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EUR/AUD Consolidation mode

Over the last year EUR/AUD has been moving from large ranging zones to small ranging zones, moving back and forth between this consolidation phases. Right now the current established range is between 1.4400 resistance level and 1.4000 big round number and psychological number. Taking in consideration that we're approaching the summer time whee liquidity usually is low and thus the activity level is very low we should expect the market to move in tight range zones and this is…
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Update 1: The market is still inside a wide range and has resistance at 1.4350 and support stands at big round number 1.4000. For the next week we should see the market once again trying to retest the low.

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Update 2: We're still consolidating between 1.3900 support zone and 1.4350 resistance level which basically form a range trading box. We should see further consolidation into next week between this 2 extreme levels. Another level we should keep an eye on is the middle of the box which comes at 1.4150

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EUR/GBP Breakout Mode

EUR/GBP has started shifted to the downside once we broke the major support level of 0.7700(see Figure 1). This is a major support level since it was support level in 2008 and than in 2010, but once we managed to break and close below it the momentum started accelerating and this is a strong sign that for now we're going to move in the direction of line of least resistance. Next major level comes at 0.7100 which was a strong resistance level from 2003 to 2008 when we finally broke to the upside.…
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Update 4: The momentum has carried this pair below our support zone at 0.7100 and we retested a much bigger level like the 0.7000 round number. As expected we found some support here and the market has put a temporarry bottom in place. For next week 0.7000 remains a key level and we need this one to hold in order to get a second bounce and move back towards 0.7200

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Update 5: As expected and as per my previous update the 0.7000 big round number was key and we mange to put in place a temporary bottom. Now we're back above the 0.7200 level as per my previous update. Next week we should see further consolidation

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Update 6: This week we manage to recover back towards our target and we have an overshoot move which found resistance all the way up to around 0.7400 level. This level should provide the next week good resistance in fact I don't even think we're going to retest that level as this corrective move is over. Expect more downside move next week towards 0.7200 level

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Update 7: The 0.7350 level has provided a goo resistance level this week and that momentum has shifted to the downside as per my expectations. Right now we have hit our target at 0.7230, however there are few more our to go until the tomorrow's deadline. See figure for the short term plan.

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Last update: This is unbelievable, as it has been happening EVERY time during the last months, few hours ahead of the deadline my prediction had only 1-10 pips deviation and it was the same during previous months as well, just that due to month end flow redistribution we have this spikes in price which is distorting the price action. I think Dukascopy should reconsider the deadline and to consider as the deadline last day of the month, NY close price when the session ends, otherwise all the lucky hitter will take the 1st place.

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Gold Double Inverted H&S Bottom?


Since I start blogging I've been giving out my outlook on gold both short term and long term, outlining the main points of why we may soon start another bullish trend but at the same time being caution of the possibility that we may get another major swing low, below the psychological level $1000, before the resumption of the gold secular bull trend. Here you can find my previous blog posts about gold: …
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good job, as usual ;)

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PPandM 28 Jul

... and I like that shiny stuff , (just) the same as anybody else. Community support is d*mned right, good job, as usual ;)

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PPandM I'm working to build my own gold vault:)))

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PPandM 28 Jul

@Daytrader21: This strip cartoon is uploaded especially for YOU ... (figuratively) ... YOUR BUSINESS PLAN:1. buy vault(s) for gold (check)2. fill them with gold

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EURUSD Head&Shoulder pattern ready for a major breakout

EURUSD is sitting on a major Head&Shoulder pattern that begin forming from September last year when we develop the left shoulder (see fig.1) and continue to develop throughout this year. Currently everything is set in place for a major breakout to the downside and a break of the H&S's neckline which is the final confirmation that we have a genuine pattern. In figure 1 we can also see that the 1.37 swing high price structure took a shape of an minor H&S pattern which in itself resemble the bigger…
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dada123 7 Jul

Nice, I agree, check: http://www.dukascopy.com/fxcomm/technical_analysis/?action=blog&nickname=dada123&post_id=826#comments

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clau 8 Jul

I say this same, now depends on how much time will come to support 1.2

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@clau you're right the time element is important as much as the price

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Although we broke the neckline of H&S pattern and close bellow it at around 1.2870, in the last couple of days we had a typical knee-jerk reaction which I'm expecting to be short lived. To the upside 1.3200 was a key level which is where price found resistance after this recent rally so I'm confident enough price should resume to the downside

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it's very hard to reach our target by 1st of september, currently the market is holding up and we really need some strong momentum to the downside in order to reach my target

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