GOLD Retraces Down For Correction, Eyes $1230

Gregor Horvat

Gold rallied towards the upper side of a downward channel where break can occur in September as rally from the low is having characteristics of an impulsive price action. If that’s the case then ending diagonal is completed which means that metal is turning bullish, but for final confirmation of a turning point and big uptrend we need to see broken red trendline resistance as well as 1306 swing. However, from a minimum expectations we see 1230 in play for weeks ahead. more…

USDJPY Targets 116.6

Ville Vainio

USDJPY continued the decline after NFP on Friday. My preferred wave count is looking for a 3 wave structure and is looking at this decline as wave 2 correction on the way higher. Fibonacci expansion tool on the charts gives targets of 118.6 and 116.6 respectively. These levels are 100% and 161.8% relationships for wave C to wave A. more…

Will EUR/GBP Bulls Be Singing “The (.7390) Ceiling Can’T Hold Us”?

Matt Weller

Can we go back, this is the moment
Tonight is the night, we’ll fight ’til it’s over
So we put our hands up like the ceiling can’t hold us
Like the ceiling can’t hold us

— Macklemore, “Can’t Hold Us”
We’ve looked at pound sterling from a couple of different directions so far this week (see here and here for more), but EUR/GBP may offer the most interesting setup, especially with the European Central Bank meeting concluding Thursday. more…

EURUSD Is Bullish Above 1.1260

Nenad Kerkez

If you remember my past articles about EURUSD on 25.AUG I warned that 1.1255 is crucial for EURUSD upside. EURUSD dropped mainly because of Chinese equity markets, Shaghai index and EUROSTOXX50 futures especially at London open. Some hawkish comments about possible rate hike also gave boost to USDx which additionally lowered the pair. Yesterday we saw 2 rejections from 1.1260 each for 50+ pips and finally 1.1260 level was broken again. PMI rose to 53.3 from 51.8 and it better then preliminary estimate. more…

EURUSD Eyes New Lows

Ville Vainio

EURUSD has declined and closed below the critical level of 1.1213. This gives a stronger signal to the preferred wave count which proposes that the recent decline is the start of final larger wave down. The last wave of this massive decline should take EURUSD below the recent long term low of 1.046 and conclude the whole decline from 1.40 that started over a year ago. more…

GBPUSD Is Bullish Above 1.5620

Nenad Kerkez

GBPUSD has been trading inside an equidistant channel which supports the uptrend zig zag. The price has been making higher highs and higher lows which is showing us a scholastic example of uptrend. At 78.6 fib – deeper retracement there is a strong confluence with equidistant channel lower trend line so the price might get a bounce in the zone ( 1.5670-85 ) and try another push toward 1.5740 and 1.5780. That being said if the price gets H4 close above cam H4 level ( 1.5780 ) it will target 1.5855 the confluence spot of H5 and upper equidistant channel. more…

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