I try to imply strength or weakness for the stock market from non-equity charts that appear to be either highly correlated to equities or have a high inverse correlation to equities. These charts are especially useful when equity markets are hitting new highs and therefore have no local reference levels. As SPY pushes out […]
USDCAD 10th July
10th July: USDCAD. Two important levels come together just above and below 1.0150 (see chart). This is where Support was found (higher low) in June. This puts the chart in a strong price location for the LT but seasonal weakness and the fact that the Price Osc has turned down may bring a better long […]
NZDUSD approaching potential Support
9th July: NZDUSD. Note the failure in mid June at the 0.8114 1/2R off Aug 2011 high. There is potential Support at the 0.7588 major poc and a mild bullish divergence (dashed) is developing between price and the Price Osc. However if price prints time below 0.7588 it would be very weak price location and […]
AUDUSD approaching potential Support
4th July: as discussed in webcasts AUDUSD has been weak since the lower high at the 1.0365 poc in late April. As chart approaches the Support at 0.8954 there is a positive divergence between price and the CP Price Osc (dashed). Bulls would want to see that Support hold and retail traders turn less bullish […]
British Pound in weak price location
GBPUSD daily chart 4th July: Retail traders are heavily long GBPUSD. I’m not tempted. Chart failed at major Resistance in June and is now printing below the 1/2R off March low which is weak price location. CP Price Osc is below zero indicating trend down (= red bars on chart).
EURUSD in weak price location
4th July: EURUSD found Resistance at the 1/2R off 2010 low. There is Support at the 1.2777 poc. If price is below 1.3078 I would expect another test of that Support. Price trend and Momentum are currently down.
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