Articles by Fresh Forex news RSS

Gold weekly Review

Gold still rising

Wave Analysis

As previously forecasted, the impulsive wave (c) traded massively to the upper side  but is yet to reach our target at 1396.94. This is a pivotal retracement level on the weekly chart and will likely restrict any movements to the upper side, thus, as long as this level protects any invasion to the upper side, we expect a possible bullish momentum to the upper side towards this retracement level. A break above this level will mean we’re waiting for retracements back the just broken  level to rebuy the green bar. This commodity should be traded alongside Silver, these pairs will have a similar price action during this intraday.

Trade Recommendations:
 
Expect a possible bullish momentum towards 1396.94
Oil weekly Review
Gold still rising

Wave Analysis:

For almost a fortnight, the crude oil has been rising steadily and will likely continue further to the upper side but should not go beyond the resistance level 56.87. This level has a acted as a key reversal  for almost a two months and will likely act as a key level now that the price is approaching it. Although this upward rally is highly anticipated, we choose to remain flat momentarily and only go long upon  a clear bearish retracement  towards 53.71 to give us low risk buy opportunity. Trade crude oil alongside Canadian. The value of most canadian pairs are affected by the price oil.

Trade Recommendation

If you are not short already, wait for minor bearish pullbacks to go long with an ideal target at 56.87.

SPX500 weekly Review

Gold still rising

Wave Analysis:

Despite the bearish engulfing candle seen on 5th April 2017, SPX500 retraced to the upper side and is currently rallying around the same place where this engulfing opened, 2361.75. Now is the best time to short SPX500 at low risk; this view is supported by the fact that this level acted as a key retracement level on 8th March 2017 when the price was going up and will likely act as a key retracement level now that the price is below it. As long as the price remains below this level we expect an acceleration to the lower side. This view can only be invalidated in case the pair end up above 2369.65, if this is the case, then we’ll wait for a clear break above 2378.40 to confirm the continuation of the upward rally.
 
Trade Recommendations:
 
Go short with an ideal target at 2276.

 

 

FreshForex cancels commissions!

Save

Read More

Gold weekly review

Crude Oil still short

Wave Analysis:
 

Ealier the previous trading week,  Gold markets traded a bit higher and even broke above a key level 1232.69. This level acted as a key retracement level during the previous downtrend, on 16th November 2016, Now that the price is above this level, we expect this level to act as a support to any movements to the lowerside. Ideally, in the near future, we expect a second retest of this level to continue long with the impulsive wave (3) towards 1307.59. A break above this level will push the price further to the upper side but should not go beyond 1400. Expect a similar wave count in  Silver. These two commodities have a strng positive correlation of up to +85% and will have  a similar price action during this intraday.

Trade Recommendations:

Expect a possible bullish price movements towards 1307.59

Crude oil weekly review

Crude Oil still short

Wave Analysis:
 

Following the break below 52.06, the Crude oil retraced to the upper side but is still being capped by the just broken support level. We expect the current upward rally to be the current upward rally to be a mere correction of the impulsive wave (3) and should not go beyond 52.06 from where we’ll be looking to continue short with the impulsive wave (3) to the lowerside towards 40.0. This pair has a strong positive correlation to most Canadian pairs, thus, this pair should be traded alongside pairs having canadian dollar as either the base or quote currency.

Trade Recommendations:

If you’re not short already, wait and sell from 52.06-51.070 with an ultimate target at 40.

SPX 500 weekly review

Crude Oil still short

Wave Analysis:
 

During Tuesday the previous week’s trading day, the Standard & Poor’s 500 index traded massively short and even broke below a key support level 2346.80. This level acted as a key retracement level on 18th February this level and thus, now that the price is below it, we expect this level to act as a resistance to any invasion to the upperside. As long as this pair remains below this level we expect a possible bearish price movements towards 2279.89; the anticipated bearish price movements is the continuation of the motive wave (c) and should be extensive in nature. This view can only be invalidated in the price end up above 2346.60, if this is the case, then we expect further bullish price movements towards 2362.92 from where we’ll be looking to continue short.

