AbansGlobalLimited

AbansGlobalLimited

EURUSD seems to have carved a meaningful top at 1.1909 levels last week. The currency had dropped over 200 pips since then, carving interim lows at 1.1700 handle. At the moment it is retracing and might have carved a lower top around 1.1800 mark. Alternately, EURUSD would push towards 1.1830 to carve a lower top before reversing lower again. The fibonacci 0.618...

AbansGlobalLimited

US Dollar Index seems to have carved a meaningful bottom around 92.56 levels. The index is trading around 93.12 around these times and is expected to push further higher towards 98.00 levels, going forward. There are number of strong convergences that are indicating a potential bottom formed. 1. The US Dollar Index completes 5 waves lower from 103.00 hitting the...

AbansGlobalLimited

SPX500 finally seems to have carved a lower top around 3270 mark yesterday. We have been calling for a potential bearish reversal since last several weeks and the indice seems to be breaking lower now. The wave structure remains constructive for bears as SPX500 had dropped from 3400 through sub 2200 as an impulse, Wave (1) on the chart. The subsequent rally was a...

AbansGlobalLimited

EURUSD has been defying resistance lately, and has managed to print yet another high around 1.1909 today. It has given in to bears since then and is trading around 1.1840 handle as we prepare to publish. Remains difficult to confirm as of now but probabilities remain high for a meaningful top in place at 1.1909 handle. Immediate support is seen at 1.1720 levels...

AbansGlobalLimited

SPX500 Spot had closed at 3215 yesterday. The lower degree wave counts (not labelled here) are pointing towards a potential a drop below 3100 mark. Bottom line remains that the indice must hold below 3238. The larger degree counts suggest that SPX500 might have carved Wave (1) at sub 2200 in March 2020. Since then the counter trend rally has been unfolding and...

AbansGlobalLimited

US Dollar Index has retraced to the fibonacci 0.618 levels of its recent rally between 95.89 and 96.40 respectively. A high probability bullish reversal remains possible from here, provided US Dollar Index stays above 95.78 levels. Over the short term, the US Dollar Index should be hearing towards 97.30 if 95.78 holds well. Also note that it would be breaking a...

AbansGlobalLimited

EURUSD has pulled back towards 1.1423 which is close to fibonacci 0.618 retracement of the recent drop between 1.1441 and 1.1370 respectively. In the short term, EURUSD might be looking to reverse to 1.1250 mark. Only a break above 1.1450 would nullify the above bearish setup. Furthermore, it also remains possible for EURUSD to have topped out at 1.1450 and could...

AbansGlobalLimited

Dow Jones might be preparing to drop lower towards 23000 mark as Wave 3 of (3) could be underway since yesterday's high. The indice has held below its June highs around 27600 levels and lower degree counts suggest potential Waves 1 and 2 in place at 24843 and 27071 (these are spot rates) respectively. If the above counts hold well, Dow Jones should reverse sharply...

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US Dollar Index is slipping lower from intraday highs at 96.32 and is trading around 96.13 for now. The index would remain bullish as long as 95.70 holds good, going forward. Even if prices drop below 95.70, it would be short lived and just a matter of time before bulls take control back. A push above 96.70 is required to confirm that US Dollar Index has bottomed,...

AbansGlobalLimited

EURUSD had reached up to 1.1450 levels yesterday before reversing lower again. The currency has print intraday low around 1.1380 and is seen to be trading around 1.1406 at the moment. The potential wave counts are as follows: The rally since 1.0636 lows has carved Waves 1, 2, 3, and 4 respectively with Wave 4 terminating around 1.1167 levels. Wave 5 potential...

AbansGlobalLimited

SPX500 remain bearish below 3400 resistance, period. It is only a matter of time for a lower top to be carved around the 3230/50 zone marked here as larger degree Wave (2) termination. Also note that the next resistance above 3233 mark is seen at 3254, the fibonacci 0.88 retracement of the entire drop between 3400 and 2200 respectively. Expect bears to be back...

AbansGlobalLimited

US Dollar Index surprisingly holds above 95.70 lows, which normally moves in tandem with the EURUSD. We would favor bulls to take control back until 95.70 holds but further confidence would be instilled on a break above 96.75 resistance. The wave structure remains the same for now as the indice holds above 95.70 interim support. A break lower would confirm that...

AbansGlobalLimited

EURUSD cleared past 1.1420 and bulls are poised to target higher towards 1.1490 from here. The risk-reward ratio to initiate long positions from here doesn't look appealing. We would rather wait for a potential top to be carved at above resistance to initiate potential shorts. The wave counts are as follows: EURUSD continues to print higher highs and higher lows...

AbansGlobalLimited

Dow Jones spot had rallied yesterday towards 26640 before reversing lower again. The lower degree wave counts are looking more clear now: The drop between 27580 and 24843 was in 5 waves, labelled as Wave 1. The subsequent rally unfolded as a flat and finally terminated around 26640 yesterday, labelled as Wave 2. If the above counts are correct, we are going to...

AbansGlobalLimited

US Dollar Index might be ready to push higher towards 97.50 and 98.00 in the immediate future. Unlike its counterpart EURUSD, the US Dollar Index had help above support at 96.24 yesterday. The lower degree wave counts might be suggesting that a 3rd of 3rd wave might be soon underway towards 97.50 and higher. Bottom line remains that the index should stay above...

AbansGlobalLimited

EURUSD seems to have carved a meaningful lower high around 1.1375 yesterday. The drop from 1.1375 through 1.1330 today could be a lower degree wave 1 (not labelled yet). A potential wave 2 might be complete around 1.1366 a few minutes back. If the proposed counts are correct, EURUSD should extend its drop towards 1.1240/50. taking out initial support at 1.1250....

AbansGlobalLimited

DAX structure remains bearish until it remains below 13800 in the long run. Further, the indice had carved a potential lower top around 12920 in June 2020. Potential higher degree Wave Counts suggest DAX might have carved Waves (1) and (2) around 8200 and 12920 respectively. If the above is correct, the indice should stay below 12920 mark and resume lower in the...

AbansGlobalLimited

US Dollar Index had pulled back sharply from 97.00 highs on Friday last. It might have carved a higher low around 96.40 levels today as bulls prepare to resume higher. Kindly note the angle of the backside of support trend line; it is passing through 97.50 as we prepare to publish this update. This is encouraging for bulls to continue pushing higher. Only a break...