NZD-CHF
Dow Jones seems to be topped out at 26300 levels ?The Dow Jones turned lower from around 26300 levels yesterday. It is too early to confirm a bearish reversal on the daily chart but potential remains for the same. At the same time, please also note that Wave C equals Wave A at 26500 levels, hence an upside through those levels cannot be ruled out. The wave structure is representing an impulse drop from 26950 through 24100 levels, followed by a potential zigzag corrective wave A-B-C until now. If this structure should hold, we could see prices dropping lower sharply through 22500 levels at least. Overall, we maintain a bearish outlook from around 26300/500 levels in the Dow Jones.
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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.
EURUSD needs to hold 1.1300/02 support to keep upside intactThe EURUSD has reversed sharply from 1.1500 highs. Ideally, prices were expected to remain above 1.1350 levels to keep its medium term bullish structure intact but the markets as usual springs up surprises and alternate wave counts come into picture. At this moment in time, the EURUSD is seen to be trading around 1.1331 levels, and might threaten our proposed bullish outlook if breaks below 1.1300 levels. The most probable wave count until prices stay above 1.1301 levels remain an A-B-C flat, where wave C might be unfolding into an ending diagonal of a flat. Bottom line is that 1.1300/01 should hold for now. We shall turn neutral if prices break lower and watch for further price action to take further 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.
XAUUSD Approaching Support, Potential BounceXAUUSD is approaching its support at 1220 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 1226 (38.2% Fibonacci retracement, horizontal overlap resistance). Stochastic (89, 5, 3) is approaching its support at 5% where a corresponding bounce could occur.
EURUSD Approaching Support, Potential BounceEURUSD is approaching its support at 1.1358 (100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 1.1406 (38.2% Fibonacci retracement, horizontal pullback resistance). Stochastic (89, 5, 3) is approaching its support at 3% where a corresponding bounce could occur.
Gold bulls find support ahead of $1220Gold prices corrected lower since yesterday but support came in close to $1221/22 levels as seen on the 4H chart presented here. Please note that price action keeps the structure intact, and the yellow metal remains well poised to push higher towards $1250/52 levels at least, if not any further. The 4H wave structure remains intact and unchanged as discussed earlier; with potential Wave C underway (into its last leg). The medium term outlook for Gold remains bullish until prices stay above $1212 levels. A safe trading strategy could be to hold long positions taken earlier, and/or add/take fresh longs now with risk below $1212 and potential target towards $1250 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.
US Dollar Index Wave C in progress. 94.70 in sightThe US Dollar Index continues its bearish outlook for now, as presented on the 4H chart here. Looking again into the wave structure, it remains intact with probabilities of a flat A-B-C formation. Wave B most probably terminated at 97.20 levels last week and Wave C cold be underway now, towards 94.70 and 93.80 levels, going forward. Please note that prices should stay below 96.70 levels, for the above structure to remain intact. Looks like a 3rd of 3rd wave could resume lower any moment and push prices towards 94.70 levels, before producing a pullback. We could see a pretty swift drop, till prices stay below 96.70 from here on. Overall, we maintain our bearish outlook in the medium term.
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.
EURUSD rally on track towards 1.1620 at leastThe EURUSD continued pushing higher yesterday as expected, printing highs at 1.1500 levels before retracing lower again. We still remain optimistic about the Wave Structure presented on the 4H chart view here. It is indicating that EURUSD could be underway to unfold into a flat A-B-C. If this structure stays, we could see the existing rally continue higher towards 1.1620 as initial target and further towards 1.1830 levels as well. Please also note that any intraday corrective drops should stay above 1.1350 levels going forward. It could still be too early to predict, but possibility remains above 1.1850 levels, till EURUSD stays above 1.1301 levels, in a broader sense. Overall bullish scenario 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.
Dow Jones bearish reaction expected around 25500/850We had discussed early last week (Oct 29), that Dow Jones is close to completing its 5 wave decline from 26950 levels and a short term corrective rally could be underway any moment. Looking into the price action so far, it seems that the indice has already completed its first wave of the proposed corrective rally at 25600 levels. If the correction is unfolding as a zigzag , we could see another high possibly towards 25870 levels, which is also fibonacci 0.618 resistance as shown here. Please also note that the previous termination of wave 4 was seen around 25800 levels, making it a strong convergence for a bearish reaction. As discussed earlier, Dow Jones could be preparing for a much deeper correction, going forward. We are changing our stance to bearish again from 25500/800 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.
EURUSD bounces off 1.1360 levels. Potential low in place ?The hourly chart for EURUSD continues to remain constructive for bulls. Prices bounced off 1.1360 levels yesterday as discussed as potential support and it looks like a corrective drop could be complete from 1.1450 levels. Please also note that 1.1360 is the fibonacci 0.618 support of the rally between 1.1302 through 1.1450 levels earlier (not shown here). Looking at the short term wave structure, a lower degree wave i and ii seem to be now in place with wave ii termination at 1.1360 levels. A push above 1.1450 levels would confirm the above scenario and a bottom in place. Alternatively, a drop below 1.1360 could be possible to complete a complex corrective structure, before the rally resumes. Overall, EURUSD bulls remain in control till prices 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.
