The NZDUSD is pushing the median line of the pitchfork last week but unable to break it. A break of the median line should result in a strong rally but a break below the lower trend line should se a correction back to the lower median line.
AUDUSD started retracing last week. This week we will be looking for the retrace to complete to between the 50 and 61% levels at the trend lines. Will be looking for a no demand day to go long.
The BC leg of the larger ABCD correction is probably going to take some time longer to complete. We saw a correction to the 61.8% level of the up move before we reached the confluence of significant levels around 1.335. This week we could see a continuation of the up move. The 'TDI is showing bullish signs and the down move is not supported by volume.
We have been following the ABCD patterns the EURUSD has been making for some time (see below). We broke the Brexit key level and trend line formed by the previous down ABCD pattern. The 'TDI is overbought and we can expect some correction back to the previous structure before the final push to point E. Volume is showing increase on the move up and no demand at the...
With the Municipal elections over there seems to be some change in the air. The market seems to be defined by previous market structure and has reached the 61.8% retrace of the previous impulse. With the time running out for the downgrade to junk status for the Rand and a looming USD interest rate hike we may just see the end of the Rand's good run happening soon....
I was expecting the USDCAD to complete the correction of the BC leg down move at the 38% level. However, price moved down breaking the lows of the previous weeks and the market seems to be bearish now finding resistance at the yearlyPP. In spite of this the expectation is still to the significant resistance levels which include the 50sma, 38% retracement, SSB 50%...
We are now in Phase B of the redistribution using a Wyckoff analysis. We are now building a cause in preparation for a new downtrend. Large institutions and large professional interests are still disposing of their long inventory and initiating short positions in anticipation of the next markdown. The COT non-commercial interest are still short and showed some...
NZDUSD has shown good signs of strength. However, we see good rejection candles at the median line of the Pitchfork. Price still made a higher high (HH) even if only just. 'TDI is also showing some bearish sentiment . So we possibly could see a pullback this week to the lower median line of the Pitchfork. Notice the no demand candles (low volume small spread) at...
Continuing the ABCD pattern completion. Notice areas of volume increase and no demand. Looks as if we are on track towards point E but first we have to break the trend line from point C.
The USDZAR is showing some strength. I expected some correction last week that never materialised and the trend seems to be strong. Price is in an area that previously showed some structure and the expected correction could happen this week. The TDI indicates overbought conditions. There is volume support for the down move with increasing volume and spread and...
Using a Schiff Pitchfork to describe the larger market vibration we find that price has reached the upper trigger line and is retracing. Currently, low volume interest is shown. The retrace should continue for the week to come. The following week we can look for volume increases to show buying interest returning to go long.
There is consistent dominance of demand over supply. Signs of strength with widening price spreads and increasing volume. The reactions (LPSs) have smaller spreads and diminished volumes. We are moving away from the trading range resistance lines. Based on this I think we are in the mark-up phase. Looking for some good pips on the way up.
Price has moved away from the resistance line and yearly PP. Price has retested these levels and is now moving away from the resistance and trading range. There is consistent dominance of demand over supply. Signs of strength with widening price spreads and increasing volume and reactions (LPSs) on smaller spreads and diminished volumes is still observed. The 'TDI...
The trading range has been set in phase A of the redistribution (using Wycoff theory) with a selling climax (SC), preliminary support (PS), automatic reaction (AR), secondary test (ST) . Also notice the volume spike at the SC and at the top of the trading range and low volume test of the bottom of the range. We can now expect the corrective structure to develop. I...
With a strong NFP and week Canadian employment results price has broken the yearly PP. However, this is occurring on decreasing volumes showing that this is probably a temporary news based move. So with the final push higher we should be looking for volume to return, indicating sellers entering the market, to mark the start of the impulse move down.
There is consistent dominance of demand over supply. Advances (SOSs) are on widening price spreads and increasing volume. The reactions (LPSs) have smaller spreads and diminished volumes. We are at the top of the trading rand and moving away from it. Based on this I expect the mark-up phase to start soon.
We have been moving along the cloud for some time. The price reacted to the yearlyPP and I was wondering if the market had started the big impulse CD leg. However, I think we could see on more leg up this week before the move down. When the Chico Span reaches price we can expect things to start happening. Volumes are still low and we can expect a volume spike...
We continue to move up along the cloud but we have nearly reached the target area. In the next two weeks we should have reached the confluence area and will be looking to trade the bigger impulse CD wave down. This week it will have to break the YearlPP first to be able to finalise the BC leg.