Thread: Closed: Discuss EUR/USD News with a DailyFX Analyst

i would say next leg down for a lower low.....
supp levels to look out for @ 1.3110, 1.3080, 1.3025. then of course 1.3...... resis 1.3160 but i think that long gone.

I have pointed out that a corrective move should come on SPX for tops were getting heavy last week.1424 as per last week holds out and now focus is on 1390-91 supp.
8 hrs is trying to provoke a bounce and may succeed in showing 1409-10.. which I expect it to hold for today.
1693 is supp on 8 hrs..
4 hrs is more vivid and simpler as it has an extended supp blue thick line at 1391 as supp and if that breaks and we can have a daily close or even a 4 hrs close under to it, the fact that we are on to test a 1345-47 view fortifies..
I don't think we can be out of this 1393-1410 range prior to NFP..
Will find out though..
This indeed will show or can depict a possible move on AUD..

GL...

GL..

Well, the snow turned into electrical power cuts - oh what fun!

Where did all the bulls go, that is what I say! lol

I faded all the way down with lowest long at 1.3113, so I am completely biased at present of course. I bought the ending diagonal and bottom of 2 day range as explained yesterday and hope the bottom holds.

Couple of charts: daily chart. Indicators explained on there. Note how the 2 month Hull is now being tested from the upside, having worked off earlier penetration. Also triangle building or 1-2,1-2? The 1,2,3 month Hull's all stacked for sell still, but is the 20 day channel getting ready for attack??

My abc count on the 240 min. Targeting Monthly Pivot at 1.3246 today and then complete break for a week on holiday.

Catch you all later, if this power stays on!

Originally Posted by AV1

Thank you, I will respect that.
Can you refer to me a good site to read about DELTA.

Thanks

AVNI

One more thing,

John posted latest sp500 chart update, which has probably the most importance for us traders. As you can see there are 3 MTD tops in row (red7,9,11 - in place, still to come??), hence there must be a LTD top soon. This will most likely be an SLTD top also (2 LTD tops) -possibly a top of the year. We could still see a blow off spike here, but a bear is awakening.

Patryk

EURUSD is a bit oversold, but a correction to the PP may be sufficient and the downtrend should resume.
Ideally, below the PP or up to 1.3185 I look for S1.

Originally Posted by fazi

One more thing,

John posted latest sp500 chart update, which has probably the most importance for us traders. As you can see there are 3 MTD tops in row (red7,9,11 - in place, still to come??), hence there must be a LTD top soon. This will most likely be an SLTD top also (2 LTD tops) -possibly a top of the year. We could still see a blow off spike here, but a bear is awakening.

Patryk

Thank you Patryk,
I was reading the site you refered me too. Nice story from Mr. Wilder. I will read about Delta. However I have to get back to my stacks of books I have here as I am finishing college this June and then I'm planning to get more concentrated to such things.

Originally Posted by fazi

One more thing,

John posted latest sp500 chart update, which has probably the most importance for us traders. As you can see there are 3 MTD tops in row (red7,9,11 - in place, still to come??), hence there must be a LTD top soon. This will most likely be an SLTD top also (2 LTD tops) -possibly a top of the year. We could still see a blow off spike here, but a bear is awakening.

Patryk

Thanks Patryk - something to look at on my hols!

Originally Posted by AV1

Thank you Patryk,
I was reading the site you refered me too. Nice story from Mr. Wilder. I will read about Delta. However I have to get back to my stacks of books I have here as I am finishing college this June and then I'm planning to get more concentrated to such things.

You are welcome.

First things first - oh boy I miss may/june exam sessions a lot - and the weather will be so temptating

Wishing you all the best with your graduation.

Patryk

Originally Posted by Clivewaverider

Thanks Patryk - something to look at on my hols!

definately - enjoy it - delta and holidays

Patryk

Sell the bounces since there is a long ways to go to the downside and the 1 hour technicals are not even in oversold state.

EUR/USD April 5 - 2012


There is no doubt that the EUR/USD is oversold in the short term and not only is price oversold in the short term price is also not far from 1.30 which is long term support.

Given this the downside is farily limted yet the short trend trend is not bullish - to turn bullish price needs to trade above the 1.3165 high, if this happens we can expect price to reach 1.3250 level - until this happens price will probabily drift to the 1.3035 area.


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Originally Posted by rcopadilla

Sell the bounces since there is a long ways to go to the downside and the 1 hour technicals are not even in oversold state.

I now have a MyWave11 in the making - extended wave. May go further but elastic band in mind here being pulled and pulled and .......

Have increased target to 1.3265, just shy of wave 1 bottom and 61.8% retracement.

Overbought and oversold are relevant only to a time frame. Your charts show no technical indicators that would show overbought or oversold conditions hence it would seem that your oversold call is very subjective.

S&P FUT 1389 Seems no reason to buy with Friday a holiday. I wont use the term sell off. But looks like another correction down in US markets, and dollar strength.

Edit: BTW the VXX rose yesterday from a double bottom. Expected to rise higher today.