Say Bye-Bye to Major Supports. We May Not See Those Levels for a While

And it happened! The bears were talking about this for a long time and it finally happened; a bearish correction. The price broke the long-term up trendline on the SP500 and is aiming lower. The target for the drop is still far away, so it might be nice to buckle up.

The DAX also dropped like a rock after the breakout of the long-term up trendline and the neckline of the triple top formation. The next target: 14100 points.

Although indices are sliding, gold is not climbing higher. A stronger dollar is definitely not helping.

The GBPUSD came back inside the falling wedge pattern. That’s definitely negative.

The CADJPY is aiming for the 38,2% Fibonacci to test it as a crucial support.

The EURNZD is inside a small sideways trend. A breakout from it, will show us a direction.

The EURJPY has failed to create the inverse head and shoulders pattern and dropped lower.

The USDJPY bounced from the upper line of the triangle and brought us a sell signal with the target being on the lower line of this pattern.

For a look at all of today’s economic events, check out our economic calendar.

Situation on Major Instruments Before the Inflation Data

The SP500 tries a reversal with an inverse head and shoulders pattern bouncing off a major up trendline.

The DAX is very close to breaking two major horizontal resistances.

Gold is on the way to test an important horizontal support at 1782 USD/oz.

Oil continues its upswing after escaping from the flag pattern.

The EURCHF needs to close the day above the down trendline in order to get a proper buy signal.

The EURJPY is in the process of creating a right shoulder of a very promising inverted Head and Shoulder pattern.

The EURNZD continues the drop after broken supports were tested as resistance.

The AUDCAD is going to test a major support level on the 38,2% Fibonacci.

The USDJPY is getting closer and closer to end the long-term symmetric triangle pattern.

For a look at all of today’s economic events, check out our economic calendar.

The New Week Starts With the Risk ON Mode

Indices are trying to start the new week off on the front foot.

SP500 bounces from the long-term up trendline in the same way it did many times before.

Gold escapes from the wedge to the downside. The negative sentiment is back.

Oil breaks the upper line of the flag and aims higher.

EURUSD goes down after the breakout of the neckline.

GBPUSD with a third Head and Shoulders pattern in a row. The previous two worked flawlessly.

AUDCAD, after a flat correction, is ready for another upswing.

USDJPY gets close to the end of the symmetric triangle, we’re waiting for a bigger move here.

EURJPY has a chance of creating a nice right shoulder, which would help to end the bearish correction.

EURNZD is ready to continue the downswing after the price tested broken supports as the closest resistances.

For a look at all of today’s economic events, check out our economic calendar.

Tuesday is a Correction Day!

So far Tuesday looks like a correction day pretty much everywhere; on indices, currencies and commodities.

The SP500 dropped to test the lower line of the triangle pattern.

The DAX is staying strong above major supports.

Gold dropped removing all the post NFP gains.

The GBPUSD is in an important battle on the neckline of the Head and Shoulders formation. A breakout could be lethal.

The USDCAD is climbing up to test a crucial mid-term horizontal resistance.

The AUDCAD is also in correction mode but still above the absolutely crucial support on the 38,2% Fibonacci.

The EURNZD has managed to climb back above the horizontal resistance but is still below the lower line of the flag.

For a look at all of today’s economic events, check out our economic calendar.

EUR/USD and GBP/USD Start a New Week With a Bearish Correction

Today is Labor Day in the US and Canada, so traders from North America aren’t active, which could lead to lower volatility.

The SP500 is in an ascending triangle pattern looking north.

The DAX has come back above major supports. That was a false breakout, which may result with a proper upswing.

Gold is in a correcting movement since Friday but still in positive territory.

The EURUSD started the new week with a drop. That’s thanks to the shooting star from Friday.

The GBPUSD is aiming at the lower line of the flag, it’s time to test it as a support again.

The AUDCAD is continuing the upswing despite a very pessimistic candle on Thursday.

The EURNZD broke the crucial horizontal support along with the lower line of the flag. That is a very negative sign.

For a look at all of today’s economic events, check out our economic calendar.

Dollar Continues The Decline

SP500 is in a pennant waiting for a bullish breakout to set new all-time highs.

Gold is in a very similar situation but here we’re far from the ATH.

