As the US market opened, everyone knew that the only direction to go was down. The only question was how far.
However, no one could have predicted that the Dow Jones Industrial Average would drop 2,014 points over the course of the trading day, a one day drop of almost 8%. It was a drop so bad that it called markets to be halted for 15 minutes, stopping trading...
During a week when the coronavirus threatened to become a pandemic that hammers global growth. With reportedly 6 % of the world population under quarantine, and probably more as China continues to adjust the reporting goal posts. Yet the US market continues to whistle while walking through the graveyard with the S&P 500 Index advancing four out of five days,...
We can see that there is a possible head and shoulders forming which could aid us to fill the gap to the upside. However the overall higher time frame trend is to the downside.
The Mexican Peso has weakened significantly this year amid political tension and the pair is now approaching key areas of resistance from late 2018, where lies a cluster of daily candles.
We could see the wicks being filled above the 20.60 mark should this momentum continue.
We can currently see Sterling move just above the weekly support at 1.20000 which also happens to be a major psychological round number.
Looking at the daily it seems to reject the charted support as shown, however there is a lot of strength to the downside caused by the politics including a possible no deal Brexit in the UK and the ever rising US Dollar as we...
With Gold hitting key Support and Resistance zones with the combination of a Flat Top Triangle, it gives us 3 options, A break of Resistance, a consolidation into the triangle or a push to the downside breaking the bottom of the trend-line.
With Gold rejecting a resistance zone at 1280.000, this round Number is a very large Psychological Level as well.
Will it continue downward with the current momentum or will it keep testing this Zone until it breaks?
After Trump announced more tariffs on China we can see that the S&P 500 has propped down quite strongly, hitting a solid support at 2860. We can also see that the drop was caused buy a very solid multiple to rejection.
Is this pullback a setup to Blow past our double top or will it continue to consolidate in it's current zones?
The AUD/USD pair extends its pullback from 16-week old ascending trend-line and tests fresh offers near 0.7060 levels, helped by upbeat Chinese industrial profits data and broad US dollar pullback. Focus on FOMC, NFP this week.
From What we can see on the 30M Candlestick Chart, following a string downtrend, the price has managed to break past a support level close to the 144.400 level.
With it now retracing and coming back to that level which also happens to be a 50% retracement of the move that broke the support.
However, if we look at the Higher Time Frame, we will see that it is at...
With EURNZD Breaking out of a channel after hitting a double Bottom we can see that it has stalled on rather strong support turned to resistance levels.
Feel free to watch our quick 60 second video where we break down the chart here : twitter.com
We can see that we had a similar pattern in History with a Divergence. Currently it seems that we could be looking to repeat that same situation.
We can see that are also approaching a double top, this strengthens our Wedge an The divergence.
With XAUUSD In a consolidation zone on the Daily Time Frame and a strong support just below it we can see that there is a lot of room to move to the upside.
However if it breaks to the short side we can expect it to be very violent
Gold has broken through the 38.2 fib level we plotted on our charts yesterday, with bulls now eyeing the $1,313 mark as the next confluence zone $XAUUSD
