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Silver Broken Trendline
Silver bearish trend may have ended once we broke the trendline that connects the 2011 highs and all the intermediate highs of this bearish trend. This bearish cycle has lasted almost 4 years and based on my experience any new major trend starts with a trendline breakout of previous trend. We already broke to the upside of the trendline that connects the highs of this bearish trend at beginning of the year(see Figure 1), and not only that but we had a successful retest of th…
NZD/USD COT Report
NZD/USD has broken key support level at 0.7200 which held the price since beginning of the year and it seems now that the bearish trend is ready to resume. First we also need a retest of the broken support which now is expected to act as resistance. We also have confluence if we draw and connect all the high from 0.7750 high, we have a nice trend line which should act as resistance.
Major Levels to watch:
[list][/list]…
Major Levels to watch:
[list][/list]…
Silver Broken Trendline
Silver bearish trend may have ended once we broke the trendline that connects the 2011 highs and all the intermediate highs of this bearish trend. This bearish cycle has lasted almost 4 years and based on my experience any new major trend starts with a trendline breakout of previous trend. We already broke to the upside of the trendline that connects the highs of this bearish trend at beginning of the year(see Figure 1), and not only that but we had a successful retest of th…
Cable Trendline Broke, But Upside Move Not Over Yet.
Although cable broke the trendline from that originates from the 1.4800 low the current upside move is not over yet. Based on Elliott Wave analysis we have only completed 4 wave so in order for the cycle to be completed we need a final spike up above 1.6260 resistance level(see figure 1). Also at 1.6100 we had a first failure retest of the trendline, market reaction was very mild and currently the market is rallying strong from the 1.5860 support level suggesting sellers are very weak. Also we h…