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Gold remains subdued but potential push to $1250 possibleWe have brought up a 4H wave structure of Gold again, to have a medium term outlook. Please note that since printing lows at $1160 levels, the yellow metal has unfolded into an A-B-C corrective rally, and is within the last leg of potential Wave C termination around $1250 levels (fibonacci 1.271 extension of Wave A). Furthermore, if prices were to attain fibonacci 1.618 extension , we could see $1268/70 levels going forward. Intermediary price support is now seen around $1212 levels and prices are ideally expected to stay above that. As an alternate, a drop below $1208 levels could indicate that a meaningful top is in place at $1245 and we might have to change our stance. Overall, bullish potential remains till $1212 is intact. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
FX_IDC:XAUUSDLong
by FXTM
US Dollar Index bears targeting 94.70 at least ?The US Dollar Index short term chart might be indicating a dip lower towards 94.70 levels as short term target. Looking at the medium term wave counts, we still remain optimistic of a possibility of an expanded flat A-B-C as shown on chart here. If price action favors the above count, we could see prices dropping lower towards 93.80 at least and also push further towards 92.50 going forward. The short term wave structure is indicating that a lower top may be in place at 96.70 levels and ideally prices should stay lower. It could be a safe trading strategy to remain short with potential risk/stop above 97.20 and soft target around 94.70 levels for now. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
TVC:DXYShort
by FXTM
US Dollar Index lower top seems to be in place at 96.70There is no change from what was discussed yesterday in the US Dollar Index. A potential lower top could be in place at 96.70 levels for now and prices could reverse quite sharply from here. Looking at the short term wave structure, a lower degree wave i and ii seem to be now in place as labelled on charts. Please note that a complex corrective structure might still push prices above 96.70 levels, but ideally should remain capped below 97.20 levels. The waves are taking time to unfold but if the above structure holds true, we could see prices dropping lower sharply towards 94.70 levels as wave iii unfolds. Overall, we remain bearish until prices stay below 97.20 levels, going forward. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
TVC:DXYShort
by FXTM
Long AUD/CHF break above 110-EMAAussie buoyed after robust trade balance data released earlier today. The antipodean also helped by Chinese Caixin Manufacturing PMI data that managed to hold above the 50.0 critical level. Asians stocks are solidly bid Thursday as China's leadership signaled that further stimulus is being planned to counter the economic slowdown. Technical studies are bullish. The pair has shown a break above daily cloud and we see scope for further upside. The pair is now testing 110-EMA at 0.7178, break above to see upside till 61.8% Fib at 0.7312. Support levels - 0.7145 (38.2% Fib), 0.7095 (55-EMA) Resistance levels - 0.7178 (110-EMA), 0.7229 (50% Fib), 0.7312 (61.8% Fib) Stay long on breakout above 110W SMA, target 0.7230/ 0.7310
Long
by FxWirePro
Dow Jones interim bottom forms at 24430 levels ?Dow Jones Industrial Average might have completed an impulse (5 Waves) drop from 26950 highs through 24430 lows. We had presented on Friday that a meaningful bottom might be in place around 24500 levels but the indice dropped lower towards 24430/40 levels before pulling back sharply. Looking at the wave structure, a potential Wave (1) or (A), could be complete at 24430/40 levels and a corrective rally could be more probable now. Please also note that the subsequent should be corrective and that a much deeper drop is expected in Dow Jones, once the correction is over. Potential termination of the corrective rally could be close to 25,800 levels, before the drop resumes. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
DJ:DJI
by FXTM
1
US Dollar Index top in place at 96.85 ?The US Dollar Index had rallied through 96.85 levels on Friday threatening a break above 97.00 levels but bears seems to have taken control from just a few points below critical resistance at 97.00 levels. The index dropped to 96.30 levels around Friday close and could be preparing to target 96.20 levels, which is initial price support. Please also note that a lower degree impulse wave could be complete now or just below 96.20 levels. Subsequent rallies through 95.50/60 levels could be seen as fresh opportunities to go short again. Over structure still remains constructive for bears, with a probable standard flat unfolding as A-B-C. A potential target for Wave C could be below 93.80 levels and it could also drop further towards 92.00 levels. We maintain our medium term bearish outlook for now. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
TVC:DXYShort
by FXTM
1
EURUSD bottom in place at 1.1330/40 ?The EURUSD pair had dropped to 1.1340 levels on Friday before reversing sharply above 1.1400 levels by close. This could be the first sign of a meaningful bottom in place around 1.1340 levels. It is seen to be trading close to 1.1400 at this point and could be preparing to push towards 1.1433 levels to break the initial price resistance on hourly chart view. Looking into the wave structure, seems like a standard flat A-B-C could be in the making now, with potential Wave A and B in place at 1.1833 and 1.1340 levels respectively. We maintain our medium term bullish outlook for now, with potential price targets above 1.1850 levels. Please note that ideally EURUSD should stay above 1.1300 levels. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
Long
by FXTM
3
US Dollar Index resistance seen at 96.60The US Dollar Index has managed to break above 96.16 levels yesterday, printing fresh intraday highs at 96.54 levels before pulling back. Believe it or not, the medium term structure still looks constructive and encouraging for bears to take control, until prices stay below 97.00 levels going forward. Looking into the wave counts, a probable wave A terminated at 93.80 and wave B is being carved out around 96.50/60 levels at this point in time. Immediate price support is seen at 95.40 levels and a break lower would confirm a meaningful to top in place. Also note that prices stay around the fibonacci 0.786 resistance zone at this time and could see a bearish reaction. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
TVC:DXYShort
by FXTM
EURUSD medium term structure remains intact !In spite of the fact that EURUSD dropped below 1.1432 interim support yesterday, the medium term wave structure looks constructive for the bulls to take over. Please note that we would focus on 1.1300 levels to hold in the next few trading sessions and watch out for a lower degree rally (5 waves) to confirm a bullish stance, against support at 1.1300 levels. Looking into the counts, the most probable could be an a-b-c A and a-b-c B wave, probably complete. Furthermore the fibonacci 0.786 support zone is just seen passing through the price action at the moment. Immediate price resistance is at 1.1620 for now and conservative strategy would be to allow break above that before buying dips. Ideally, a lower degree impulse could be a better entry point. Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
Long
by FXTM
1