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  1. #231

    GOLD TECHNICAL ANALYSIS 04 Jan 2017

    – Gold prices continue to consolidate in familiar territory. A daily close above the 23.6% Fibonacci retracement at 1166.51 targets the 1193.55-99.80 area (38.2% level, May 30 low). Alternatively, a turn back below the 14.6% Fib at 1149.85 exposes the December 15 low at 1122.81.



    [Only registered and activated users can see links. ]Long and Short Technical Analysis Daily by Andora Andrei

  2. #232

    CRUDE OIL TECHNICAL ANALYSIS 04 Jan 2017

    CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices turned sharply lower, posting the largest daily decline in six months. From here, a daily close below horizontal pivot support at 51.64 exposes the 38.2% Fibonacci retracementat 49.80. Alternatively, move back above the 14.6% Fib at 53.31 targets the January 3 high at 55.21.

    [Only registered and activated users can see links. ]Long and Short Technical Analysis Daily by Andora Andrei

  3. #233

    Crude Oil Price Forecast: Break From Diagonal May Pressure Key Zone 04 jan 2017

    Shortly after midmorning trade, oil had completely reversed earlier gains and eventually closed nearly 3% lower on the day. The aggressive reversal aligned with the volatility pattern we mentioned in the late December article the discussed in developing rising wedge pattern that can either be in ending diagonal preceding sharp losses or a leading diagonal that would favor aggressive gains. Either way, volatility could be a mainstay in the energy market in January 2017.

    Looking at the chart below, the critical point appears to be the polarity zone where we look for past resistance to turning in the current support. The polarity zone occurs between $51.50 a barrel down to $50.50, and if the market found support at the sound, we would favor continued gains in Q1 2017. However, if the market fails to hold above the polarity zone and eventually trades back below $50 a barrel where the market found support in early December, we would begin to favor the ending diagonal view. An ending diagonal would have us anticipating a test of support at the late November high near $49 a barrel followed by the November 29 high or low near $45 a barrel.

    The chart below shows a Modified-Schiff Pitchfork that has done an excellent job of framing price action. Tuesday’s turnaround happened at internal channel resistance near $55 a barrel. Initial support within the bullish channel takes place at the median line within the polarity zone that currently stands at $51.40 a barrel.

    Should the price continue to hold above this level on a closing basis, we will favor a move toward the top of the channel near $59/60 per barrel.Should a reversal develop in the price of Crude Oil, we would be on the watch for the price to break down through the rising support levels mentioned above at $49/45. Only a break below this zone would take us from Bullish to Neutral. Until then, we will favor eventual upside heading into 2017. Regardless, we will expect further volatility in this key market.

    H4 Crude Oil Price Chart: Crude Oil Volatility Opens 2017 with Focus Now On Prior Resistance at $51

    [Only registered and activated users can see links. ]Long and Short Technical Analysis Daily by Andora Andrei

  4. #234

    GBP/JPY Reversal Formation 04 Jan 2017

    Price seems to have hit resistance at the nearby area of interest at the 145.00 major psychological level, allowing the right shoulder to form, but it has yet to break below the neckline at the 143.00 handle before confirming the potential selloff. I haven’t set any entry orders yet since I plan on waiting for the U.K. services PMI to come out first.
    Analysts are expecting the figure to fall from 55.2 to 54.8 in December, reflecting a slower pace of industry growth. To top it off, pound traders seem to be bracing themselves for lackluster domestic demand in the U.K. as the sharp gains in price levels are bound to weigh on the spending power of consumers.

    [Only registered and activated users can see links. ]Long and Short Technical Analysis Daily by Andora Andrei

  5. #235

    Weekly Trading Prep (January 2 – 6, 2017)

    Weekly Inflection Points to Watch.
    .
    EUR/USD GBP/USD USD/JPY USD/CHF
    Open Price 1.0516 1.2346 117.12 1.0196
    Last Week’s High 1.0655 1.2389 117.82 1.0322
    Last Week’s Low 1.0372 1.2201 116.05 1.0059
    Top Weekly ATR 1.0621 1.2496 118.45 1.0284
    Bottom Weekly ATR 1.0411 1.2196 115.80 1.0108
    1-Hour Charts of the Majors


    Purple Line: weekly open prices
    Blue Line: weekly highs and lows
    Red Line: top and bottom weekly ATRs
    Blue MA: 100 SMA
    Red MA: 200 SMA
    [Only registered and activated users can see links. ]Long and Short Technical Analysis Daily by Andora Andrei
    EUR/USD 1-hour Forex Chart
    [Only registered and activated users can see links. ]Long and Short Technical Analysis Daily by Andora Andrei
    GBP/USD 1-hour Forex Chart
    [Only registered and activated users can see links. ]Long and Short Technical Analysis Daily by Andora Andrei
    USD/JPY 1-hour Forex Chart
    [Only registered and activated users can see links. ]Long and Short Technical Analysis Daily by Andora Andrei
    USD/CHF 1-hour Forex Chart
    3 Potential Catalysts:

