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Gold edge lower on Friday closed at 1734, breaking 1748 support and currently testing trend line from May 19 and Mar 20. If the price break further into the trend line, gold will most likely to test 1673 support. Interesting to note that 1673 is the Point & Figure short term target. Gold price remains under pressure as yields keep rising lately. Real yields –...

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TP for Wyckoff based on Law Cause & Effect rule. Wyckoff TP 1 - 0.580 Wyckoff TP 2 - 0.660 TP for Elliot Wave vs Fibonacci Relationship. W3 - 0.475 W4 - 0.375 W5 - 0.640

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Compared to last time, now, we can analyse elliot wave pattern since it has retraced and rebound. TP for elliot wave and wyckoff is at 0.84 and 0.86 respectively.

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Advancecon Wyckoff Accumulation Schematic Pattern

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HI guys, please find my thread ideas for this week. GBP pairs opened a little lower today with comments from UK Chancellor of the Exchequer on Friday to the Financial Times causing concern in Europe over the weekend, bureaucrats there warning of dire economic impact, and manufacturers at home the same. For Pound, It is all about data, data, data for the pound...

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Following to Bank of England MPC member Vlieghe comment on that says he is ready to cut interest rates if data does not improve last week. Odds of a BOE rate cut have doubled since last Friday and that is leading to more pound weakness as we get the week started. The OIS market now sees chances of a rate cut on 30 January at ~46%, up from ~23% at the end of last...

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Gold is continuing its solid run from late December and is up by nearly 1% today, rising to near four-month highs. Price is now looking towards the late August and early September high @ $1,557.11 and a break above that could trigger further stops on the way up. I don't think I need to point out in every post the attractiveness of gold during this time of the...

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I continue to maintain a weak bearish bias on the USD given the risk to both the economy and monetory policy remain titled to the downside. In term of monetary policy, the market still expects the FED to ease further within the next 12-months, even though the FOMC's recent dot plot showed that no board members expect any changes to rates in the year. In terms...

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2018 was a terrible year where almost all the global bourses plunged sharply due to the US-led trade wars against China and several other countries. The Malaysian market too has a double whammy following the surprise change of government for the first time since Merdeka day. Year-to-date, most markets recorded fairly good rebound. Unfortunately, the recovery was...

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Buy AUDUSD from support TP: 0.6900 Q4 2019 included two key positive developments for global risk appetite 1) the Brexit deal breakthrough 2) and the US-China "Phase One" trade deal This was enough for the Aussie to reach highs since July. Domestically, Australia continues to print trade surpluses and iron ore's 3-month highs are backed by a bounce in copper...

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Given that cable is resting at eight-month highs now above 1.3200, a Conservative victory is largely priced in. However, any further extension for gains will now depend on the size of the majority that they can muster once the votes trickle in. An overwhelming majority (I reckon somewhere around 30 seats or more) may yet give a push higher to the pound towards...

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The USDJPY is trading in a narrow range today. The price keeps scraping along the lower 100 hour moving average at 108.651. A move below it (with more momentum than what has been seen so far today) should solicit more selling. On the downside, the low from yesterday reached 108.51. Below that are other lows at 108.474 and 108.422. At the low for the week at...

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The EURUSD has rotated back higher after an early NY session dip took the price down to test its 200 hour MA (green line) currently at 1.10685. That 200 hour MA was also approached on Monday, only to find early buyers against the level (see chart below) The holding of that MA increases that moving average levels of importance going forward. A break below it...

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Quite frankly, I don't think there is much to really comment on the pound at the moment as price action so far today is rather "minimal" and would be insignificant once we move towards digesting the election tomorrow. In the grand scheme of things, cable could easily swing 100-300 pips (or more) depending on the results tomorrow so the 52 pips range today is...

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Right now, the aussie has managed to work its way past both the 200-hour MA (blue line) and the 100-hour MA (red line) against the dollar as buyers seize back near-term control. In overnight trading, buyers leaned on support close to the 0.6800 handle and that has helped to provide a platform to build on a move higher in trading today. Looking ahead, there is...

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The latest voting intentions overnight highlighted a narrowing lead for the Conservative party and that has kept the pound lower since. Cable fell sharply after touching 1.32 for the first time since March and is staying weaker at the start of European trading today. As mentioned yesterday, the only thing that the opinion polls have right is that they are all...

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The GBPUSD has moved to a new day high and new highs since the end of March. Connecting recent highs on the hourly chart, that trend line comes in at 1.31956. Breaking above it and the 1.3200 level would be more bullish. As per previous post for shorting GBPUSD. 1.3500 level is a good level to take profit and start to short GBPUSD.

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The 1.11000 natural resistance level and recent highs from last week at 1.1009 and 1.11158 are now upside targets should the buyers be able to keep firm control. Close risk will be watched against the broken trend line and below that the 100 hour moving average at 50% retracement at 1.1078 area. The buyers are making a play. Can they keep control on the...