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4 Hour Chart Flows: Long Price Points: 81.95 Looking for: Top of a Long wave III)
Momentum: There is a new Long trend to oil market trade in the near-term, that is backed by the fact that the 72.50 area continues to be a main support price point. The 82.50 area is the topside number to breach.
Elliott Wave: Oil has been very bullish since the 68.50 low was reached, held, and reversed. The bullish bounce from that area looks impulsive, which means we are looking for a move into a new highs over the coming days and weeks.
The short move from 81.95 to the recent 68.50 low looks to be a complex correction shown in a blue wave IV, labeled as w)-x)-y). After the correction was complete, the market sharply...
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Special Guest Trader
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Posted 01-06-2010 at 08:44 AM by Sean Hyman (News in 60 Seconds)
biggest % gainers: AUD/JPY up 1.07%, CHF/JPY, USD/JPY, EUR/JPY, GBP/JPY... on mild JPY weakness.
biggest % losers: EUR/CAD down 0.38%, USD/CAD on very mild CAD strength. CAD being supported by rise in commodities.
Unusually harsh cold streak is causing a commodity rally lately. It's affecting agriculture, hindering gold mining and increasing the use of energy.
Gold $1,129
Oil $81.86 (Today could be the day that oil takes out its former high.)
European Union officials fly out to Greece today..but Greece is denying it needs a bailout. (Yeah right!): http://www.bloomberg.com/apps/news?p...d=aqS1Pw.R8lYo
Japan gets a new Finance Minister: http://www.bloomberg.com/apps/news?p...d=aNl2z0FQmV5o...
Tags: agriculture, aud, cad, cold streak, crude, dailyfx, finance minister, fomc, fxcm, inventories, ism, japan, meeting minutes, nzd, oil, sean hyman, services, weather
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DailyFX Power Course Instructor
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Bias: Ideally I'd like to see the 1.6066 resistance hold and for losses back to 1.5936-50 followed by the 1.5832 low
This is not 100% clear but I feel the general move we have seen over the past day looks more corrective within a bearish structure. If this is right then the 1.6066 resistance should cap. Look for a bearish set up there. Back below the 1.5990-10 pivot support area would extend losses into the 1.5951-70 support. Again, take care here as this could hold if price is going to hold within a corrective structure. Below 1.5950 extends to 1.5886-11 and potentially the 1.5832 low.
Please view the complete analysis in the attached PDF file.
For a full description of how to use the analysis...
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Special Guest Trader
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Posted 01-07-2010 at 08:55 AM by Sean Hyman (News in 60 Seconds)
Biggest % gainers: USD/JPY up 0.77%, USD/CHF, AUD/JPY, AUD/CHF, AUD/NZD on mild Aussie strength as they blew out their retail sales numbers to the upside last night. Now more traders are thinking rate hikes might be back on the table.
New Japanese Finance Minister says he'd like to see the yen weaken to 95 (on USD/JPY). Kan Rewinds Stance on Yen Policy to Avoid ?Fatal Blow? to Japan - Bloomberg.com
Biggest % losers: NZD/USD down 0.50%, GBP/USD, EUR/USD on mild USD strength. No very strong movers either way this morning but that's typical as we approach the Non-Farm Payroll numbers on Friday.
Central Bankers meet this weekend in Switzerland with Private Banks to discuss regulation: Central Bankers to Gather With Private Banks at BIS (Update4) - Bloomberg.com...
Tags: aussie, bis, central bank, citigroup, currency, dailyfx, finance minister, forex, gbp, interest rates, japan, jpy, kan, kohl's, macy's, nfp, paribas, pmi, rate hike, retail sales, sean hyman, sears, switzerland, usd, yen
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DailyFX Power Course Instructor
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