    1. NFP week – This week we’ll see December’s NFP numbers, which should either support or cast doubts over the Fed’s hawkish decision last month. Before Friday’s release though, we’ll first see the initial jobless claims, ISM services PMI, AND the latest FOMC meeting minutes. Be sure to watch the dollar’s price action closely!
    2. PMIs, PMIs everywhere – China, most of the euro zone, and the U.K. will print their first PMIs for the year this week. They don’t usually affect forex price action for long, but they can cause enough volatility especially if they print significant hits or misses. Hit up our forex calendar to see which PMIs you should be paying attention to!
    3. Start-of-year risk sentiment – The dollar killed most of its counterparts last year while equity markets flirted with record highs. Will we see the same optimism from forex traders this month? Or will profit-taking from last year’s gains reign supreme?

    That’s it for the pre-week trading prep this week! How about you? Are you looking at anything interesting for possible trade opportunities?

  6. #236

    EUR/USD: local bullish correction is coming 04 Jan 2017

    [Only registered and activated users can see links. ]Long and Short Technical Analysis Daily by Andora Andrei

    The main trend is still bearish, so the price is consolidating under the Moving Averages. Also, there’s a “Triangle”, which lower side has been broken. In this case, the market is likely going to test the nearest support at 0.9859 – 0.9607 in the coming weeks. If we have a pullback from this area, bulls will probably try to test a resistance between the levels 1.0461 – 1.0762.

    [Only registered and activated users can see links. ]Long and Short Technical Analysis Daily by Andora Andrei

    As we can see on the Daily chart, bears faced a support at 1.0344, so we’ve got a pullback from this level. Therefore, the price is likely going to reach the closest resistance at 1.0522 – 1.0590 in the short term. Considering a possible pullback from these levels, there’s an opportunity to have another decline afterwards.

  7. #237

    GBP/USD: bears going to deliver new low after correction 04 Jan 2017

    GBP/USD: bears going to deliver new low after correction
    [Only registered and activated users can see links. ]Long and Short Technical Analysis Daily by Andora Andrei
    We’ve got a new historical low, so the pair is consolidating. Meanwhile, there’s a “Flag”, so bears are likely going to test the nearest support at 1.1726. In this case, we could have a new low soon. If any bullish pattern arrives later on, there’ll be a chance to have an upward correction.
    [Only registered and activated users can see links. ]Long and Short Technical Analysis Daily by Andora Andrei
    The last “Thorn” pattern led to a bullish correction, which is taking place on the Daily chart. Therefore, the price is likely going to achieve the nearest resistance at 1.2556. If we see a pullback from this level, bears will probably try to get a support at 1.2081 – 1.1726.

  8. #238

    AUD/USD: aussie returned into the Cloud 04 Jan 2017

    AUD/USD: aussie returned into the Cloud

    Technical levels: support – 0.7210, 0.7160; resistance – 0.7245, 0.7275.

    Trade recommendations:

    1. Sell — 0.7275; SL — 0.7295; TP1 — 0.7210; TP2 — 0.7160.

    Reason: bearish Ichimoku Cloud; a cancelled dead cross of Tenkan-sen and Kijun-sen and forming a new golden cross; the prices are in a correctional movement in the Cloud

    [Only registered and activated users can see links. ]Long and Short Technical Analysis Daily by Andora Andrei

  9. #239

    Daily Technical Outlook And Review 04 Jan 2017 NZD/USD

    NZD/USD has a mixed short-term outlook, and failed to follow the Australian Dollar higher.
    It ran into strong resistance at 0.6980 and eventually fell back to 0.6890 overnight. Further consolidation seems likely.

    [Only registered and activated users can see links. ]Long and Short Technical Analysis Daily by Andora Andrei

  10. #240

    USD/CAD Daily Technical Outlook And Review 04 Jan 2017

    USD/CAD is consolidating after the sharp reversal off 1.36. It had a decent bounce off 1.34 (which is also the 38.2 % Fibo of the December rally), but failed so far to rally significantly. Traders should keep an eye on the 1.3475 resistance level (Dec 26 low and 23.6 % Fib of Dec rally), as a break above would switch short-term techs back to bullish and suggest another test of 1.36.
    To the downside, strong support is seen between 1.3340 and 1.3360, but given the strong bounce off 1.34 and Oil prices coming under pressure again, it seems less likely that we will see that area being tested that soon.

    [Only registered and activated users can see links. ]Long and Short Technical Analysis Daily by Andora Andrei

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