EURUSD reversed sharply lower from 1.2230/40 handle yesterday, in line with expectations. The drop through 1.2140/50 might be the first lower degree impulse wave and a counter trend rally might be soon underway towards 1.2200 mark. Bears would be inclined to remain in control from here and resume lower from 1.2200/10 levels, if EURUSD manages to reach there. A...
Gold has dropped through $1760 today but a minor pullback still remains possible through $1820/25 zone. The yellow metal has been showing a bullish divergence on RSI and a counter trend rally might be under way soon. Having said that, we favor selling on rallies rather than buying on dips since prices stay in the sell zone of resistance trend line. A break above...
US Dollar Index has managed to hit 89.72 lows today, in line with earlier discussions here. The Elliott Channel line support has been hit and we need a follow bullish reversal from here to confirm a turn higher. Potential now remains for a push towards 94.50 over the next several weeks, with bottom line around 89.20 mark. The wave structure might seen as Waves 1...
Gold had reversed from $1815/17 levels yesterday before finding interim support around $1781. The drop seems to be corrective and potential remains for yet another push towards $1820/25 zone, which is fibonacci 0.618 retracement of lower degree wave i as highlighted on the chart here. Only a push through trend line resistance and above $1855, opens doors to test...
EURUSD finally reached 1.2200/30 handle today as discussed and expected earlier. It has completed the minimum requirement for a potential Wave 2 but potential remains open towards 1.2250 mark before finding a strong resistance. Also note that the Elliott Channel resistance has been hit and a throw over might be in the making. Bears might remain inclined to resume...
Gold is most probably unfolding a lower degree Wave ii within Wave (iii), and is expected to hit $1820/25 zone. The yellow metal is facing trend line resistance, fibonacci 0.618 retracement and also previous Wave iv termination around $1820/25 zone. At the moment, the yellow metal might be unfolding as a triangle and it might take another 1-2 trading sessions for...
EURUSD might have carved a potential Wave 2 around 1.2180 yesterday, or is preparing to push higher towards 1.2200/30 mark to terminate Wave 2. Either way, the currency is setting up for drop lower towards 1.1600 mark in the next several weeks as Wave 3 progresses. Alternately the entire structure might be unfolding as a 3-3-5 lower towards 1.1800 levels. We...
US Dollar Index continues to consolidate in a tight range since last 02 trading sessions. It is most probably into Wave C of an A-B-C decline from 91.60 levels, part of a complex corrective wave. If correct, the index is expected to form a higher bottom around 89.70, which is also the Elliott Channel support of A-B-C drop. Further, the fibonacci 0.786 retracement...
US Dollar Index fell short of 10-20 points from hitting 89.70 mark, the projected support zone. The index has pulled back from 89.94 and is trading above 90.00 handle again. Please note that potential remains for yet another drop through 89.70/80 levels before US Dollar Index resumes its rally. The Elliott Channel support along with fibonacci 0.786 is also seen...
EURUSD managed to touch 1.2177 mark yesterday before pulling back. The currency trades close to 1.2190/1.2200 handle, which is also fibonacci 0.618 retracement of the entire drop between 1.2350 and 1.1950 levels respectively. Bearish divergence is beginning to pop on the RSI and any push through 1.2190/1.2200 might trigger a meaningful selloff. Having said that,...
Gold has extended its rally post $1800 levels and nearly reached its proposed resistance zone around $1820/25. Please note the above is also fibonacci 0.618 retracement of the recent drop between $1855 and $1760 respectively. Further, trend line resistance since $1965 is also seen to be passing through the above zone. High probability remains for a bearish...
Gold attempts a lower degree corrective wave ii towards $1820/26 mark, before reversing lower again. The yellow metal is either unfolding an extended Wave 3 since $1855 highs, or is set to unfold as a complex W-X-Y structure as an alternate. Believe it or not, since the metal has been following its resistance trend line, the alternate count remains remote for now....
US Dollar Index might be still unfolding its complex corrective structure and terminate potential Wave 2 around 89.80 levels. The overall structure since 89.20 lows on January 06, 2021 is looking constructive for bulls as they prepare to care a higher low around 89.80 zone. If the above is correct, let us prepare for a steep rally towards 94.50 and higher as Wave...
EURUSD continues to probe 1.2150 and might be successful in pushing through 1.2200 zone before finding resistance. There are 2 high probable wave counts possible from 1.2350 highs. 1. EURUSD has carved an impulse Wave 1 between 1.2350 and 1.2050 and is now working on a complex Wave 2, which might terminate towards 1.2200 in the next few days. 2. The drop from...
EURUSD might be still unfolding a complex corrective Wave 2 and push towards 1.2250 in the next few trading sessions. If correct, prices should stay above 1.1950 and rally towards 1.2250/70 levels i the next few days. Possibility remains for a bearish reaction there and a turn lower towards 1.1600 going further. Alternately, EURUSD might have completed its...
Gold structure continues to paint a bearish picture and the yellow metal remains poised to push through $1650 and $1550 going further. The preferred counts are as follows: The metal has carved Waves 1 and 2 around $1802 and $1875 respectively and since then, Wave 3 is unfolding as a potential extension. If correct, prices should stay below $1854 and continue lower...
US Dollar Index had rallied through 90.70 mark as expected and discussed earlier. The index might have carved Wave A and B of a corrective A-B-C structure since 91.60 highs earlier.If correct, the index is preparing to drop towards $89.70 levels from here to terminate Wave C of the proposed corrective drop. It would be Wave 2 termination of a complex correction,...
Gold is trading sideways for now, it could be a lower degree wave ii within Wave C higher towards $1880 or wave iv of C of an expanded flat. If the latter is correct, the yellow metal can drop below $1810 marginally before reversing higher towards $1880/90. A clear push through $1830 will confirm that the proposed Wave C rally towards $1880/1900 is underway. We...