Market Update – June 2
GBPUSD has broken out and near term focus is on the median ine near 1.2800 with significant longer term upside potential. Support should now be 1.2420s or so, which is the top side of the line crosses recent highs.
Market Update – June 1
DXY is breaking down but pay attention to 97.69 for possible support. This is the November 2018 high and center line of the channel from the March high. If price bounces from there then resistance is likely in the 98.50-99.00 zone.
EURUSD – Employing the Concept of Symmetry in Channel Analysis
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Market Update – May 29
Be aware of 3136 in SPX as a possible pivot. The level is defined by the 78.6% retrace of the decline,March high, and the line that crosses highs in 2018 and 2019. This line was support in December. Price has responded to Fibonacci retracements (23.6%, 38.2%, and 61.8%) during the advance which increases confidence that ‘something’ happens at the next Fibonacci retracement.
Sterling Traders Brace for Volatile Month Ahead
The British Pound weakened against its major rivals on Wednesday amid reports that Brexit talks are stalling and as the specter of a ‘no-deal’ Brexit reared its head again.
GBPUSD Entry Techniques Explained in Real Time
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Market Update – May 28
GBPUSD erased most of yesterday’s rally but I remain constructive. In fact, price found support near the short term trendline that originates at the 5/18 low. I want to see strength above 1.2300 (blue line) before committing capital to the upside again though. In general, this level has been support and resistance for a little over a month.
Market Update – May 27
USDOLLAR found resistance at the cited level (recovery high was 12536) and broke down today. Individual USD crosses nailed their supports as well (see levels noted below from last week). My wave count interpretation is that weakness from the 5/18 high is either a 3rd or C wave so downside potential is significant in the coming weeks and months.
Risk Assets Rally Amid Pandemic Recovery Optimism
Risk sensitive currencies such as the Australian dollar, New Zealand dollar and Canadian dollar gained ground in early Tuesday trading as hopes grew over global economic recovery from the fallout of the COVID-19 pandemic. Positive coronavirus vaccine news and indications that global economies are slowly reopening helped to buoy investor mood.