14, 2015 high) near 50% of the 21.25/12.62 downswing ahead of 18.03 (July 6, 2015 high)...
NZDUSD 0.6608 – bullish – Posts 7-week new highs near 50 day moving average NZDUSD recovered strongly off the .6243/.6235 double bottom (September 7/23, 2015 lows) to post 7-week new highs near 50 day moving average currently at .6663. Above would expose the resistance cluster including .6707 (August 21, 2015 lower high) and .6770 (July 10, 2015 high) near 38.2%...
SPX (S&P 500 Index) 1979.92- weekly bullish– Near-term rally eyes 2020.86 next SPX weekly key levels to watch: Resistance: 2020.86 (September 14, 2015 weekly high) 2039.69 (March 9, 2015 range low) under 4-year rising trendline now resistance Support: 1908.92 (September 21, 2015 low) 1871.91/1867.01 (September 28/August 24, 2015 lows) near 23.6% of the...
SPX (S&P 500 Index) monthly neutral – 4-year rising trendline reverts to long-term resistance SPX fell from its 2134.72 record peak (May 2015) to reach 1867.01 (August 2015), near 23.6% of the 1074.11/2134.72 rise (October 2011 low/May 2015 high), before consolidation took hold. If the 2020.86 area (September 2015 high) near the 4-year rising trendline (from...
FXI 38.59 bullish – Potentially forms a rising channel FXI rebounded strongly off 34.32 (September 29, 2015 low) to reach 38.91 (October 7, 2015 high), potentially forming a rising channel (as shown on the daily chart). The rising indicators suggest further upside is expected towards 40.64 (August 13, 2015 high) and 41.55 (August 10, 2015 high), near 38.2% of...
FXI 36.93 bullish – Bounces off 20 day moving average to focus wedge resistance FXI rebounded strongly off 34.32 (September 29, 2015 low) at rising wedge support to break above the 20 day moving average, extending gains to 36.99 (September 21/October 2, 2015 highs). A clean break above there would complete a bullish weekly reversal and prime bulls for 37.55...