Dollar Index Near Turn

Daud Bhatti

DXY Short Term Elliott Wave view suggests that Intermediate wave (3) ended at 88.44. Up from there, Intermediate wave (4) bounce is in progress as a triple three Elliott Wave structure. Rally to 89.64 ended Minor wave W, Minor wave X ended at 88.55, Minor wave Y ended at 90.03 and Minor second wave X ended at 89.48. Cycle from 1/26 low is mature and Intermediate wave (4) can end any moment. However, near term, while pullbacks stay above 89.48, Index has scope to extend higher to 90.67 – 90.95 area to end wave Z of (4) before the decline resumes. We don’t like buying the Index and expect sellers to appear from the above area for a 3 waves pullback at least more…

USD/CAD Might Make A U-Turn If 1.2560 Holds

Nenad Kerkez

The USD/CAD has been in a retracement mode but without an additional momentum to break recent highs. The pair is making a lower high now and if 1.2560 holds we might see a u-turn on the price. Targets are W H3 and W L3 levels – 1.2468 and 1.2376, but in the case you are trading intraday pay attention to W H1 – W L1 levels 1.2437 and 1.2405 respectively. A spike above 1.2560 could turn the price bullish again targeting 1.2606 and 1.2653. more…

S&P500 And DAX Trading Bearish

Grega Horvat

Stocks have turned nicely lower this week, with E-mini S&P catching the downside that occurred on DAX already last week, so it appears that both markets; US and Europe are now in a temporary weakness. Technically speaking we see more downside coming as decline on E-mini S&P500 turned out to be a five wave move from the top, so we know that weakness should resume after a three-wave rally. There is a nice resistance at 2844 from where new leg may occur. more…

Video Analysis: German Dax

Grega Horvat

On the daily chart of German DAX, we can see that price is trading bullish, ideally in a bigger impulsive cycle of a blue wave Five. This blue wave five is an impulse, which means it has a clear structure and has five waves. Specifically, we see price trading within a probable minor correction of blue wave five, in sub-wave IV, which can and usually goes slow and choppy. Well, if price trades as expected, then we think more choppy and slow activity may unfold on DAX within wave IV, before a new leg higher into final sub-wave V starts going. more…

GBPUSD: Expect Pair To Extend Higher

Daud Bhatti

GBPUSD Short Term Elliott Wave view suggests that pair ended Intermediate wave (2) at 1.33 on 16 December 2017. Up from there, Intermediate wave (3) rally is unfolding as 5 waves impulse Elliott Wave structure where Minor wave 1 ended at 1.3613, Minor wave 2 ended at 1.3456, Minor wave 3 ended at 1.3943, Minor wave 4 ended at 1.3797, and Minor wave 5 of (3) ended at 1.434. more…

USD/CAD Is Below The Chuvashov’s Fork

Nenad Kerkez

Overnight support was found on Oil, as prices have begun to rise once again. This is positive for CAD relative to USD. The USD/CAD is currently below both Weekly and Daily L4 support levels, indicating a strong downtrend. At this point, we can see that the price is trapped below the Chuvashov’s fork (magenta trend lines) and a retest of POC zone 1.2385-1.2400 could see some fresh shorts. However short term rejections are possible also around 1.2365 (blue dotted line). Target is Weekly L5 – 1.2322 where we could see some profit taking and a bounce. USD/CAD long trades are possible if the fork is broken. The break of 1.2440 should be a potential long towards 1.2490 and 1.2544. more…

The Best Binary Options Strategy – What You Need To Know Before You Trade

Peter Adamson

The latest, greatest innovation in financial instruments is the binary option. Or so it seems. Binary options dealers seem to be growing like mushrooms everywhere you look. From time to time you will read about some major Forex guru who is has abandoned the interbank market and decided to trade binary options instead. Binary dealers will tell you that everyone is moving over to binary options now. But you will hear a different story more…

US Dollar Down On Government Shutdown, But Could It Rebound?

Fawad Razaqzada

The market’s main focus remains fixated on developments in Washington. The dollar has started the new week on the back foot as US politicians failed to break a stalemate on a stopgap bill needed to fund the government at the weekend. As a result, the shutdown has dragged into its third day, raising doubts over a March Federal Reserve rate hike. The uncertainty has also weighed on stocks with US index futures being slightly lower at the time of this writing. The fact that neither the dollar nor the stock markets have sold off heavily yet means investors are probably still hopeful – maybe rightly so – that there will be some sort of more…

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