Daily Technicals: Forex, Metals, Stocks, Bonds
Eddie Tofpik | Mar 27, 2018 10:29
EURUSD
A second bullish white soldier and first close over the recent 50% fib resistance…which is now support…at 1.2355…plus more importantly a new mar high…the recent key reversal up and bullish engulfing pattern seems to have finally had their effect.
CABLE
A second bullish white soldier as the market is seemingly running into the resistance of the middle tine of the jan – feb schiff pitchfork (currently 1.4249) and the support of the lower tine of the jan – feb andrews pitchfork (currently 1.4168)…this last tine still seems to be running the bullish angle-of-attack of the market.
EURGBP
A second bullish white soldier following a seemingly strong bullish northern doji cross…we nevertheless have had a bearish dead cross on the mas (short going down through the medium) and another on the way (short going down through short/medium).
USDJPY
A cusp reached with a key reversal up as the market…still running down the line of the recently broken but key downtrend (currently 104.80) that’d been giving direction this whole year…touched and immediately rejected by bouncing up…the steadily advancing 2016-to-date uptrend (currently 104.53)…watch this one carefully now…not only is the conflict of trends interesting but as i’ve said many times…key reversals are suspect in any yen pairing.
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AUSSIE DOLLAR
A follow on to the inverted hammer as the market chose to regard it as bullish and rose up over the key may – sep 2017 50% fib at 0.7730…however…we’ve slowed over this and as we approached the medium ma (currently 0.7779)…today we seem to be testing back down to the 50% fib support.
NYMEX CRUDE FUTURES
A follow onto the previous bullish key reversal up and we almost reached the target in the 66.80 area for the recent descending triangle pattern…but then turned down at the end to form a bearish black crow…today…no real follow on yet but we seem caught between support from the middle tine of the recent bullish schiff pitchfork (currently 64.27) and the 2018 high.
FTSE Futures
A small bullish harami as the market chose to reject the approach to the 2016-to-date uptrend (currently 6745)…today we’ve opened higher and rallied so far.
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A bearish black crow that made a new 2018 low but also ran into support ahead of the lower tine of the 2011 – 2016 andrews pitchfork (currently 11 641)…we’ve opened higher today but we’ve not really capitalised on the gain.
S&P FUTURES
A Bullish Pipe Bottom As The Market Rejected The Key Support Of The Long Ma (Currently 2588)…I Cannot Stress How Important This Ma Is…And Then Closed Over The Important Aug 2017 – Jan 2018 50% Fib At 2647…Then On The Reopening The Market Moved Over The Very Recent 50% Fib At 2665…These Are Now Both Support…Ahead Is The Fib And Ma Congestion Band Resistance 2694 – 2704
GILT FUTURES
A follow on lower to the previous tweezer…however… it was with a bullish open and close long white marubozo…caution!
BUND FUTURES
Almost another indecisive doji cross…possibly a bullish northern cross again…as the market has really gotten caught between tine, fib and ma resistance in the 158.89 – 159.04 area and 50% fib supports between 158.62 – 158.54…the market had sought comfort and proximity near the gradually descending middle tine of the sep – dec 2017 schiff pitchfork (currently 158.96)…it’s reached it and has halted there for the moment.
U.S. BOND FUTURES
Another indecisive spinning top as the market is seemingly caught between descending andrews pitchfork tines between 145.10 – 145.19 and the support offered by the recent 50% fib at 144.09.
LME 3 MONTH COPPER
Another new 2018 low and a second consecutive close below the long ma (currently 6699)…this is now resistance…. However…the move down had elements of a spike bottom…especially given the size of the black candle…so it’s no surprise overnight we’ve rallied a bit…nevertheless…the long ma resistance plus the middle tine of the recent bearish andrews pitchfork (currently 6704) have capped the market………for the moment.
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