The 1:1 (Green) and 23.6 fib that coincide at 1.54250/750 still remains the level of most importance in Cable. As long as the market stays below this level the bears remain in control, however a solid break and solid close above 1.54800 will see the bulls take full control of this market.
Even with the solid selling against the 1:1 (Green) and 23.6 Fib the bulls continue to pick up Cable on dips. The most recent 1:1 (Purple) dip has attracted solid buying interest with the target now being large stops sitting just above 1.54800 level.
If this level is taken out the best play in my opinion will be buying dips with not much in the way until 1.58000/050.
A 1:1 refers to a current correction being equal in length to a prior correction
I mentioned yesterday that the bulls were likely targeting stops above the 1:1 (Green) and 23.6 Fib at 1.54800, these stops have now been cleared in early London trade.
Buying intraday dips now looks to be the best play in my opinion with not much in the way until 1.58000.
A 1:1 refers to a current correction being equal in length to a prior correction
Cable saw heavy selling overnight on the 38.2 fib at 1.55500, this level could be seen as the wave 4 in this recent bear trend. However the 1:1 (Green) has been overbalanced and this is a strong indication that the current down trend has changed.
The 38.2 Fib is now the level of most importance in Cable.
The bulls are still buying dips in Cable with the 1:1 (Purple) at 1.53940 attracting solid buying interest in late NY after the heavy sell off, the stochastic was also in oversold territory at the time adding weight to the support level.
If this 1:1 (Purple) breaks the bears will take back control of this market.
A 1:1 refers to a current correction being equal in length to a prior correction
Cable continues to sell off steadily since running into the 38.2 Fib resistance at 1.55500, this level could also be seen as the wave 4 in the recent run lower.
The level that everyone is watching is the 1:1 (Yellow) and 38.2 Fib that coincide at 1.53250/200. This level is now the make or break level for the bulls, if they fail to attract solid buying interest at this support level the bears will take back full control in the medium term and push for large stops below 1.49400.
A 1:1 refers to a current correction being equal in length to a prior correction
Cable continues to slide with a number of traders now seeing the 38.2 Fib at 1.55500 as the wave 4 in this recent run lower. Stops below 1.49400 are now looking in real trouble with a break confirming the start of a wave 5.
I mentioned last week that a solid break of the 1:1 (Yellow) and 38.2 Fib that coincided at 1.53250/200 would see the momentum pick up on the downside. The level broke in dramatic fashion after only offering temporary support, cable has now continued to sell off since breaking the level.
Looking to sell into strength still remains the best play in my opinion as traders continue to push for stops below 1.49400. The 1:1 (White) and 1:1 (Light blue) at 1.50950/51050 offer solid risk/reward trades to reenter this current down trend.
A 1:1 refers to a current correction being equal in length to a prior correction
I mentioned the importance of the 1:1 (Yellow) and 23.6 Fib that coincided at 117450/75.50 in yesterdays report.
Gold tested this level and began to sell off almost immediately with the market closing 85 ticks below the 1:1. Traders have continued to sell gold throughout the Asian session taking out the overnight low with the market now 140 ticks below 1175.50.
Gold is now seeing some profit taking kick in on the S2 support level. Now would be a good time to move stops to break even and look to take some off the table.
A 1:1 refers to a current correction being equal in length to a prior correction
Sellers have returned on the 1:1 (Blue) at 1166.50, I mentioned the importance of this Elliott Wave/Gann level in my earlier post.
As long as the market stays below the 1:1 (Blue) high I expect the selling to continue with the large stops that are likely sitting below 1130.00 the overall target.
A 1:1 refers to a current correction being equal in length to a prior correction
Cable traded at its lowest level since 2013 on Friday last week taking out a number of stops below 1.47500 with the sell off looking set to continue.
GBPUSD Daily
Cable has been selling off steadily since the bears were seen selling aggressively on the 38.2 Fib at 1.55500 which has been noted as wave 4 in the recent down trend.
GBPUSD M30
Intraday players continue to sell into 1:1 rallies as they push for further stops on the downside.
I will be looking continue to sell into the 1:1 (Blue) and 38.2 fib at 1.48250/350 with a tight stop above 1.48700. The initial target will be Fridays lows, if a solid close is seen below this level I will look to hold the position for a test of 1.46000.
A 1:1 refers to a current correction being equal in length to a prior correction
I mentioned in yesterday report the importance of the 1:1 (Blue) and 38.2 Fib resistance at 1.48300.
Cable continued to sell off during the NY trading session closing near the lows of the day and has again been sold off aggressively on the back of some worse than expected data.
