MFXSCharts

MFXSCharts

The pound smashed through channel support overnight and sellers will be looking to drive the pair lower to the next support zone and multi-decade lows beyond there. Initial target is the support zone between 1.3120 and 1.3070, with a break below there targeting rising trend support above 1.2930. Expect fierce selling on any intraday strength. Breach of the upper...

MFXSCharts

AUDUSD sold off aggressively again Tuesday, ignoring a hammer reversal candle from Monday. Pair breached the ascending neckline, confirming a head and shoulders topping pattern. Rising channel support lies just ahead ... but bears will be selling into any bounces into the former zone 7480 - 7435, looking to breach channel support above 7420. Even if bulls manage...

MFXSCharts

Gold is consolidating below major trend-line resistance, stemming from the all time highs back in 2011. The yellow metal is well supported above a rising channel from December 2015. This gives us a terminal wedge pattern, which must eventually break, but is still relatively wide. We are waiting for a daily close above zone/trend-line resistance confluence at 1350,...

MFXSCharts Updated 

USD bears became disheartened Thursday, when the Swissy surged out of a daily support zone, moments after falling to new lows. Pair remains wedge bound, but yesterday's Hammer reversal and developing Inverse Head and Shoulders pattern bolster the case for a break higher. Bulls will be looking to push the pair toward the inverse neck zone between .9810 & .9845. A...

MFXSCharts Updated 

GBPUSD turned lower earlier in the week, after pair found sellers at resistance zone/channel top confluence. Wednesday saw a Dark Cloud Cover reversal candle, with modest follow through on Thursday. Sellers will be looking to take out rising channel support at 1.32 and counting. A daily close above yesterday's high at 1.3376, would shift focus back on to the...

MFXSCharts Updated 

AUDUSD was firmly rejected yesterday, following a false break above trend-line resistance dating back to April 2013. Pair traded to new highs on Thursday, before finishing the day decisively lower, printing a Shooting Star bearish reversal candle. Sellers will now look to push the pair lower to the .7535 - .7480 daily support zone. Breach of yesterday's high at...