Oil aims for the upper line of the flag formation with an appetite to end the bearish correction.

EURUSD is up with a double bottom formation.

GBPUSD aims for the upper line of the wedge. The breakout would mean the end of a bearish correction.

USDCAD drops after the negative price action on the weekly chart.

AUDCAD aims higher after the price escapes from the wedge and climbs back above the 38,2 Fibonacci.

USDPLN drops after speculation on interest rate raises in Poland gain traction. The triple top formation is also here.

NZDJPY continues the upswing after the price broke the upper line of the flag two days ago.

GBPNZD continues the downswing after the price broke the combination of three major dynamic supports.

For a look at all of today’s economic events, check out our economic calendar.

Reversal on USD and JPY

Stocks are rising higher, again. DAX broke an important dynamic resistance and is ready for the new all-time highs.

Gold is slowly climbing up the stairs supported by the weaker USD.

The EURUSD recently broke the upper line of the wedge and is back above the neckline of the H&S formation. That’s very positive and the buy signal is ON.

The GBPNZD broke a combination of three dynamic resistances. That could mean only a sell signal.

The EURJPY is out from the falling wedge pattern. Sentiment is back to positive.

The NZDJPY on the other hand is out from the flag pattern but also to the upside with a proper buy signal.

The GBPJPY is still waiting for its turn. We are in the middle of the symmetric triangle, still waiting for the breakout.

For a look at all of today’s economic events, check out our economic calendar.

New Zealand Dollar end The Bearish Correction

The NZDUSD is in a false bearish breakout from the falling wedge pattern. That is possibly a very nice buying opportunity.

The GBPNZD is testing the combination of three important dynamic supports. A breakout can be an amazing sell signal.

The EURJPY broke the upper line of the wedge and is aiming higher with a buy signal.

The GBPCAD is in a giant symmetric triangle on the weekly chart. We will probably have to wait a long time till until the breakout but it will most probably be worth it.

The NZDJPY is in a flag formation. A breakout of its upper line will bring the positive sentiment back.

The GBPJPY is forming a head and shoulders pattern inside of the symmetric triangle pattern. A breakout of the lower line (and the neckline at the same time) can be a good bearish signal and a breakout to the upside can be a signal to go long.

For a look at all of today’s economic events, check out our economic calendar.

The Hottest Stocks On The Market Right Now

Stocks are back at all-time highs so the party goes on!

AMD bounces off the 38,2%  Fibonacci and aims higher again.

Autodesk climbs up after a short break inside of the flag.

Activision Blizzard is still below crucial horizontal resistance.

Equinix escapes from the symmetric triangle to the upside.

3M does the same but to the downside.

Same with British American Tobacco.

T-Mobile patiently waits for the buy signal inside of the wedge pattern.

Same for Royal Dutch Shell, but in this case, we’re in the triangle/rectangle.

Rolls-Royce climbs higher after the breakout of the crucial horizontal resistance.

For a look at all of today’s economic events, check out our economic calendar.

Canadian Dollar Reverses the Losses From the Last Week

Global indices continue the reversal. Asian stocks started the week off on the front foot and the rest of the world is about to follow.

SP500 is aiming for new all-time highs. Most probably, buyers will succeed.

DAX is defending the crucial horizontal support on the 15800 points.

Gold ends last week’s correction and breaks the upper line of the flag, aiming north.

The EURUSD is still inside of the wedge pattern with a negative sentiment.

The USDCAD is aiming lower after the bounce from the 38,2% Fibonacci. Sentiment is back to negative.

The GBPCAD is showing us the beauty of the false breakout pattern. The sentiment is bearish.

The EURCAD fails to break the neckline of the iH&S formation.

The CADJPY shows strength by bouncing from the neckline and the 38,2% Fibonacci.

For a look at all of today’s economic events, check out our economic calendar.

Canadian Dollar Crashes

The SP500 bounced off a crucial long-term up trendline but once again the new day starts with a drop. I guess that sellers won’t give up that easily.

The DAX stayed below the 15800 level. As long as it stays below, the sentiment is negative.

Gold is continuing the upswing but it would have been much easier if the USD wasn’t so strong.

WTI Oil keeps dropping. As long as it stays below the 66.8 USD/bbl, the sentiment is negative.

