Market Update – August 21
The EURUSD drop from Tuesday’s high is in 5 waves and price has retraced 38.2% of the decline so weakness could resume now. If that fails to materialize, then the 61.8% is proposed resistance at 1.1903.
Market Update – August 20
USDOLLAR dipped under the 8/2 low today and reversed sharply. Today was a bullish outside day, just like 8/2 (close up chart below). I view today as a re-test / fake-out and still favor upside with the previously mentioned 12350 or so as ‘swing’ upside to target. Near term, the March low at 12129 is a possible reaction level.
GBP/USD Reaches 8-Month Highs Amid Dollar Weakness, Brexit Deal Hopes
GBP/USD inched higher in early trading on Wednesday, reaching its highest levels since December 31st. The recent surge has been largely attributed to a soft US dollar and rising expectations that a Brexit trade deal will be reached by October.
Market Update – August 18
Be aware of the 261.8% expansion of the 2000-2002 decline in QQQ at 283.50 as potential resistance. That’s about 3% higher. The first 2 Fibonacci levels, 127.2% and 161.8%, presented several opportunities (close up view is below). The equivalent level in the Nasdaq Composite Index is 11643.40, which is 4.6% higher than today’s close (2 charts down).
Market Update – August 17
Silver made a 2 bar weekly volume reversal last week. Volume reversal logic is explained here. The only other signals with the same volume requirements occurred in December 2010 and April 2011.
Sterling Lifted By Brexit Deal Hopes, Easing Lockdown Restrictions
The British Pound remained on the front foot in early trading on Friday amid rising optimism over a Brexit deal and easing lockdown rules in the UK. Sterling remains near a 5-month high and is currently holding above the key psychological level of 1.30.
Rollercoaster in Gold Continues Amid Rising Treasury Yields, Stronger Dollar
Gold extended its losses in early trading on Wednesday, before rebounding sharply. The yellow metal fell by over 5% on Tuesday, marking its worst day in 7 years.
Dollar Underpinned By Upbeat Economic Data
The greenback remained on the front foot in early trading on Monday, after Friday’s better than expected US employment report.
Market Update: Big CAD Levels Nearby
After some back and fill, silver blew through 26. The recent parabolic move could run into a ceiling near 33.80. This is based on a parallel related to the 1971-2001 trendline. This parallel crosses highs in 1974, 1987, and 2008.