EUR/JPY Makes New High
The single European currency made a new swing high against the Japanese Yen on Thursday. The currency pair tested the upper boundary of a descending channel pattern at 122.37 during yesterday’s trading session. As for the near future, it is...
CADJPY Remains in Bearish Phase
CADJPY has been finding strong resistance on the 38.2% Fibonacci retracement level of the downward wave from 89.25 to 76.60, near 81.42, falling beneath the 20-simple moving average (SMA) in the daily chart. Having a look at the momentum indicators,...
GBPCAD is Neutral in Very Short-Term; Advances are Expected
GBPCAD has been on the sidelines for the most part of the week as the 1.7130 level seems to be a real struggle for the bulls. Technically, the price could lose some ground in the short-term as the RSI is...
EUR/USD Outlook: The Euro Consolidates Above Key Supports After Strong Upside Rejection, ECB Policy Meeting Eyed For Fresh Signals
The Euro attempts to stabilize above 55SMA (1.1214) after Wednesday’s strong upside rejection (1.1306) and subsequent pullback that left bearish daily candle with long upper shadow. Repeated failure to clear key barriers, provided by daily cloud top/100SMA (1.1277) despite spike...
Elliott Wave Analysis: Weakness on Gold Around The Corner!
GOLD is trading higher, now unfolding final stages of a wave five as part of a higher degree wave iii of a bigger bullish cycle. We labelled possible turning point regions for the metal, which are at 1345/1351 area, where...
USD/CAD Outlook: Loonie Advances Further on Dovish Fed and Downbeat US ADP Jobs Data
The pair holds firmly in red and extends weakness for the third straight day, to crack pivotal Fibo barrier at 1.3375 (38.2% of 1.3068/1.3564) on Wednesday. The greenback fell across the board on dovish steer from Fed and was additionally...
Gold Spot The Bias Remains Bullish
Pivot (invalidation): 1320.00 Our preference Long positions above 1320.00 with targets at 1329.00 & 1335.00 in extension. Alternative scenario Below 1320.00 look for further downside with 1316.00 & 1312.50 as targets. – advertisement – Comment The RSI is above its...
Elliott Wave Analysis: Bulls Pushing AUDUSD Towards 0.70
Aussie remains under bullish pressure towards 0.70 area and seems like it’s trying to break above channel resistance line which would confirm a rally within wave iii). However, as long as price keeps trading above 0.6900 region, we will remain...
The Yield Spread Albatross Around USD/JPY’s Neck
In the past 24 hours, we’ve touched on potentially bullish setups in EUR/USD and AUD/USD, mirroring the potential topping pattern we’re seeing in the US dollar index itself. Continuing with that theme, USD/JPY looks increasingly susceptible to more downside even...
Elliott Wave View: Impulsive Rally In $GDX
Elliott wave view in Gold Miners ETF ($GDX) suggests the pullback to $20.26 ended wave (2). Wave (3) is currently in progress and the internal subdivides as an impulse Elliott Wave structure. Up from $20.26, Wave ((i)) ended at $20.88,...
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