Taking any remaining profit off the table would be the best play in my opinion with Cable likely to see some profit taking kick in over the next few days.
A 1:1 refers to a current correction being equal in length to a prior correction
The USD was hammed overnight following the FOMC with a number of traders caught long.
The short covering rally in AUDUSD didn’t last long however with the market selling aggressively into the 1:1 (Light blue) and 38.2 fib at 0.78450 in late NY trade. The selling has continued throughout Asian and the early European trade.
I will be looking to sell into the 1:1 (White) and 38.2 Fib that coincide at 0.77270.
However the market is trading well outside the daily average range so it will be best to keep stops tight above 0.77470, my initial target will be today’s low at 0.76540.
A 1:1 refers to a current correction being equal in length to a prior correction
The bears will be closely eying the 1:1 (Purple) at 0.73900/4000 in EURGBP. This level is now the make or beak level for the bears, if solid selling interest is seen on the 1:1 (Purple) I expect the current down trend to continue. However any solid break and close above the 1:1 (Purple) could see this short covering rally pick up momentum.
Moving down to the H1 chart you can see that the smart money has been buying into a number of 1:1 dips over the last few weeks, so at this stage the market remains in a strong position.
It will be best to sit on the sidelines for now until the market provides us with the next clue, this will come in the form of strong selling into the 1:1 (Purple) in which case selling intraday rallies will be the best play or a aggressive buying on a break of the 1:1 (Purple) in which case looking for buying opportunities will be the best play.
A 1:1 refers to a current correction being equal in length to a prior correction
I mentioned the importance of the 1:1 (Purple) a few days back in my daily report and the bears have been seen selling into this resistance level over the last 24 hrs.
Now as long as the bears can keep the market below this resistance level we should see selling pick up in the week ahead. Selling intraday rallies will be my preferred play going forward unless the bulls take out the 1:1 (Purple) resistance.
I mention in my analysis last week the importance of the 1:1 (Purple) and 38.2 fib at 0.73850, this resistance level has attracted solid selling interest over the last several days. As long as the market can stay below this level the selling pressure is likely to continue on the downside.
Intraday players will be closely eying the 1:1 (Blue) and 38.2 fib that coincide at 0.72430 if this support level fails to attract buying interest from the bulls and a solid close is seen below this level the momentum is likely to pick up on the downside. However if buying interested is seen on the 1:1 (Blue) and 38.2 fib stops above the 1:1 (Purple) could be targeted in the coming days.
A 1:1 refers to a current correction being equal in length to a prior correction
The weekly 1:1 (Purple) continues to find solid selling interest, the 1:1 high was tested for a second time earlier in the week only to be met again with aggressive selling from the bears.
Since the second test of the 1:1 (Purple) high was met with aggressive selling and the failure of the 1:1 (Yellow) support at 0.73300 the smart money has been seen selling into every 1:1 in the current run lower.
These 1:1 resistance levels have offered a number of excellent risk reward trades over the last several days.
A 1:1 refers to a current correction being equal in length to a prior correction
Oil is testing a major 1:1 (White) and 23.6 Fib resistance level, this resistance level will be closely watched by Elliott Wave and Gann traders looking to reinstate shorts in this down trend.
As long as the market stays below this level look for selling to pick up on the downside as the market pushes for a test of the 41.85 low. However any break above this 1:1 (White) will likely see short covering pick up with the next resistance not seen until 67.08.
A 1:1 refers to a current correction being equal in length to a prior correction
I have posted a number of articles over the last several weeks in regards to the opportunities that have been available to sell EURGBP.
My opinion remains the same for now with the bears continuing to sell into intraday rallies since the 1:1 (Purple) attracted strong selling interest at 0.73900. As long as the market can stay below the 1:1 (Purple), the momentum will likely pick up on the down side as bears push for stops below the 0.70000 level.
A 1:1 refers to a current correction being equal in length to a prior correction
Oil has continued to sell off overnight with the 1:1 (White) and 23.6 Fib attracting plenty attention from the bears. I am expecting momentum to continue to pick up on the downside in the coming days.
Intraday players will be closely eying the 1:1 (Yellow) at 56.35 and the 1:1 (Blue) and 38.2 Fib at 56.55. Looking to sell within these levels with a close stop looks to be a solid risk/reward play for intraday traders.
A 1:1 refers to a current correction being equal in length to a prior correction
I am short AUDNZD at 1.02550 on the back of the 1:1 (Purple) and 50 Fib resistance level, the stochastic is also reading extremely overbought and has just swung to the downside. I am keeping stops tight above 1.02900 with an initial profit target of 1.00200.
A 1:1 refers to a current correction being equal in length to a prior correction
