MFXSCharts

MFXSCharts

Not only did Steem hold it's value against Bitcoin like we were hoping for last week (see steemit.com/@bulleth), it also put in a half-decent rally on Saturday and is back inside the falling channel. Struggling with resistance in the 60-67 zone now, a break higher would target 75. Technically, we have the makings of a head and shoulders reversal pattern here...

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Ether continues to lag behind Bitcoin: ETHUSD is still finding bids, but currently not enough interest to break above the 38.3 fib at 241. I'm holding long - have a bad habit of impatiently exiting set ups like this - only to watch them rally. A close above 241 would target 275 and 300.

MFXSCharts

BTCUSD continues to consolidate after last week's surge higher and is currently capped under 2920. Pair is once again trading inside a wedge pattern and we need a break above the falling top at 2915 to open up 3000. If we can get to 3K, the wedge becomes an ascending triangle, which is one of my favourite bullish continuation patterns. Having said that, pair may...

MFXSCharts

We underestimated ETHBTC last week when we called for .133/.14. Pair traded all the way to .153, exceeding our measured targets, before pausing for a shallow correction. This is a very good sign: it means momentum is actually picking up. The last leg up far exceeded the prior two, in both price and percentage terms. We've been waiting for a deeper correction...

MFXSCharts

Ethereum has surged higher against Bitcoin following the wedge break we posted yesterday. ETHBTC traded as high as .122 in early Asia, before finishing the day and week at .1165; up 17.5% on the day, 20.2% for the week, 153.4% so far in Q2 and a whopping 1297% year to date. Break to new record highs opens up the path to the 0.133three - .14 zone where we have a...

MFXSCharts

Price action was a little disappointing following the Bullish Engulfing at the start of the week: over the next two days pair retraced all the way back down to the origin point and proceeded to consolidate in a wedge until Friday. On the bright side, the top of the .81 - .865 support zone we highlighted held up nicely and pair now appears to be back on the move,...

MFXSCharts

Ethereum put in a solid up-day to start the week, engulfing Saturday and Friday's bear candles and briefly breaching Thursday's high. Fierce bullish reaction from the former resistance zone suggests buyers are still in control and we are looking for a retest of the highs and continuation over the coming days. Initial resistance is the record daily close at...

MFXSCharts

Ethereum on the charge again after week of sideways against bitcoin. New record close. Up 157% from April lows, 972% year to date. Note moving averages, trend-line gradients steepening ... momentum's picking up. Initial resistance all time high at .0865, followed by .09 handle and psychological 0.1. Remains bullish above Saturday's low in the .065 region (former...

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Ethereum continues to appreciate against bitcoin: currently 0.0767, after trading as high as 0.0865 late Monday. Pair is up more than 100% from the April lows and appears to be gaining momentum, having broken out of an ascending channel on Sunday. Former channel resistance is now acting as support and has been tested twice, appears solid. Initial resistance is...

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USDJPY hit our initial 112.20 target last week, but strength was short lived and pair proceeded to retrace the vast majority of the move higher from 110. Pair has since found support and a double bottom appears to be in play. We are looking for a move back towards 112.20 over the coming days, with a break above there confirming the double bottom setup and...

MFXSCharts

USDJPY has broken above the neckline of an inverse head and shoulders pattern and looks set to continue higher. Initial resistance is 111.60, with a break above there targeting 112.20 and 112.80. Immediate support at 111.20, with further support at 110.90 - a break below the latter would invalidate our bullish bias and turn us neutral on this pair.

MFXSCharts

The Dollar is extremely well bid against the Yen as we head into Non-Farm Pay Rolls and may even break higher before the number. We are anticipating an eventual move to 117 - 117.50 over the coming weeks, however, the path higher is far from clear. Initial resistance is 114.95/115, already tested earlier the session. The figure could well go today, but further...

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USD bulls are currently attempting a bounce from former resistance in the 101.05-101.30 zone after French election worries rattled the Euro. The index traded above the 61.8 fib briefly last week, but was rejected at the top of a zone which we had previously deemed inconsequential and finished the week back inside the wedge. Our preference is for a break back...

MFXSCharts

The DXY US Dollar Index has gapped into interim resistance following an intense round of FEDspeak seemingly aimed at boosting expectations of a March hike. Chance of a March hike was less than 33% just a few weeks ago, but both voting and non-voting members have embarked on a full blown communications offensive over the past week, pushing expectations up above 60%...

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The Loony seems well bid above ascending channel support and we are looking for a move back towards 1.36 over the coming weeks. Pair finished Friday higher, despite a stronger than expected Canadian jobs report and NFP miss. Support is a daily zone stretching from 1.3170 down to 1.3080, with ascending channel support confluence at 1.3147 and counting. A daily...

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The Aussie finished Friday lower, printing Dark Cloud Cover on back of stronger than expected annual wage growth in the US. Reversal candle occurred at falling wedge resistance / former support confluence and pair looks set to resume lower. Initial support is the .7296 - .7283 hourly zone, with a break below there confirming the top and targeting the lows above...

MFXSCharts

Dollar Yen has broken out of wedge consolidation in quiet post-Christmas trade and looks set to continue higher. Pair has been trending up at an average of 250 pips per week for the past 7 weeks, but has been stuck in consolidation since setting a new 10 month high on the 15th of December. Today's break above the wedge top opens the path to 118.66, with further...

MFXSCharts

The cable continues to consolidate in the relative calm following the October flash crash. Pair is currently hovering above a minor trend-line, extending off of the October 28 low and may find support here and continue to range over the short term. Over the medium term; we're looking for a move lower, followed by bearish continuation and seeking to position...