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Market Update 2/24 – Extreme RSI Edition
AUDJPY is nearing the line off of the 2008 and 2016 lows. This line was support in October 2018 and resistance in early 2019 so watch for resistance there again. The line is about 85.80. Daily RSI is 83.6 (see the next 2 charts), which has only been reached once before, in December 2005. Price topped then and fell over 6 big figures in the next 2 weeks.
Market Update 10/6 – USDNOK Trade Idea
Silver is bullish. The rally from the low is impulsive. The question is whether or not the correction is complete. Either price pulls back to 21.90-22.10 or price breaks above the 75 line (parallel just above price) and the top side of that line then provides support. A zoomed in version and possible path is below.
Market Update 2/28 – Weekly Reversals!
AUDUSD followed through on its daily reversal last week and ended up with a weekly volume reversal. The only other weekly volume reversal occurred at the January 2004 high. Price is bouncing from the 50 day average in early week trading. Proposed resistance is .7887, which is the 61.8% retrace of the decline and the center line of the Schiff fork from the March low (see below chart). The next downside level of interest is the lower parallel. That is currently near .7500.
GBP/USD Underpinned By Optimism Over Trade Talks, Rebound in Equities
Risk appetite returned to the market on early on Tuesday as the US Federal Reserve prepared to begin purchasing up to $250 billion in individual corporate bonds. In addition, a report from Bloomberg stating that the Trump administration is preparing a nearly $1 trillion infrastructure proposal helped to lift investors spirits.
Market Update: December 7
GBPUSD is following through on Friday’s reversal. As noted yesterday, this bounce presents a short opportunity. Ideal resistance is about 1.3440 (12/1 and 12/2 highs and underside of the median line). Initial downside focus is the line off of the September and November lows near 1.3030.
Market Update 3/31 – Elliott Wave Implications for Euro Crosses
EURUSD appears to be completing an A-B-C decline from the 1.1185 high. The decline would consist of 2 equal legs at 1.1017 and the 61.8% retrace of the latest leg up is 1.1038. The lower parallel from the short term bullish fork is in line with these levels. Bottom line, look slightly lower before the next leg up gets underway.