USD/CAD Mid-Day Outlook
Daily Pivots: (S1) 1.2056; (P) 1.2212; (R1) 1.2321
USD/CAD continues to stay in established range of 1.1985 and 1.2389 as triangle consolidation continues. Though, short term outlook remains unchanged. Further rally is still in favor. Also, fall from 1.3005 should have completed at 1.1818. Break of 1.2514 resistance will confirm this case and bring retest of 1.3005/15 resistance zone. On the downside, though, below 1.1985 will indicate that fall from 1.3005 is probably resuming towards 1.1464 support instead.
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USD/CAD Mid-Day Outlook
Daily Pivots: (S1) 1.2104; (P) 1.2165; (R1) 1.2260
USD/CAD’s rise today suggests that sideway trading from 1.2389 might be completed. Intraday bias is now on the upside as long as 1.2065 minor support holds and further rise should be seen towards 1.2514 resistance. As discussed before, fall from 1.3005 might have completed at 1.1818 already. Break of 1.2514 resistance will confirm this case and bring retest of 1.3005/15 resistance zone. On the downside, though, below 1.2065 will indicate that fall from 1.3005 is probably resuming 1.1464 support instead. Read the rest of this entry »
Daily Pivots: (S1) 86.46; (P) 87.84; (R1) 88.59
USD/JPY’s recovery from 87.13 breaches 89.24 minor resistance briefly, suggesting that an intraday low in in place. Intraday outlook is turned neutral for the moment and some recovery could be seen. Nevertheless, upside is expected to be limited below 91.57 resistance and bring fall resumption. Below 87.13 will target 100% projection of 124.13 to 95.77 from 110.66 at 82.30. Read the rest of this entry »
Daily Forex Report: Swiss Franc to Take Over Euro’s Leading Strength?
By ActionForex
Dollar index extended the sharp decline to as low as 78.22 before recovering mildly. The broad based weakness in the greenback is still overwhelming in the markets but after all as the greenback is now sitting in side an important support zone of 75.89 to 80.38, some support should be seen in near term as the greenback approaches 61.8% retracement of 71.31 to 88.46 at 77.86. It’s unclear on whether dollar’s up trend has totally finished but some noticeable rebound should be seen on oversold condition in near term. The critical factor to determine dollar’s outlook will indeed be on whether another fall will be seen after the anticipated rebound to make the whole fall from 88.46 a five wave impulsive sequence, or will such fall complete in three wave corrective manner. This should be decided in the next few weeks and will set the tone for 2009. Read the rest of this entry »
GBP/JPY Mid-Day Outlook
Daily Pivots: (S1) 137.32; (P) 138.20; (R1) 139.59
GBP/JPY’s recovery from 133.09 was limited below 140.71 resistance and weakens again today. 4 hours MACD’s cross below signal line indicates that an intraday top is formed and dampens the immediate bullish case. Intraday outlook is turned neutral for the moment. On the upside, above 140.71 will indicate that rise from 133.09 has resumed. Also this will affirm the case that a short term bottom is in place at 133.09 and bring rally towards 148.57 resistance next. Break there will confirm this case. On the downside, though, below 133.09 will indicate recent down trend is still in progress for key long term support at 129.32 before completion. Read the rest of this entry »
USD/JPY Daily Outlook
Daily Pivots: (S1) 90.75; (P) 91.81; (R1) 92.47
USD/JPY falls sharply to as low as 88.54 today and the strong break of 90.92 low confirms that decline from 110.66 has resumed. At this point, short term outlook will remain bearish as long as 91.15 resistance holds. The current decline is expected to extend further to next target of 100% projection of 124.13 to 95.77 from 110.66 at 82.3. On the upside, while some recovery might be seen, break of 93.90 resistance is needed to indicate that a bottom is in place. Otherwise, short term risks remain on the downside. Read the rest of this entry »
Gold’s rise from 741.2 extends further to as high as 835.3 before retreating mildly. Though, intraday bias remains on the upside as long as 798.1 minor support holds. Focus remains on 61.8% retracement of 936.3 to 681 at 838.8. Decisive break will will indicate that correction from 1033.9 might have bottomed out at 681 and stronger rise could be seen targeting 936.3 resistance first. However, bounce off from this fibo resistance will affirm original short term bearish case and indicate that fall from 936.3 is still in progress. Below 798.1 will turn intraday outlook neutral first. Further break of 741.2 support will indicate that corrective rise from 681 has completed and bring retest of this low first. Read the rest of this entry »
Daily Pivots: (S1) 92.30; (P) 93.94; (R1) 94.82
USD/JPY recovers mildly after hitting 92.64 earlier today. Though, at this point, intraday bias remains on the downside as long as 94.25 minor resistance holds. Decline from 100.54 could extend further to retest 90.92 low. On the upside, above 94.25 will turn intraday outlook neutral first. Also, note that the lack of impulsive structure of the fall from 100.54 so far is still arguing that it might be part of the consolidation that started at 90.92. Above 95.74 will indicate that fall from 100.54 has possibly completed. The corrective structure in turn suggests that rebound from 90.92 is still in progress and stronger rally should be seen to 100.54 or above before completion. Read the rest of this entry »
Comex Gold (GC)
By : OilNGold
Gold weakens sharply today and is now pressing mentioned 786 minor support. As discussed before, failure below 824.5/838.8 , followed by break of 786.20 support will indicate that correction from 681 has completed. In such case, intraday bias will flip back to the downside first. Further break of 731.4 support will maintain the original bearish view. In such case, fall from 936.3 should be resuming for 681 low and below. On the upside, however, decisive break of mentioned 824.5/838.8 resistance zone will be an early alert that whole correction from 1033.9 has completed and stronger rise should then be seen to test 936.3 resistance first.
In the bigger picture, as mentioned, there is no confirmation that correction from 1033.9 has completed yet. On resumption, it should target next key support zone of 100% projection of 1033.9 to 739.8 from 936.3 at 642.2 and 61.8% retracement of 371.3 to 1033.9 at 624.41. However, break of 824.5/838.8 resistance zone will be the first alert that such correction has completed. Further break of 936.3 resistance will confirm this case and bring retest of 1033.9 high.
Comex Gold Continuous Contract 4 Hours Chart
Comex Gold Continuous Contract Daily Chart
Comex Gold (GC)
At this moment, Gold is still struggling below mentioned 824.5/838.8 resistance zone. Outlook remains unchanged. Intraday bias remains mildly on the upside as long as 786.20 minor support holds. Decisive break of mentioned 824.5/838.8 resistance zone will be an early alert that whole correction from 1033.9 has completed and stronger rise should then be seen to test 936.3 resistance first. However, on the downside, failure below 824.5/838.8 , followed by break of 786.20 support will indicate that an intraday top is formed. Further break of 739.2 support will maintain the original bearish view. In such case, fall from 936.3 should be resuming for 681 low and below. Read the rest of this entry »