The EURUSD continued the downswing after the price broke the neckline of the big Head and Shoulders formation.

On the other hand, the GBPUSD is still above the neckline but it surely is aiming for it.

The USDCAD is aiming for the 38,2% Fibonacci, where we can expect at least a small pause.

The EURCAD broke the neckline of the inverted Head and Shoulders pattern. Sentiment is definitely positive

The AUDCAD is declining, locked inside the wedge pattern. A comeback above the 38,2% Fibonacci can be a great buy signal.

For a look at all of today’s economic events, check out our economic calendar.

Three Bearish Days of a Correction is Enough or We Are Just Warming Up?

Stocks and indices are dropping but three consecutive bearish days, is usually as much as sellers can do. Is it a good time for a bullish reversal? Especially that the SP500 is currently very close to a very important up trendline.

WTI Oil broke a crucial horizontal support and is aiming for the first Fibonacci retracement.

Gold is standing firm supported by the risk OFF mode but slightly bothered by the stronger USD.

The EURUSD is still dropping after breaking the neckline of a huge Head and Shoulders pattern.

The GBPUSD still has some room to the neckline, which makes it a plan minimum for the sellers.

The NZDUSD broke an important dynamic support and is aiming lower.

The EURNZD is close to a bullish breakout from the symmetric triangle pattern.

The NZDCHF continues to decline after a false bullish breakout from a very handsome flag pattern.

For a look at all of today’s economic events, check out our economic calendar.

Gold Is Ready for a Reversal

 

Gold is in a proper V-shape reversal bouncing from the 38,2% Fibonacci. That can be the end of the bear market.

Silver is in a slightly worse situation but still it bounced from an important horizontal support.

Platinum is respecting the Fibonacci levels. For the buy signal, we need to see a breakout of the 38,2% level.

Palladium is inside a mid-term symmetric triangle. A breakout will show us a direction.

Crude Oil is defending a crucial horizontal support at the 66,5 USD/bbl but for how long?

The Dow Jones is in a pessimistic candlestick pattern on the daily chart but there’s still time to deny it.

The EURUSD is in a false bearish breakout below the neckline of the Head and Shoulders pattern. This can be a positive signal.

The GBPAUD is escaping from the pennant to the upside.

The GBPCHF is testing the neckline and the upper line of the wedge but this time, from the upside. As long as the price is above, the sentiment is positive.

For a look at all of today’s economic events, check out our economic calendar.

Dollar Comes Back to The Bearish Trend. Gold and Silver Rise

  • Jerome Powell buried the USD, helped precious metals and as almost always…stocks
  • U.S. dollar index breaks the lower line of the channel up formation and goes down
  • Silver comes back inside of the symmetric triangle pattern, that’s bullish
  • Gold climbs higher
  • The NZDJPY is creating an inverse head and shoulders pattern on an important support
  • The CHFJPY goes higher after a very handsome technical setup, which we discussed in our previous video
  • The EURUSD with a false bearish breakout of a neckline, that’s super bullish
  • The USDCAD goes down as expected. Shooting star on a weekly chart is no joke
  • Indices push higher, same thing, different day

NZD Is Ready to Flex Muscles Again

There’s an excellent long-term setup on the CHFJPY, where we are finishing a bearish correction. The price is bouncing from the combination of a horizontal and dynamic support and everything seems ready for another bullish wave.

The AUDNZD is in a short-term sideways movement but with a long-term negative outlook.

The NZDCHF is in a perfect flag formation. For the buy signal, we need to see the breakout of the upper line of this pattern.

The NZDJPY is in a similar situation but here we additionally have a bounce from the horizontal support. The sentiment is positive.

Silver uses every chance to go lower. Currently, we are testing the long-term support of a symmetric triangle. The outlook is rather negative.

The dollar Index broke the neckline of the giant inverted Head and Shoulders pattern and yesterday it defended it as a support with a hammer candle. That is definitely a positive and optimistic sign for buyers.

For a look at all of today’s economic events, check out our economic calendar.

Huge Reversal on The USD Is Coming?

Major indices continue the V shaped reversal. It’s not the first time stock bulls do this, so I can’t even imagine anyone being surprised here.

