Early Morning Technicals: FX, Metals, Bonds, Stocks
Eddie Tofpik | Mar 13, 2018 09:27
EURUSD
A small bullish white soldier as the market is held up…again…on a closing basis by the middle tine support of the Jun – Sep 2017 schiff pitchfork (currently 1.2309) and restricted by overhead resistance of the recent 50% fib at 1.2358.
CABLE
A second bullish white soldier and first close…just…over the key recent 50% fib resistance at 1.3898…no follow on so far today.
EURGBP
A third bearish black crow and second consecutive close under the long ma (currently 0.8893)…we’re tested down to the medium ma (currently 0.8847) but no move below at this time…we’ve some interesting support below that in the 0.8834 area from a broken uptrend and a key 2016 50% fib.
USDJPY
A bearish dark cloud cover pattern as the market again tests down to the nature of the broken but key jan-to-date downtrend (currently 106.33)…so far that trendline been running the market this whole year and is now acting as support…indeed…at this moment we’re on for a bullish engulfing pattern is we closed right now…watch this one.
AUSSIE
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Dollar a second bullish white soldier and consecutive close over the long ma (currently 0.7801) plus the same over the recent 50% fib at 0.7816…the market seems to be slowing ahead of the overhead resistance…combined at 0.7922…of the very recent 50% fib and the middle tine of the may – dec 2017 schiff pitchfork.
NYMEX CRUDE FUTURES
A bearish dark cloud cover pattern as the recent 50% fib at 62.38 halted any further rise yesterday…we again used a minor fib…a different one this time…the recent 61.8% at 61.36…this time it was as an attractor for the close.
FTSE FUTURES
A bearish outside day and second close over the upper tine of the 2018 bearish schiff pitchfork (currently 7185)…the market is using this as support at this time.
DAX FUTURES
An indecisive spinning top…caution…this might possibly be a bearish evening star doji cross…it’s too early to say yet…but we’ve significant resistance ahead between 12 552 to 12 719.
S&P FUTURES
A bearish black crow after we previously gapped up with an open and close long white marubozo…caution…we’ve halted at the middle tine resistance of the old 2016 andrews pitchfork (currently 2800)…this was a broken pitchfork but seems to still have some validity.
GILT FUTURES
An indecisive spinning top as yet again the bearish upper tine of the Dec 2017 – Mar 2018 andrews pitchfork (currently 122.37) presses down on the market.
BUND FUTURES
A bullish double and a possible pipe bottom forming…the market still seems to seek comfort and proximity near the gradually descending middle tine of the Sep – Dec 2017 schiff pitchfork (currently 159.26)…though we’re nearer to testing the lower tine (currently 156.72).
U.S. BOND FUTURES
A bullish engulfing pattern follows the previous day’s bearish engulfing pattern…we’re holding at the moment over the very recent 50% fib at 144.00.
LME 3 MONTH COPPER
The recent key reversal up follow through seemingly failed yesterday…in part at least…as we had a bearish dark cloud cover pattern that saw us close back below the medium ma (currently 6966) as well as the middle tine of the dec 2017 – feb 2018 schiff pitchfork (currently 6953)…these are now resistances…we did not manage to close below the recent 50% fib at 6909…we closed just over it…but today we’ve moved below.
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