equidistant channel Archive
Week 34 2016 price action can be described only as moribund followed by Jackson Hole come alive. Last 12 hours trading was also shoot-one-way, U-turn-the-other with initial bearish USD followed by bullish USD. Torn, indecisive action or just herding traders into a big trap?
DXY appears to be weakening and in danger of breaking out of channel. USDCAD is falling out of 4-month consolidation so WTI is concurrently strengthening.
Between an early bull and a late one going AUDUSD long, the proposition is very different. AUDUSD is strong but approaching resistance levels. There are 3 charts here you need to look.
A look at NZDUSD and USDCAD setups. Both are suspected of potentially reversing in a strengthening of USD. USDCAD is most prominent with a 4-month consolidation at stake.
Gold/XAUUSD continues to be resisted, year to year down trend remains intact despite blazing rally. Something bullish did change however as we see 6 monthly price action reverse.
Energy stocks sink after WTI hits resistance on weekly chart. If big trend remains intact, WTI's rally was merely retracement. Price could revisit 2016-low.
XAUUSD failed to achieve new high since 10 weeks. Bears turn to discover where support is, how high gold bulls are willing to catch any price correction.
Best performer YTD, gold is still in a year - year down trend and captured by a downward equidistant channel. Resistance from 1300 - 1330 and support from 1180 - 1210.
Update for members of Tflow® community. Support and resistance levels for AUDUSD, AUDJPY, WTI, China50, NZDCHF, USDSGD, GBPAUD. Log-in required.
Currency pair update for members of Tflow® community. Support and resistance levels for China A50, EURUSD, EURGBP, EURAUD, AUDNZD, XAUUSD. Log-in required.