When stocks are going up, gold is usually going down and that’s what we have now. Even a weaker USD isn’t helping.

Brent oil on the other hand is enjoying the weaker USD, and is pushing higher again.

The EURUSD is very close to creating a major buy signal. We have a false bearish breakout from the H&S pattern and wedge in place.

The USDCAD with a very nasty looking shooting star on the weekly chart. That can be a major sell signal.

The NZDUSD with a false bearish breakout of an important horizontal support. That can be bullish.

The GBPCHF with a false breakout again but this time, to the downside. The price is back above the major support, so the buy signal is almost ready.

For a look at all of today’s economic events, check out our economic calendar.

Stock of the Day: Prudential

Stocks are back in bullish mode, so we’re back to looking for sweet buying occasions too. I have to admit, after the recent correction, we do have a lot of handsome buying opportunities.

Today’s comes from Prudential, a Fortune 500 company in the Financial Services industry. Here, we have a buy signal and it’s very fresh as it was only triggered yesterday!

Why are we positive here? We have three main positive factors. First, is the long-term uptrend. Second, is the defense of the horizontal support on 95 USD (orange). Third, and maybe the most important, is the wedge pattern (blue) and the breakout of its upper line. In theory, that breakout ends the bearish correction and starts the new bullish wave.

As long as the price stays above the orange support, the sentiment is positive. Price breaking the 95 USD line will mean the end of a buy signal, but this scenario does not seem likely at the moment.

For a look at all of today’s economic events, check out our economic calendar.

Stock of the Day: JP Morgan

After Friday’s analysis of Intesa Sanpaolo, we continue our journey through the banking sector.

First, look at the chart on JP Morgan. We have a beautiful head and shoulders pattern. The formation started in February however its fate is being decided as we speak, while the price is currently testing the neckline (blue) after drawing the right shoulder.

JPM.XNYS Daily

What will happen with the neckline will decide the future direction of JPM. We’re still waiting for the open bell in the US but yesterday’s session ended with a small victory for buyers. The price managed to defend the neckline with the false bearish breakout pattern (red). Usually, this kind of formation is a great buy signal.

If we combine that with a generally positive sentiment on stocks (another case of buying the dip!) we get a very bullish mixture here. Current sentiment on JPM seems positive and will stay this way as long as the price stays above the neckline.

For a look at all of today’s economic events, check out our economic calendar.

Stock of The Day: Adidas

A short analysis today of Adidas, a German company, which needs no introduction. It’ll be a very short analysis because the situation here is very straightforward. We have one crucial support, which is being currently tested by the price. What will happen from here will depend on the mid-term sentiment on this instrument.

So at the end of June, Adidas broke the crucial horizontal resistance, slightly above the psychological level of 300 EUR. It was not just a round price but also the upper line of the sideways movement locked inside of the rectangle formation (yellow lines).

That breakout, gave us a buy signal and indeed, the price did climb higher making new all-time highs. Not bad, huh? Sentiment changed though when the global markets started to slide. Adidas did not resist and went down as well.

And here we are, Adidas is currently testing the 303 EUR support but this time, from the top. As long as we stay above, the sentiment is positive. A bounce here in the shape of a hammer or a bullish engulfing pattern would be a great occasion to buy.

On the other hand, the price closing a day below the yellow support would be a very negative sign as that would mean a false bullish breakout and if you’ve been following us long enough, you know what that means. If not, then let me explain: it means trouble, big, big trouble.

For a look at all of today’s economic events, check out our economic calendar.

Monday Redness

We start a new week with a decline in major indices. The SP500 dropped and is aiming for the target of 4250.

The DAX, is aiming for the support level of 14800 after breaking a major uptrend line.

Gold is suffering from a stronger USD.

Oil broke the neckline of a head and shoulders pattern and is aiming lower.

The same with the EURUSD, here the potential drop can be huge.

The GBPUSD also broke a major support that is coming from the double top formation.

The EURNZD is waiting for a breakout from the symmetric triangle.

The GBPCHF is moving sideways inside of a rectangle pattern.

The AUDUSD broke the 23,6% Fibonacci and is aiming for the 38,2%, this is a very clean bearish setup.

For a look at all of today’s economic events, check out our economic calendar.