Elliott Wave View: S&P 500 (SPX) Rally Should Resume
Short term Elliott wave view in S&P 500 (SPX) suggests the rally from March 5, 2021 low is unfolding as a 5 waves impulsive structure. Up from March 5 low, wave ((i)) ended at 3983.87 and wave ((ii)) pullback ended...
WTI Futures Push Higher Within a Ranging Market
WTI oil futures have nudged back above the 60.00 mark, overstepping the Ichimoku cloud and the 100-period simple moving average (SMA) on the four-hour chart at 60.03. The commodity’s price action remains confined between the limits of 57.25 and 62.24....
EUR/AUD It’s Time For Sellers To Turn The Tables
The EUR/AUD is making a 1-2-3 hook pattern and we should see a move down. Sellers are here. After a retracement, the pair has come to W H3 camarilla pivot. However, it is not just the W H3, it is...
Gold Price Eases after Recovery Stalled at Key barrier; US CPI Eyed for Fresh Signals
Spot gold holds in red for the second straight day and extends lower after bulls failed to register a clear break above key barrier at $1755 (Mar 18 high) and generate initial signal of double-bottom formation. Elevated US Treasury yields...
USDJPY Eyes 109.00 Handle and Negative Pressures Lose Power
USDJPY’s recent pullback from the 1-year high of 110.96 seems may not have the necessary potency to successfully overpower the positive bias. The advancing 100- and 200-period simple moving averages (SMAs) are defending the positive structure, while the declining 50-period...
USDCAD Triangle Watch
The US dollar is still struggling for directiona against the Canadian dollar, despite last Friday’s very strong monthly jobs report from the Canadian economy. The lower time frames currently show that the USDCAD pair is trapped within a triangle pattenr,...
Canadian Jobs Data Solid: USD/CAD
The BOC will take note of the strong employment print, as they are currently the frontrunner to taper monetary policy! The Canadian Employment Change for March was +301,100 vs and expectation of +100,000 and +259,200 in February. The number was...
NZDUSD Buyers Confront Short-Term Downtrend Line
NZDUSD has consolidated over the somewhat neutral Ichimoku cloud, after slightly improving from a recently formed floor at the 0.6942 level. The falling 200- and 100-period simple moving averages (SMAs) are shielding the bearish structure, while the climbing 50-period SMA...
Dow Jones Index Bullish Breakout Aims At 35,000 Target
Dow Jones Index (US 30) is building a bull flag continuation chart pattern within a larger uptrend. A bullish breakout should confirm a push higher. The US 30 chart needs a break above the resistance trend lines (orange) to confirm...
GBP/USD Outlook: Bears Crack Key Supports And Look To Continue Larger Downtrend
Cable extends weakness into the fourth straight day and tested key support at 1.3670 (Mar 25 low / 100DMA) in early European trading on Friday. Bears emerged from daily cloud (cloud base lays at 1.3712) after trading within thick cloud...
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