Trade Recommendations:

As long as the pair remains below 2346.80, expect a possible bearish price rally towards 2279.89.

FreshForex cancels commissions!

Read More

S&P500

 

Monthly chart: here situation doesn’t change. ADX is ramping up, oscillator is showing divergence, weekly upper Bollinger band (2427.6) is still not broken. All we are left to do is to look for possibilities on smaller time frames.

Weekly Review. S&P500, Brent, gold

Weekly chart: there is a strong valid resistance level around 2427.6 (upper Bollinger band). Both indicators are at their extremes causing start of downward rollback.

Weekly Review. S&P500, Brent, gold

Daily chart: we may already see first signs of coming reversal to the downside, however, we would not recommend selling – weekly upper Bollinger band is still rising. Considering that, we may expect another rebound from 2348.6 (lower Bollinger band)

Weekly Review. S&P500, Brent, gold

Expectations: drop to 2348.6 region followed by rebound towards 2427.6

Solutions:

1. Consider selling to 2348.6 region

2. Consider buying from 2348.6 to 2427.6 (in case of buy signals in 2348.6 region)

3. Consider setting sell limit orders in 2427.6 region

Brent

Monthly chart: we expect the price to test 48.79 region (middle Bollinger band). This support protects oil from falling to lower envelope. If oil reaches lower envelope region, it may start declining towards level of 35 dollars per barrel in mid-term (lower Bollinger band).

Weekly Review. S&P500, Brent, gold

Weekly chart: here we have Bollinger envelopes range (36.20-60.77) where the price is getting ready for drop to lower envelope and further decline in the future.

Weekly Review. S&P500, Brent, gold

Daily chart: here we have narrowed down flat corridor of 50.61-54.59 (lower Bollinger envelope), which is likely to be valid during this week.

Weekly Review. S&P500, Brent, gold

Expectations: flat at 50.61-54.59

Solutions:

1. Consider selling to 50.61

2. Consider buying from 50.61 to 54.59

3. Consider setting sell limit orders from 54.59 region

Gold

Monthly chart: there are no reasons for the price to stop rotation around middle Bollinger band (1195.07). Bollinger envelopes are steady, ADX shows weakening trend.

Weekly Review. S&P500, Brent, gold

Weekly chart: there is a valid trading area within Bollinger bands range (1122.00-1295.15)

Weekly Review. S&P500, Brent, gold

Daily chart: here we have a narrowed down flat corridor of 1195.07-1262.49. There is also local bearish Over&Under pattern in 1248.50 region. Considering this set-up, if the price will break to the downside, it may continue declining and may break support at 1195.07.

Otherwise, we may see rise to 1262.49.

Weekly Review. S&P500, Brent, gold

Expectations:

Core scenario – rise to 1248.50 region followed by decline towards 1195.07

Alternative scenario – upward breakout of 1248.50 and 1262.49 touch.

Solutions:

1. Consider selling from 1248.50 region with stop-loss above 1262.49 and take-profit at 1195.07

Weekly Review. S&P500, Brent, gold

Read More

Gold weekly Review

Gold Silver Oil Weekly Review

Wave Analysis:
 

During the past trading week ending March 17th 2016. The corrective wave (b) pull-back to the upper side but is currently stalling around a key pivot level at 1235. Unless there’s a clear close above this level, we choose to remain flat monetarily and expect a possible rebound from this level to continue short with the impulsive wave (c) towards 1178. A break below this level will push the price further to the lower side but should not go beyond 1149. This view can only be rendered futile in case the corrective wave (b) pulls higher and end up above 1235, if this is the case, then an acceleration to the upper side is inevitable. Expect a similar wave count in Silver. Silver and gold have a strong positive correlation of up to +89% and will move in a similar direction during this intraday.

