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This is a continuation post from 2 months ago forecast which has not yet reached the final target projected of the bearish flag formation posted on the weekly chart. NZD/USD is posting and interesting bearish flag pattern on the weekly chart which is basically a continuation move. After we failed to make another high above 0.8850 during the last summer we have sold of without any kind of retracement however this doesn't mean we should have a pullback, quite contrary this bearish flag is absorbin…
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NZD/USD Bearish Flag
NZD/USD is posting and interesting bearish flag pattern on the weekly chart which is basically a continuation move. After we failed to make another high above 0.8850 during the last summer we have sold of without any kind of retracement however this doesn't mean we should have a pullback, quite contrary this bearish flag is absorbing all the bids. Usually you measure the length of previous sell off and project that move to the downside in order to find the next leg target.
If we project the prev…
If we project the prev…
Metals Outlook. Silver Leading The Way Down
If last week was all about the FX move, this week the metals are going to be on the front page. With silver breaking key support level at $18.20 this marks the stage for further downside movements. Silver was developing and completed an descending triangle over the last 1.2 years. I've been speaking about this developments in the silver market more than 5 months ago, making the case for a break lower, you can find that post in my history blog post.
Sin…
Figure 1. Silver Weekly Chart
Sin…
USD/CAD Resuming the Uptrend (part 2)
Last year I've posted my prediction in the Technical Analysis contest about USD/CAD, and at that time I said that USD/CAD is on the verge for a big upside movement. You can check out my prediction here USD/Cad Resuming the Uptred
Nothing much has happen since than except the fact that now we have broke from previous multi year trading range above 1.0800 see Figure 1 red upper resistance line. It can bee seen that we have been moving in an 1400 pip range for the course of the last years and i…
Nothing much has happen since than except the fact that now we have broke from previous multi year trading range above 1.0800 see Figure 1 red upper resistance line. It can bee seen that we have been moving in an 1400 pip range for the course of the last years and i…
USD/JPY Time for Some Consolidation
In Figure 1 you can see the USD/JPY quarterly chart, and being able to see the bigger picture it gives you another perspective that USD/JPY has not gone up as much as you would have thought, and that it's just the beginning of a multi-year bull market.
- Figure 1. USD/JPY Quarterly chart.
Cable Is On The Verge Of Exploding
I don't know how many of you are aware the GBPUSD is on the verge to make/or not make a big advance in price. The weekly chart displays a possible bullish triangle (see Figure 1)which recently was broken to the upside. If we manage to close above 1.6350, on a weekly basis, there is a high probability that cable will see a dramatic upside movement. However the most important point is the last swing high 1.6738 which is a critical point in order for cable to experience a really big move. Since the…
2014 FX Market Outlook - AUD (part 3)
Although for the current contest month I'm out I'm still going to try to bring back my account at BE after suffering 80% loss in the first trading day, and this mean that I should make 400% to bring back my account to 100k, but I'm a fighter and never give up. So, I'm still going to make blogging as I really enjoy it so I'm going to continue with my 2014 FX Market Outlook blog series. This time we're going to look at Cable, you can see check my previous blog post here: …
EUR/AUD - Trading With the Trend
Yesterday I've got in a long EUR/AUD position which I had to mange according to current market conditions. If you have been reading my blog you should know by now the importance of trading in the direction of the trend. I want to emphasize this: that no market is to high to be bought or to low to be sold. When trading with the trend you have the momentum going with you, and even though the market starts moving against you by having the momentum on your side you'll find that more often than not t…
Major Advance Could Occur in the Cable
I don't know how many of you are aware the GBPUSD is on the verge to make/or not make a big advance in price. The weekly chart displays a possible bullish triangle (see Figure 1)which recently was broken to the upside. If we manage to close above 1.6350, on a weekly basis, there is a high probability that cable will see a dramatic upside movement. However the most important point is the last swing high 1.6738 which is a critical point in order for cable to experience a really big move. Since the…
Aussie Flying high? For now continues to head towards parity
Aussie remains within the long term range: 0.9380 as the lower border and 1.1080 the upper border. Within this trading range we are making a big triangle pattern which is apparently a bullish formation.(see fig.1)Based on Elliot Wave theory this triangle should be composed of 5 legs. We are currently developing an extended leg D which suggest that in order to complete the triangle formation we need to have a final leg E to the downside and to test the support level around 0.9800 round number.The…