Tag Archives: USD

GBP/USD Congestion Zone 1.3866-1.3916

Nenad Kerkez

The GBP/USD has been consolidating within the 1.3866-1.3916 zone and we can see a clear congestion without any clear breakout to the upside. UK January CPI remained at 3.0% contrary to the 2.9 % forecast. Technically the price has been supported at 1.3866-76 and while the price bias remains bullish, the pair needs to make a strong 1h candle above 1.3920 in order to proceed further up. Clear break or 4h close above 1.3920 should target 1.3942, 1.3983 eventually reaching 1.4035 W H4 level. However a break below 1.3840 might go for a retest of 1.3799. more…

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…

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…

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…

GBP/USD Hits New Post-Brexit High As Dollar Extends Drop

Fawad Razaqzada

The big news today is that the dollar’s losses have sharply accelerated, but without any fresh news. The economic calendar is light and US stock markets will be closed in observance of Martin Luther King Day. This hasn’t stopped the Dow futures from melting up another 140 points. It goes to show that in low-volume days like today, it is even harder to resist against a strong trend. The markets simply drift in the trend direction as resting stop orders above (in the case of stock indices) or below the market (in the case of the dollar), attract prices towards them. In dollar’s slipstream, the GBP/USD has hit a new post-Brexit high of more…

EURUSD Short Term Rally Opportunity

Peter Adamson

I was waiting for EURUSD to rally yesterday, and this morning I missed it! Silly me. But it is correcting now, so I think there may be a chance to get in.

Remember what Gann taught us about the safest point of entry: the first higher bottom. If you observe the hourly chart you will see that the trend has reversed to the upside. We now have a range from 1.1916 at 13:00 on 9 January to 1.2018 at 12:00 today. Notice the interval is very close to 24 hours. Naturally we will be looking for support at the fib levels between these two prices: more…