TipTVFinance

TipTVFinance

Break above the downward sloping trend line on the price chart and the RSI, coupled with the fact that the RSI is sloping upwards and i still short of the overbought territory suggests the index is likely to print record highs next week. The current record high stands at 7447 levels.

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The intraday outlook remains bearish so long as the pair remains below 114.37. Note the bearish price RSI divergence and the breach of the rising trend line. The spot looks likely to drop to 113.00 levels.

TipTVFinance

EUR's recovery from yesterday's low of 1.0837 to 1.0880 today suggests the sell-off from the high of 1.1023 may have run out of steam for now and the pair could revisit 1.0906 (Mar 27 high) today. The gains could be extended further if the US retail sales contract. On the lower side, only a close below the 200-DMA would revive the bearish view.

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The bearish price RSI divergence, gravestone Doji followed by a breach of the small rising channel to the downside, coupled with the breach of the rising trend line on the RSI suggests the pair has topped out and could test the larger rising trend line support seen around 1.27 levels today. On the higher side, today’s high of 1.29 is likely to offer strong...

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Friday’s bearish outside day/engulfing candle signaled the rally from the April 13 low of 1.3223 has ended. A subsequent break below 1.3639 today or ahead of the weekend would open doors for a revisit to 1.3598-1.3535 and 1.3490 levels.

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Pair’s retreat from 1.2988 in the wake of a bearish price RSI divergence on the daily chart if followed by a close below the 10-DMA level of 1.2925 would signal short-term trend reversal and shall open doors for 1.2829 (May 4 low) and 1.28 levels.

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Failure at the falling trend line on Friday and Monday + Monday's bearish engulfing candle followed by Tuesday's bearish engulfing/outside day candle and a bearish breakdown below the minor rising channel + rejection at the channel resistance today suggests the short-term outlook has turned bearish. The pair could fill the gap by falling to 1.0738 (Apr 21 high)....

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Multiple failure near/at resistance of $49.75 (Mar 22 low) seen over the three days (including today) if followed by a close below $48.99 (23.6% Fib Retracement of $56.62-$46.63) would open doors for a re-test of the recent low of $46.63. On the higher side, two consecutive daily close above $49.75 would signal bearish invalidation.

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Breach of the minor rising channel on to the downside would add credence to the failure at the larger descending trend line hurdle and would open doors for a sell-off to 1.0778 and 1.0738 levels. On the higher side, only a daily close above the falling trend line would signal continuation of the rally from 1.0570 (Apr 10 low).

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The bearish divergence suggests potential for a pull back to 1.2831 (May 4 low). Only a daily close below 1.2831 would signal a short-term top has been made and could yield a pull back to 1.2706 (Feb 2 high). The MACD has turned bearish as well. On the higher side, a daily close above 1.30 would revive the bullish view.

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USD/CHF has breached 1.00 handle and the descending trend line hurdle. A close above the trend line hurdle could yield a re-test of 1.01078 (Apr 10 high). Note that the bullish is coming off a higher bottom formation. The RSI is more likely to break the range on the higher side.

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Multiple failure around 230 and the daily RSI turning lower from the neutral levels suggests the corrective rally has ended and the stock price is set to re-test 213 levels (April 18 low). Only a daily close above 230 would signal bearish invalidation.

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The retailer is foraying into online world with food service facility and on the chart the sharp price at the make or break level. The 2-yr long falling trend line is being put to test. If breached on Friday's close would mark a major trend reversal and open doors for 430 levels.

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Resistance at 7360 (falling trend line) if breached this week would open doors for 7500 levels. Pound is looking toppy in the short-term and could witness a pull back if the BOE on Thursday talks down inflation threat amid weak commodity prices. A turn lower from 7360 area could end up in a larger head and shoulder formation with neckline at 7100 levels.

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A close today above 1.0933 (61.8% fib retracement of 1.1299-1.0341) would mean the rally from 1.06 has more to it than just Macron relief and thus, could yield 1.1094-1.1142. On the other hand, two consecutive daily close below 1.0933 would signal a top has been made and the pair could ten revisit 1.0730 levels (gap filling).

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The RSI has turned lower from the overbought region and is overbought on the weekly and monthly time frame. The data released by the payment company Visa earlier today showed the consumer spending fell further in April, with online spending falling for the first time since September 2013... Looks like the share price is on its way to test the rising trend line...

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A break below 0.9817 (support offered by the trendline coming from May 2015 low and April 2016 low) would add credence to the bearish RSI and MACD and open doors for a sell-off to 0.9444 (Apr 2016 low). On the higher side, only a weekly close above 1.00 would revive the bullish view.

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A weekly close below the confluence of rising trend line and wedge support would add credence to the bearish RSI and open doors for 95.89 (Nov 2016 low) and 94.08 (Aug 2016 low). On the higher side, only a weekly close above the wedge resistance would revive the bullish view.