The recent trend of crude oil and Brent is going to be halted and the lower low on the daily chart is stubborn to be neutralized. The shaky fundamentals and the technical aspect are taken place in the form of mini-rally near 50 band as investors were squeezed by short positions and not by adding strategic longs to their positions.
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Not only USDJPY waves are similar to those of Gold this year, the current perspective has shown that every time the downsloping trendline is being punched by a close above, the market rallies; it happened in April and in June. The symmetrical triangle, if maintained, would allow the bull to be engaged and complete mission towards 112 / 11260 once a close above July downsloping trendline is effectuated.
One should be careful trading further the yellow metal as technical elements show a test of the upsloping trendline coinciding with 76% Fib Line of the plummet that double-topped at slightly below 1300.
The general picture, Gold is in the form of ascending triangle protecting the bulls from running off the farm
Europe’s common currency traded at about $1.18 Tuesday, holding above the key $1.1714 mark that it breached July 26 for the first time since August 2015. The euro is coming off a five-month rally, its longest since 2013, propelled by interest-rate differentials that have gone in its favor and broad dollar weakness.
The 19-nation currency still has room to run, according to analysts at Canadian Imperial Bank of Commerce and JPMorgan Chase & Co. They point toward $1.1877 and $1.2043, the euro’s lowest levels of 2010 and 2012, respectively, as technical levels that loom as near-term targets. The options market shows that traders are gearing up for more euro strength, with demand growing for calls, which give the right to buy.
Looking beyond the lows of 2010 and 2012, Niall O’Connor, a technical analyst at JPMorgan, pointed toward $1.2167 as another level to monitor. That figure marks the 50 percent retracement of the decline from the euro’s 2014 high just shy of $1.40, he said.
EUR skyrockets for now at the reading of new 30-month high, most probably heading towards the level that was policy-dropped by Swiss National – floor 1.20. It sounds scary!
(Bloomberg) “The SNB will announce an alternative to franc Libor for its monetary policy concept in good time,” spokesman Walter Meier said via email. “The expected end of the franc Libor won’t have an effect on the monetary policy orientation and monetary conditions.”
The four hour chart shows an awesome uptrend yet faltering at the psychological level 0.9000. It is not easy to go through this level, and in case it does it has only few pips to collect as the resistance at the upsloping trendline is there to create a bounce back at today’s reading 0.9020
The rally has corrected only 38% despite the huge rally in GBPCHF. Already-Buyers may maintain their posts as long as they can afford an exit below the 76% Fib Line that coincides with the upsloping trendline, at 0.8800
Bloomberg euro technical chart indicates signs of peaking, and even raising the risk of a correction versus the dollar after climbed to a 30-month high Wednesday. That may seem hard to fathom after traders said the Federal Reserve policy meeting left them with a dovish outlook, but some popular market gauges suggest taking a closer look.
Elliott Wave and Fibonacci analysis suggest that the euro may be nearing a top. The Elliott Wave study is close to completing the fifth wave of a price appreciation sequence that began Jan. 3. In theory, the euro should subsequently enter the first phase of a three-wave drop.
A five-year snapshot of the euro shows Fibonacci resistance at $1.1736, the 38.2 percent retracement from this year’s low to the May 2014 high of $1.3993. Looking further back, $1.1685 is the 23.6 % retracement level off the all-time high of $1.6038.
There is a nice ascending triangle on the 4hr chart of GBPJPY since Oct 2016. Clear close, better be weekly one, and the cross should overshoot towards the stars, but please take profit once near the moon. It is a very long journey that should correct or retrace in full the avalanche of last year, almost a year ago, date: Brexit referendum, June 23, 2016
Going short term, a close above yesterday high should force the resistance at 147.77 to be collapsed, targeting 148.80. Close below 144 negates the short cycle vision.
This particular base metal, or what we call in our trading chamber the CU, is printing a strong high suggesting a high demand and therefore a robust global economy ahead.
Analyzing the chart, we do perceive that the close above four in 2010/2011 is bullish. Doctor copper retraced to 75% Fib line, almost at two, and now, the climb is going to take the speed to regain 4 and above.
The U.S. Commodity Futures Trading Commission announced Monday it unanimously approved digital currency-trading platform LedgerX for clearing derivatives.
LedgerX initially plans to clear bitcoin options, the release said.
"A U.S. federally-regulated venue for derivative contracts settling in digital currencies opens the market to a much larger customer base," Paul L. Chou, LedgerX CEO, said in a separate release from the trading firm.
"We are seeing strong demand from institutions that previously could not participate in the bitcoin market due to compliance restrictions against unregulated venues," Chou said, noting a desire for assets that aren't correlated with the broader stock market.
The firm plans to launch bitcoin options in early fall, and ethereum options "within a few months," Chou told CNBC in a phone interview. That will mark the first federally supervised options venue for bitcoin.
Daily chart points to an ascending triangle, supported by MA50 and MA100, upsloping trendline, and the trading above 23% of the Fib since a year ago.
Those numerous supports, even the cross is in an overbought condition (not shown) will trigger an upside trend.
A break out is needed to confirm a rally reaching 61% Fib or a plummet towards an uncharted area. Till then, stay aside!
Will Gold reach beyond $1300 in less than 10 days?
ForexSurvivor Yearly Live Statement crossed very simply and adequately the mega events, such as Brexit referendum and US and France elections, without losses.
ForexSurvivor Yearly Live Statement (starting February 2016 ending April 2017) yielded 4.5times using more than One Thousand trades, applying all currencies with spread less than 12 pips, Gold, Silver, Platinum, Palladium, Crude Oil, Brent, Bitcoin, Copper, Indexes such as Dow Jones, NASDAQ, S&P500, CAC40, etc...
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i. The market is full of fat tail risks that are impossible to predict and can shift market fundamentals without warning.
ii. Markets can remain irrational a lot longer than traders can remain solvent.
iii. Unless we get some sort of new action, volatility isn't likely to spike out of whack.
iv. A hedge fund manager makes a series of lucrative trades based on research from analysts at his firm and conversations with industry consultants. Some of those consultants have access to nonpublic information, but the manager doesn't trade on just a single thread of data. Instead, he culls together various tidbits of information from every nook and cranny of the market to stitch together a picture of a company.
v. There's an old market adage that says it's those quiet, unassuming price trends which are the ones most likely to continue.
vi. If you are inclined to enjoy puzzles, numbers, finance, economics, business, mathematics, science, psychology, and statistics, the market will be a most enjoyable space to thrive.
vii. Charts illustrate the pendulum swing between supply and demand, and the fight between buyers and sellers. The SLOPE is the master and commander of the trade, and Fibs are the checkpoints to either lighten or increase the trade size known as load.
viii. Silver lining known as Safe haven is defined as a currency, stock or commodity favored by investors in times of crisis because of its stability and/or easy liquidation, generally have lower returns.