RamziAbouAbdallah-CMT

RamziAbouAbdallah-CMT

Suggested Elliott wave analysis • Rule #1: Wave 3 can never be the shortest impulse wave (applies here) • Rule #2: Wave 2 can never go beyond the start of wave 1 (applies here) • Rule #3: Wave 4 never enters the territory of wave 1 (applies here) Wave 2 usually retraces between 50% to 61.8% of wave 1 (applies here and shown) Wave 3 is the longest Wave 4 usually...

RamziAbouAbdallah-CMT

• Euro is rallying again after testing the ascending trend line support near 1.05 • The pair is still trading inside an ascending channel • I added a middle line inside the channel which is acting as support and resistance along the trend up • Also, we can spot a short term descending channel, in which we are now, inside the big upward channel • Bulls need to...

RamziAbouAbdallah-CMT

• Symmetrical triangle on daily chart • Descending resistance line since 2020 is limiting further gains with 3 touches now already • W bullish formation • Risk is more tilted to the upside given that the recent range is closer to the upper boundary of the triangle • BOC/FED dovish divergence giving advantage to the US dollar • Sliding oil prices putting...

RamziAbouAbdallah-CMT

• Gold is soaring as demand for safe haven is rising amid banks turmoil and fear of recession • Bullish trend dominating but tough resistance is near • First resistance is 2000 round number • Second resistance is the 2070 previous high which was rejected twice • Are we gonna be in a triple top scenario and reverse lower again or make a new high ? • From a risk...

RamziAbouAbdallah-CMT

• Bitcoin rallied more than 35% last week following the banking turmoil • Highest since June 2022 • If bullish momentum continues, the BTC will re-test the May-June 2022 range between 28000 and 33000 highlighted • Above that comes 33000 and 34500 • Clearing above levels would give bulls the upper hand and there will be no notable resistance till 40000

RamziAbouAbdallah-CMT

• Today I am discussing the long term trend for the USD • I went back in history (2014) to give you a quick study on the US Dollar's behavior throughout the years • Back in 2014, the Dollar index rallied from the 80s level to the 100-105 as you can see the sharp up trend • After that, correction started and bottomed as soon as we touched the 50% retracement...

RamziAbouAbdallah-CMT

• Technical picture in favor of the bears • 2 bearish patterns on daily chart • First pattern is the broadening pattern highlighted in yellow • Second pattern is head and shoulders highlighted in green • 1.0500 support is very critical at the moment ( neckline of head and shoulders and previous pivot low ) • Yesterday's drop penetrated the 20 MA which is now...

RamziAbouAbdallah-CMT

• EUR/USD short term trend is neutral to bearish • Long term trend bullish and intact as long as we are still above 200 MA • Following strong rally, sellers broke the ascending trend line and are now trading inside a descending parallel channel • Descending channel looks like a flag, a continuation pattern • Meaning, most probably buyers will break above it and...

RamziAbouAbdallah-CMT

• Pair broke above descending channel • Entered correction mode and stalled at 38.2% • Rising wedge in play, a bearish pattern reinforcing the downside scenario • Breaking below rising wedge support takes us back to yearly lows around 127 followed by the projected target at 125

RamziAbouAbdallah-CMT

• Rising wedge on daily chart, a bearish pattern • 105 offering resistance, limiting gains near term • Next resistance is in mid 105s, 38.2% of Nov-Feb decline • Upside is starting to lose traction, we are still in correction mode • Levels to watch: 105 on the upside, 104 on the downside (today's low and wedge support)

RamziAbouAbdallah-CMT

• Ascending trend line of the whole 21-22 up trend already broken • Bulls and bears are now fighting through the 50% Fibonacci retracement of the whole move • Breaking this level successfully exposes 101.40-50 support ( triple bottom ) which was already tested today • Below that comes the 61.8% level near 99.20

RamziAbouAbdallah-CMT

• Symmetrical triangle breakout on daily chart • Breakout is successful since we had consecutive daily closes above it • Market is trading above the 200 MA , adding to the bullish picture • Breakout target is the height of the triangle (1270) added to the breakout point • Target is around 2700

RamziAbouAbdallah-CMT

• Dollar gave up most of its gains for the summer • We are trading inside a bearish descending channel • Sellers successfully broke below the 50% Fibonacci retracement of the whole uptrend • Death cross adding to the bearish picture • Next target is the 101.32 support followed by 100 round figure and 99.40 (61.8% and March 22 resistance)

00:00

RamziAbouAbdallah-CMT

• Descending bearish channel in play • Sellers got the upper hand • First bearish sign is the breakout below the ascending channel which was there since March 22 • Second bearish signal is the death cross of the 200 Day MA above the 50 Day MA • Next bearish target is 126.40 followed by 125.10 • Resistance at 135.10

00:00

RamziAbouAbdallah-CMT

• Daily EURO/DOLLAR chart, zooming out back to 2021, where the 1.5 year downtrend started • Short term, trend is bullish, higher highs higher lows • Rising wedge forming, a bearish reversal pattern • Resistance levels becoming support levels, a clear sign of an uptrend • However, looking at the big picture changes the outlook a little bit • Drew Fibonacci...

RamziAbouAbdallah-CMT

• Potential inverse head and shoulders • Bullish reversal pattern forming after a downtrend bottom • Expect right shoulder to have a higher support than left shoulder • Therefore, a retracement to 1.20 or 1.19 expected before the upside breakout • Breaking the left shoulder's support around 1.17 invalidates this pattern • Upside target is projected based on the...

RamziAbouAbdallah-CMT

• Bullish channel on daily chart • Higher prices as long as the pair is trading inside the channel • Next target around 1.26

RamziAbouAbdallah-CMT

• Cup bullish formation on daily chart • Bulls need to break 1.06 level which has been caping gains since June • After 1.06 next target is 1.08 • Fed, ECB, Cpi data to give fresh direction for the pair