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Market Update: April 13
NZDUSD failed to turn lower from the line that extends off of the February and 3/18 highs. The structure from the February high is now a Schiff fork. The upper parallel intersects with the well-defined .7100 level and 200 period average on the 4 hour chart. If NZDUSD is lower, then .7100 is the price to short.
Market Update – May 14
I like to say ‘resistance is resistance until it’s broken’. Gold has been consolidating in a triangle since the April high and is testing the triangle resistance. Triangles tend to resolve in the direction of the previous trend…in this case higher (triangles can occur at highs as consolidation tops…the key is to wait for the break). At the current juncture, I lean bullish. The triangle objective is 1911, which is just under the all-time high of 1923.70. Spot gold (see below) is just under its triangle resistance line and the equivalent objective is 1834.
Market Update 5/9 – Resistance in Bond Yields?
DIA (Dow ETF) levels are extremely well-defined. A massive top is completed and the biggest level on this chart is 297.50 (or so). A drop to that level would represent a 20% drop from the all-time high. In the grand scheme of things, that’s fairly normal. Possible trading levels before then include 313.50 (VWAP from the March 2020 low) and 332.70 for resistance (former support). The full view of the structure from the 2020 low is shown below.
Market Update 1/6 – USDCNH Breakout
This one is throwing me for a loop. USDCNH broke out today. I’ve got USD reversal signals galore and this development suggests the exact opposite…or does it? It’s possible that EURUSD does rally (and USDJPY declines) while ‘risk FX’ suffers. It’s also possible that CNH trades in isolation. Regardless, watch for 6.3830 support. The long term chart with a long term Schiff fork is below.
Market Update – April 30
Wow. I did NOT imagine that the S&P would be back at these levels. As I type in after hours trading, ES is taking out the 2/28 close. Volume on 2/28 was the highest since August 2011 (U.S. debt downgrade). High volume days are important because they represent a ‘vested interest’ at that specific area.
AUDUSD Bearish Opportunity
Scand.Ex is pleased to present the next video with trading analysis by Jamie Saettele, our Chief Technical Analyst.