Richard Larson
August 24, 2011, 9:54 pm
The USDCHF was flat yesterday.
There are no changes in the technical outlook. The forecast remains neutral in the near term as price still moving sideways between 0.8000 - 0.7770. you can clearly see this on my 4 hour chart below.
Price is still in a bullish correction phase since the appearance of the hammer formation. However, a clear break above 0.8000 is needed to continue the bullish scenario possibly testing 0....
Richard Larson
August 24, 2011, 9:53 pm
The AUDUSD was bullish yesterday. The market topped at 1.0533 and closed at 1.0514.
On hourly chart below we can see price is moving inside a minor bullish channel. This suggests a bullish intraday outlook possibly testing 1.0600. However, unless price breaks above 1.0600 or below 1.0300, my overall technical forecast remains neutral.
Richard Larson
August 24, 2011, 9:52 pm
Gold rebounded more than 1 percent on Wednesday after posting its worst drop in 18 months. This move came as risk appetite retreated after Moody's downgraded Japan's debt rating and strong buying interest in Asia's physical market gave the yellow metal support.
Richard Larson
August 23, 2011, 11:10 pm
GBPUSD: The market remains locked in a broader consolidation from of the April highs.
A fresh top is now around 1.6550 and is in favor of the next downside extension possibly towards the recent range lows at 1.5780. Only a daily close above 1.6550 would delay outlook, while a daily close back under 1.6350 might accelerate declines.
The recent topside breakout just over 1.6600 reaffirms the bearish outlook.
(Picture)
Richard Larson
August 23, 2011, 11:09 pm
USDCAD: The market has put in an impressive recovery since posting yearly lows near 0.9400 several days back.
While the recovery has been significant on a short-term basis, the scope exists for additional gains ahead with medium and longer-term studies still very much on the oversold side.
The 200 Day SMA is near 0.9800 and the recent break and close back above this long term moving average opens the door for a more sizable shift in...
Richard Larson
August 23, 2011, 11:09 pm
Gold futures traded over $1,900 in Asia on Tuesday, continuing its record breaking run. This is as investors stayed on an alert over sovereign debt troubles in the major developed economies.
Gold for December delivery advanced $39.70, or 2.1%, to settle at $1,891.90 an ounce on the Comex division of the New York Mercantile Exchange Monday.
Those gains took the metal to its sixth closing gain and fifth settlement...
Richard Larson
August 23, 2011, 11:09 pm
Gold futures traded over $1,900 in Asia on Tuesday, continuing its record breaking run. This is as investors stayed on an alert over sovereign debt troubles in the major developed economies.
Gold for December delivery advanced $39.70, or 2.1%, to settle at $1,891.90 an ounce on the Comex division of the New York Mercantile Exchange Monday.
Those gains took the metal to its sixth closing gain and fifth settlement...
Richard Larson
August 22, 2011, 7:17 pm
The USD put in a mixed performance overnight. This with the majors trading in choppy ranges ahead of what promises to be a volatile week in currency markets as traders await Federal Reserve Chairman Ben Bernanke’s Friday speech at the Jackson Hole, Wyoming central bankers’ summit.
Last year, the venue marked the early announcement of QE2 that defined price action across financial markets for the following 10 months. Hopes...
Richard Larson
August 22, 2011, 7:17 pm
The USD put in a mixed performance overnight. This with the majors trading in choppy ranges ahead of what promises to be a volatile week in currency markets as traders await Federal Reserve Chairman Ben Bernanke’s Friday speech at the Jackson Hole, Wyoming central bankers’ summit.
Last year, the venue marked the early announcement of QE2 that defined price action across financial markets for the following 10 months. Hopes...
Richard Larson
August 22, 2011, 7:14 pm
CRUDE: Prices retraced 50% of the 7/26-8/9 decline. The market has put in a bearish Shooting Star candlestick, and sank to 38.2% Fibonacci extension support at $79.43. A shallow recovery is being mounted from here, with a break above the 23.6% Fib at $83.07 now testing the 14.6% level at $85.32. Looking down, selling pressure through interim support could test a key channel bottom at $77.24.
(Pic.mpg)
