Early Morning Technicals: Stock Futures; Currency Crosses; Commodities
Eddie Tofpik | Feb 08, 2018 10:16
EURUSD
A bearish long black marubozo and the first close below the key recent 50% fib at 1.2348…it’s halted for the moment at the mid-jan congestion around 1.2250…however…the neckline of the old reverse h+s may beckon (currently 1.2208)…additionally…the double top pattern previously mentioned suggests a target coincident with the 1.2160 fib.
Cable
A bearish black crow with almost matching ranges…between fibs…but closing below the key nearby 50% fib at 1.3898…the market is testing this key 50% fib as i write…there is also a double top pattern with a potential target coincident with the October 2017-to-date 50% fib at 1.3683.
EURGBP
A reversal back down from the upper channel line (currnetly 0.8898) with a bearish engulfing pattern plus a bearish closing black marubozo…right on the key October 2016 – December 2016 50% fib at 0.8834…we’ve also closed back below both the medium and long mas…there is potential for the last two days to be a pipe top.
USDJPY
indecision…the market has double reverted back down with a small bearish harami and closed back under the recent h+s neckline (currently 109.41)…however…so far today prices are trying back up over the neckline.
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Aussie Dollar
The retracement back up yesterday was seemingly a mistake and we developed a bearish harami…almost a bearish engulfing pattern but definitely a bearish long black marubozo which tested down to the key 50% fib at 0.7817 of the whole December 2017-to-date move up…we’re testing down to this again today and we’re only having support from the short/medium ma (currently 0.7800).
NYMEX Crude Futures
A bearish engulfing pattern and bearish long black marubozo that was the second close below the very recent uptrend (currently 64.30)…we have the first close below and outside the key bullish June – August 2017 andrews pitchfork…the lower tine support…now resistance…is at 62.43…we have indeed tested down to the recent 50% fib at 61.38 before halting the decline…we have a double top pattern as well
FTSE Futures
A bullish white soldier but the failure to really make a fresh high after yesterday and to even try up to the key recent 50% fib at 7303 puts further strength in doubt.
DAX Futures
A bullish white soldier follows onto the previous bullish inverted hammer pattern…but with now a third consecutive close below the long ma (currently 12,760) and a failure to really make a fresh high…the August 2017 congestion zone support of 12,050 – 12,300 may come back into view…we also have a double top pattern.
S&P Futures
A bearish harami with a failure to close over the key recent 50% fib at 2705…today we’ve tested back down to the key longer term 50% fib at 2647 and held off so far.
Gilt Futures
Yet another…lower…indecisive spinning top following previous other indecisive patterns…however…the market seems to be averse to testing the middle tine of the September – December 2017 schiff pitchfork (currently 122.36).
Bund Futures
A second bearish black crow and potential to retest recent lows though we are still within the bullish outside day formed two days ago…we’ve closed back under the key 2015 – 2016 50% fib at 158.54.
US Bond Futures
A bearish black marubozo and a close back below the middle tine of the key recent September – December 2017 move (currently 145.13)…this is now resistance…there is potential to test down to last friday’s low at 144.03.
LME 3 Month Copper
A large key reversal down as the market finally took strength from the overhead December 2017-to-date downtrend (currently 7176) plus previous key reversals down that had not been followed through at the time and pushed down with a close below the recent 50% fib at 6909 and the medium ma (currently 6893)…caution…just in case…this may form a bullish flag.
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