Simple Moving Average(
) 50-period (red), 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Intraday pivots and Intermediate-term support and
Multiple Time-frame Analysis
Busy day and no chance to post all the charts up, but here are
notes for some majors for today.
level or 78.6% retracement is the next level of resistance. Above
high is the next resistance.
- If there is a throwback, check for support at around
. There is just a lot of noise at the moment, but a bullish trend
appears to be developing, and the
s will be the target for another bullish swing. We can rally
, the November highs of 2010.
-The bearish scenario is reconsidered with a break below
- Continues to push towards
. The market can be bullish towards
with a break above this resistance.
- The bearish scenario is reconsidered with a break below
, and a target would then be the 1.5750 level . A break below
1.57 then targets 1.54.
- The bullish scenario opens up after a break above
, with initial targets at
- As a panelist at this year's New York Expo mentioned,
monitoring USD/JPY is like watching paint dry. You can say that
about other pairs as well. Despite the choppiness, the USD/JPY
remains bullish while it is above
area, and has the
target in sight.
The pair is bullish today, breaking above
. A break above
, suggests a rally towards
. The market is in a range between
, and the current area around
is the middle, so there is no bullish or bearish bias.
- Hammering at support zone, the USD/CHF is developing a bullish
divergence in the 1H chart with the RSI(14). The USD/CHF is
ranging in the intermediate term, and bearish in the short-term.
The short-term bearish attempt has brought the pair near the
support. The range resistance is at
. As we near the bottom 1/3 of the range, we are more likely to
rally within the next couple of sessions.
- But, a break below
then opens up a bearish scenario towards
, unless it is just a "clear-out".
- There might be topping action, if the market can stay below
, which means a retest of
. If the market breaks below that, we might hav ea decline
- On the upside, if the market eallies above
, it should test
. A break above that targets
- A break above the current
highs from Oct. 2010. The bullish trend opens up above
- Lot's of noise between
, so a break below
should see a decline towards the
should also be monitored in this scenario.
- Staying above
, the pair is rallying, but within a context of choppy action
with bearish bias. So, look for resistance near
area. The market remains bearish below the parity level.
Above that is just noise, and we should not consider the bullish
scenario until a break back above
. The bearish scenario has the
area in sight.
A break below
. A break above
This market is in consolidation
But a break above
would be an early signal for a bullish continuation.
The bearish scenario does not open up until we break below
, which would be the target below
The corrective decline has indeed found support near
, with the low near
, and the consolidation high near
If the market extends further correction, the market is still
area. A break below this suggests a strong correction, and aims
again down at the
- The more probable scenario is a rally towards
with the market staying above the the
pivot. A break above
resumes uptrend to at least
Gold is consolidating with resistance at
, and support at
. A break below the support continues a 3rd corrective wave down,
and should find support near
. Here if the market is still bullish, we should see further
Will CHF/JPY Reach the 2010 Highs? We would love to
hear what you think.
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