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EURUSD needs to clear 1.1500 to confirm further upsideA daily chart for EURUSD has been presented today to have a re-look at the potential wave counts since last several weeks. Please note that EURUSD had dropped earlier between 1.2500 through 1.1300 levels respectively. It probably unfolded into an impulse, 5 waves as labelled here. The most likelihood after an impulse drop was a 3 wave corrective rally. With the kind of price action EURUSD has produced since last several weeks, a zigzag or flat is ruled out for now. It leaves us with either an expanded flat or triangle. Going with the first option for now, EURUSD could be setting up towards 1.1800 levels at least. Also note that a break above 1.1500 levels would instill further confidence on the proposed bullish setup. 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
EURUSD close to taking out 1.15 levelsThe EURUSD advance continues as expected and it looks that the bulls are close to taking out the first major price resistance at 1.1500 levels. Nothing much changes on the chart presented here except the fact that prices can be seen breaking above the immediate trend line resistance. The EURUSD is now trading around 1.1456 levels and remains just shy of taking out 1.1500 levels. Looking into the wave structure, the ending diagonal presented count remain intact for now with previous wave 4 expected to be taken out. Please note that prices need to stay above 1.1172 levels for this count to remain valid. An aggressive trading strategy could be to remain long with stop below 1.1213 levels and potential targets above 1.1500. The risk reward ratio would not allow taking long positions at this price so one can wait for a corrective pullback before initiating fresh positions. 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
2
US Dollar Index testing support around 96.15 levelsThe 4H chart presented for US Dollar Index is indicating that unlike its counterpart ( EURUSD), the index is seen to be testing immediate support trend line around 96.10/15 levels. Please note that probabilities could remain high for a continued drop towards 95.65 levels before producing a meaningful retracement/pullback. Looking into the wave structure, US Dollar Index keeps the ending diagonal scenario intact for now. Furthermore, once the previous wave iv is taken out at 95.65 levels, it would be confirmed that a meaningful top is in place at 97.70 levels. The index is seen to be trading around 96.20 levels at this point in writing and bears could be inclined to push through initial price support at 95.65 soon. Any intraday pullbacks should ideally stay below 96.80/85 levels for the potential impulse wave structure to remain intact. Overall bearish scenario prevails until prices stay below 97.70. 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
Dow Jones wave ii of (3) in progress towards 25500/600Yesterday's drop towards 24900 levels might not be the beginning of wave iii yet, and there could be a surprise rally in store. We have added lower degree waves a-b-c, potentially unfolding as wave ii of a higher degree, which could still terminate around 25500/600 levels before wave iii of (3) begins is descent lower. Please note that counter trends might be trick to trade and hence avoid getting into a potential bull trap, if Dow manages to produce a sharp rally from current levels. A safe trading strategy could be to initiate short positions around 25500/600 levels, with stop above 26300 and potential targets at 24000, 23100 levels respectively. The medium term outlook for Dow Jones remains bearish until prices ideally stay below 26300 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.
DJ:DJIShort
by FXTM
Gold remains on track towards $1250/70 levelsGold remains bullish above $1195/96 levels, with immediate price resistance seen towards $1235 levels. Bulls could be looking to push through $1235/36 levels, before producing a meaningful retracement lower. Please note that the metal should remain above immediate price support at $1195/96 levels going forward and a safe trading strategy could be to buy on dips with stop loss at 1195 levels and potential take profit at $1250/70 levels respectively. Looking at the wave structure, Gold remains into a corrective rally A-B-C with waves A and B already in place at $1210 and $1180 levels respectively. Wave C could be unfolding into an a-b-c or a diagonal towards $1250/70 levels going forward. Overall, medium term bullish structure remains intact 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.
FX_IDC:XAUUSDLong
by FXTM
1
Dow could be ready to accelerate towards 23100 levelsThe Dow Jones seems to be working on a lower degree wave ii, within the expected wave (3) of a higher degree as labelled on the chart here. The wave structure remains unchanged with an impulse drop that terminated around 24100 levels, followed by a corrective rally that terminated at 26300 levels earlier, labelled as Waves (1) and (2) respectively. Furthermore, the drop towards 24750 and subsequent rally towards 25500/600 levels could be labelled as waves i and ii respectively. If the above higher and lower degree counts holds to be true, we could witness a sharp reversal lower from sub 25500/600 levels towards 23100 levels, as wave (3) unfolds. Ideally, prices should stay below 26300 levels if the 3rd of 3rd wave is to unfold. 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:DJIShort
by FXTM
Gold remains long against $1195Gold continues to print higher highs and higher lows since $1195 levels earlier. Please note that the metal had bounced off trend line support and also around fibonacci 0.618 support at $1195/96 levels earlier. Bulls should remain in control till prices stay above $1196 levels and push through $1250/70 levels at least, before deciding further course. Looking at the wave structure, the counter trend rally A-B-C, which began from $1160 levels in August 2018, could be into its last leg with Wave C progressing at the moment. If the above count holds true, bulls would remain in control, holding prices above $1195/96 levels, and push higher towards $1250/70 levels. Please also note that A-B-C corrective rally could be Wave E of a potential triangle unfolding at a larger degree and that prices could reverse sharply lower from $1250/70 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.
FX_IDC:XAUUSDLong
by FXTM
EURUSD seen to be pushing towards 1.1500 for now ?The EURUSD bulls seem to be in control for now and also remain poised to push higher towards 1.1500 levels at least. After having rallied almost 200 pips from last weeks' low, EURUSD is trading above 1.1400 levels for now, very close to the trend line resistance seen on the chart here. Please note, that a push through the resistance line could be encouraging for bulls to target 1.1500 and higher. Looking at the wave structure, we maintain that an ending diagonal might have unfolded as (5) th wave of the impulse drop, that began from 1.2500 levels earlier. If this count holds to be true, we should see prices stay above 1.1172 levels going forward. An aggressive trading strategy could be to remain long from last week against 1.1210 levels and potential target as 1.1500 levels at least. A drop below 1.1172 would void the diagonal structure and indicate that further down side remains in EURUSD. 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
US Dollar Index bearish confirmation is below 95.65/70The US Dollar Index structure remains more or less unchanged from what we had discussed last week. It is seen to be trading around 96.50 levels at this point in writing and is expected to drop lower at least towards 95.65/70 going forward. Looking into the wave structure, we have presented a potential ending diagonal for the (5) th wave of the impulse rally that began from 88.30 levels. If this count should hold true, the US Dollar Index should remain below 98.10/15 levels. An aggressive strategy could be to remain short from last week, against 98.15 levels, with potential targets below 95.65 (break of the first major price support). As an alternate, if 98.10/15 levels break, the diagonal structure would be void and indicate further upside (probabilities remain less for the latter scenario, though) 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:DXY
by FXTM
US Dollar Index drop to accelerate below 96.00 levelsThe US Dollar Index might have formed a meaningful top around 97.70 levels as we have been discussing earlier. Please note that the ending diagonal structure for (5) th wave proposed here would remain valid till the US Dollar Index stays below 98.10/15 levels. Looking at the lower degree waves unfolding since 97.70 levels, a potential 3rd wave (lower degree not shown here), could unfold from 97.00 levels, accelerating the drop below 96.00 levels. Please note that a break below 95.65/70 levels would be encouraging to the bears and also confirm that a meaningful top is in place at 97.70 levels. An aggressive trading strategy could be to remain short against 97.20 levels, while a conservative strategy could be to remain flat and allow break below 95.65/70 levels before selling on rallies. 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:DXY
by FXTM