EURUSD Wave C to accelerate: 1.1620/30 in sight ?The EURUSD hourly chart is suggesting that Wave C could be ready to accelerate soon. The currency pair is seen to be trading around 1.1394 levels at this point in time, ready to push through resistance above 1.1620 levels soon. Looking into lower degree wave structure, the rally from 1.1302 through 1.1455 last week may be wave i and the recent drop could be labelled as wave ii. Please note that prices dropped through 50% retracement of wave i until now, and it could drop towards 61.8% fibonacci retracement as well. If the above wave counts hold true, prices should ideally remain above 1.1302 and wave iii should hit at least 1.1620/30 levels as projected here. We maintain our medium term bullish outlook.
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.
EURJPY Reversed Off Resistance, Potential For A Further DropEURJPY reversed off its resistance at 129.35 (100% Fibonacci extension x3, 76.4% Fibonacci retracement, horizontal swing high resistance) where it could potentially drop further to its support at 128.50 (50% Fibonacci retracement, horizontal overlap support). Stochastic (55, 5, 3) reversed off its resistance at 94% where a corresponding drop could occur.
NZDCHF Potential BottomHit a key monthly 61.8% retracement level.
With last weeks candle closure and h4 forming a potential double bottom, and h4 divergence signifying a potential reversal, this is a counter trend trade looking to take into the next significant daily/monthly pivotal level and next significant structure.
EURUSD Approaching Support, Potential BounceEURUSD is approaching its support at 1.1433 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 1.1542 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance). Stochastic (55, 5, 3) is approaching its support at 1.5% where a corresponding bounce could occur.
NZDCHF Approaching Support, Potential Bounce NZDCHF is approaching its support at 0.6511 (61.8% Fibonacci extension , 38.2% Fibonacci retracement , horizontal overlap support) where it could potentially bounce to its resistance at 0.6619 (38.2% Fibonacci retracement , horizontal swing high resistance). Stochastic (21, 5, 3) is approaching its support at 5% where a corresponding bounce could occur.
NZDCHF approaching support, potential bounce! NZDCHF is approaching our first support at 0.6501 (Horizontal overlap support, 38.2% fibonacci retracement, 61.8% fibonacci extension) and a strong bounce might occur above this level pushing price up to our major resistance at 0.6610 Horizontal swing high resistance, 38.2% fibonacci retracement).
Stochastic (21,5,3) is also approaching support and we might see a corresponding bounce in price should it bounce off this level.
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NZDCHF CONTINUATIONNZDCHF -0.07% has been on our watchlist for a while now and looks to be setting up nicely with the break and close above the key daily support of 0.6500 last week. The 4hr timeframe is printing an uptrend creating the higher highs, higher lows. Typically in a trend the market will re-test areas of structure as it moves higher and as we can see we have a 38.2 fib sitting just below the previous structure highs where the market could find buyers again.
NZDCHF ContinuationNZDCHF has been on our watchlist for a while now and looks to be setting up nicely with the break and close above the key daily support of 0.6500 last week. The 4hr timeframe is printing an uptrend creating the higher highs, higher lows. Typically in a trend the market will re-test areas of structure as it moves higher and as we can see we have a 38.2 fib sitting just below the previous structure highs where the market could find buyers again.
EURGBP Approaching Resistance, Potential ReversalEURGBP is approaching its resistance at 0.8857 (100% Fibonacci extension , 38.2% & 50% Fibonacci retracement , horizontal pullback resistance) where it could potentially reverse down to its support at 0.8758 (76.4% Fibonacci retracement , horizontal swing low support). Stochastic (21, 5, 3) is approaching its resistance at 89% where a corresponding reversal could occur and there may be a bearish divergence with price.
NZDCHF - SHORT POSSIBILITYPS: PLEASE CONFIRM BY YOUR OWN ANALYSIS BEFORE TAKING ANY DECISION ON THIS TRADE
NZF/CHF long setupTechnical Bias Bullish
- Extending upside for the 4th straight session
- RSI above 50 and biased higher
- Stochs show bullish momentum
- Price has broken into daily cloud, tests 23.6% Fib
Support levels - 0.6447 (5-DMA), 0.6438 (21-EMA), 0.6371 (Oct 8 low)
Resistance levels - 0.6512 (Upper BB), 0.6564 (cloud top), 0.6622 (38.2% Fib)
Good to go long on break above 23.6% Fib, SL: 0.6475, TP: 0.6515/ 0.6565/ 0.6620
UK100 Bounced Off Support, Potential To Rise Further!UK100 bounced off its support at at 6873 (61.8% Fibonacci extension, 76.4%, 50% & 38.2% Fibonacci retracement, horizontal swing low support) where it could potentially rise to its resistance at 7236 (50% Fibonacci retracement, horizontal pullback resistance).
Stochastic (55, 5, 3) bounced off its support at 2.7%.
USDCAD Approaching Support, Potential BounceUSDCAD is approaching its support at 1.2898 (61.8% & 100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 1.2960 (38.2% Fibonacci retracement, horizontal pullback resistance). Stochastic (55, 5, 3) is approaching its support at 1.7% where a corresponding bounce could occur.
