USDCHF Buy Into Dips

Nenad Kerkez

While we are patiently waiting for FOMC meeting we need to know that interest rate differential between US and Switzerland definitely favors the dollar. Having a record unemployment rate at 5.1 % FOMC is a step closer to rate hike and recent Yellen comments suggested that China turmoil had no significant impact on FED’s plans about the hike. more…

EURUSD Could Trade Lower

Gregor Horvat

EURUSD moved sharply to the upside In August, up to 1.1700 area from where price turned nicely down two weeks back. A sharp decline to 1.1100 suggests that pair found a top and most likely accomplished a corrective wave IV rally from March 11, that we labeled it now as three wave move with a triangle in the middle. That’s a completed contra-trend move that is pointing to weaker EUR now; down into wave V that will be targeting new lows. more…

EURUSD Rally Over?

Ville Vainio

Since the upwards correction has extended, i have made a small revision on my charts. The Fibonacci expansion tool on the chart shows that EURUSD has almost advanced to 161,8% Fibonacci expansion level at 1.136. This is a measurement of the relationship between corrective wave A and C (wave C would be 1.618 times waves A) This is important wave relationship in Elliott wave theory and gives good target for the correction to end. more…

Crude Holding Up Well Despite More Bearish News

Fawad Razaqzada

Judging by Thursday’s and most recent price action, crude oil is continuing to shrug off bearish news. This suggests that most of the negative news may now be priced in, which in turn implies that prices may have hit a bottom. But it is still early days and there are no concrete signals to confirm this thesis. Therefore, crude oil speculators should proceed with extra caution now and trade what they see rather than what they would like to see on their charts. more…

WTI: (W)Ound (T)Ight (I)Nside A Triangle

Matt Weller

Wednesday was an interesting day for global markets, highlighted by a big intraday reversal on Wall Street. After gapping almost 1% higher to start the day, US stocks faded into negative territory as of writing as traders expressed their disappointment with Apple’s big media event. Not surprisingly, the waning buying pressure in equities has spilled over into other markets, with bond yields falling, the US dollar rallying, and oil reversing Tuesday’s gains. more…

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…

Better trader, better profits.