Trade Recommendations:

Expect a possible bearish rebound from 1235 to go short with an ideal target at 1149.

Silver weekly Review

Gold Silver Oil Weekly Review

Wave Analysis:
 

Just as in gold, the corrective wave (b) in silver markets retraced to the upper side but is currently finding it a hurdle to close above a key resistance level 17.50. A break above 17.50 will mean we’re waiting for a break above 17.71 to confirm the continuation of the upward rally but should not go beyond 18.50. In the meantime, the current chart set up and structure is pretty much neutral and chances of moving either ways are almost equally. However, should the price break above 17.71, we’ll go long towards 18.50, a clear bearish rebound around 17.5 will mean we’re continuing short with the impulsive wave (c) but should not go beyond 15.9. Trade this commodity alongside Gold, Gold drags silver along with it.

Trade Recommendations:

Expect a possible berish rebound from 17.5 to go short with an ideal target at 15.9. Buy positions may only be recommended above 17.71 with an ideal target at 18.53.

Brent Crude Oil

Gold Silver Oil Weekly Review

Wave Analysis:
 

As expected, following the break below the rising wedge, Brent crude oil market fell to the lowerside but is currently in a recovery mode. We expect the upward rally that began mid the previous week to be a mere correction and should not go beyond 52.5 from where we’ll be looking to continue short with the impulsive wave (5) but should not go beyond 47.17. This view can only be invalidated in the anticipated retracement end up above 52, if this is the case, then an acceleration towards 60 is inevitable. This commodity should be traded alongside Canadian pairs.

Trade Recommendations:

Expect a possible rebound from 52.5 to go short with an ideal target at 47.17

 

 

 

FreshForex cancels commissions!

Read More

Gold Weekly Review:

Gold, Silver, crude oil Weekly review

Wave Analysis:

During the previous trading week ending March 10th 2017, the outer corrective wave (b) traded a bit higher than expected and even went above 1221 but has currently retraced below it. As long as the commodity remains below this level we expect a possible impulsive wave count to the lower side. The anticipated bearish price rally is the continuation of the impulsive wave (c) and should be extensive in nature but should not go beyond 1050. Any clear breach above 1221 may invalidate the anticipated bearish price rally and could push the price further to the upper side. Expect a similar wave count in Silver; these pairs have a strong positive correlation of up to +89% and will have a similar price action during this intraday.

Trade Recommendations:
 
Expect a possible bearish price movements towards 1056.
Silver Weekly Review:
Gold, Silver, crude oil Weekly review

Wave Analysis:

Compared to Gold, Silver markets markets made lower highs and lower lows and still pretty much bearish both on the daily and the weekly charts. Following the break below 17.08, we expect minor bullish pullbacks towards 17.08 to sell the impulsive wave (v) towards 16.44 or even lower. This view can only be invalidate in case the corrective wave (iv) goes above  17.13, if this is the case, then an acceleration to the upper side is inevitable. Trade this commodity alongside Gold, these two commodities have  a strong positive correlation and will move in the same direction during this week. Only buy or sell Gold if silver is giving the same signal.

Trade Recommendations:
 
Expect a possible bearish price movements towards 16.44.
A break below the rising Wedge
Gold, Silver, crude oil Weekly review

Wave Analysis:

During mid the previous trading week ending March 10th 2017, The crude oil broke below the rising wedge, headed short and is still pretty much bearish. The current chart set up and structure is pretty much bearish and executing or holding onto buy positions may not be fruitful in the long run. Thus,  although we expect we expect minor bullish pullbacks to the upper side, we’re reluctant to go long, instead, we choose to either remain short or sell upon pulling back towards 49.00. This commodity should be traded alongside the Canadian dollar pairs. the price of oil affect by a large percentage the  Canadian pairs. 

Trade Recommendations:
 
Remains short with an ideal target at  43.45.
 

 

FreshForex cancels commissions!

Read More