Greetings again, Everyone at The NYSE Close!

Well… I think for the first time in the history of The Blog… I really do not have a lot to say!

OK OK… All of you can stop cheering now!… hee hee hee…   

Seriously… the continual Summer “Directionless” Sentiment out on the Larger Time-Cycles are certainly a sign of the Lower Summer Volumes… despite the increased Volatility and “Angular Noisy” Market Behavior.

Of course from The Hill with Bernanke, all The “Fed-Speak” was certainly out on the table for all of us to hear… as Economic Indicators and Data Point Releases get “Lost in Translation” for the Layman listener or viewer on T.V.

Housing and Consumer Sentiment are the “Name of The Game” here, as always, in any type of Economic stabilization and Recovery… so on it goes!

As we move into The Asian-Pacific Sectors, let’s take a look at The USD/JPY Unit as The Nikkei, The Aussie Markets, The Kospi, Hang Seng, etc… get moving along with their Morning.

The Unit could be the Classic Symbol of a Directionless Market!

Post-Time is 23:00 GMT.

On the Daily View, we are locked in a tight Range of about 91.70’s Static Support to the Transitive Rollover Area of Resistance at the 94.80’s. Our Long-Term Downtrend Channel from April is still very valid in “Anchoring” Price and current Momentum is leaning to more Depreciation of the Unit with Yen Strength.

The Hourly provides a little more Clarity as a Horizontal Range is in place. Price looks to Breach the Downside Dynamic Support Line first with a move towards the 93.20’s Support Area in the Immediate-Term… as Risk Aversion gradually comes back to The Markets.

We will see how Price progresses, so please join me for the “Big Blog” Post for Thursday in a few hours!

Greetings again, Everyone!

We certainly have some Volatility to work with on an IntraDay Basis, with plenty of “Market Noise” and Breaks moving forward.

Perhaps Crude and Gold are the finest Illustrations of this Price Behavior so far, as Clean Breaks have seen Momentum, due perhaps, indirectly to falling Treasuries and a relatively “Flat” Dow and S&P 500 as of this Writing.

Here are the Hourly Views, so give them a Click, as always, for various Levels of Reference.

Post-Time is 15:10 GMT.

Gold looks to a new “Transitive Rollover” of Support and Resistance as Price is “caught” in a $5.00 Range after emerging from the Congestion Zone Upleg from the $912.00 Area. Price will need to see a Clear Momentum-Break of the $940’s to continue on with the overall Hourly Uptrend… otherwise a Retracement of Price to the $920’s is certainly feasible here.

Crude is quite similar in Behavior, with an even “cleaner” Break of the Congestion Area. A potential Hourly Bull Flag is in development here, with “Full Completion” coming in above the $65.00 Handle…. although this may be in the Distant Future as Price may simply begin to consolidate at the “new” Transitive Rollover Area of the $63.30’s.

We look to some “Quieting” of Price Action as the Day moved on into The Weekend, so be Mindful of Institutional Re-Positioning moving forward as “Covering” will surely be a Factor here.

As always, I will be back with you for more Updates, so please join me soon!

Greetings again, Everyone!

While we are at The NYSE Open with The Dow and S&P opening a bit “Flat” inching up at a Fractional pace… we can still look to The Indices for our Correlations over these last few days of Risk-Averse Behavior.

We may even see some of what I call “Typical Tuesday Corrections” that we have seen over the past several months…where we have significant Depreciation across many Currency Units and Commodities… ( although as we have discussed, The Major Comms are still under a great deal of Heat…)

Testing various Levels across most Markets are still “The Plays of the Day”, and our two Major Yen Crosses are no different.

( Just as an Indication of this thought… we are already down after 30 minutes of The Open… )

So we check in with EUR/JPY and GBP/JPY on The Hourly Views, as it will be interesting to see where we end up later in the Day concerning our Macro-Correlations.

Here are The Captures for a Click with Commentary above, and Post-Time is 14:00 GMT.

While very Short-Term Corrective Appreciation may be seen across most Yen Crosses, we are still in Risk-Aversion Mode, so be sure to watch those Counter-Positions that you may favor. The Yen has been a bit more “Elusive” than The Dollar in this Area.

The EUR/JPY gives us an IntraDay Wedge Pattern to work with here, capped by out Longer-Term Channel Line. The Key in my personal View, will be to see if Price can Breach the Lower Trendline and move South through the 132.40’s. If this is the Case, than it open up the Mid-131’s in The near-Term as we monitor The Indices for Correlation.

The GBP/JPY also presents a little Continuation Wedge-Like Behavior here, where the 154.40’s “Transitive Rollover” will be The “Make or Break” Scenario IntraDay for the next few hours. 

The Weekly 38.2% Fibonaci Confluence with Static Resistance will be a Key Area to Breach out of the current Depreciation., although Price is already Negating our Lower “Wedge” Trendline as the 153.00 Handle becomes attractive in The Immediate-Term.

As always, more Updates to follow as we move around in our still large Macro-Ranges for all of you Longer-Time Cycle Viewers ( like myself ), and as always, check in with the IntraDay Views for our Shorter-Term Friends!

It is once again going to be an interesting Day, so please join me soon!

Greetings again, Everyone!

Gold and Crude Oil continue to hold their “Inverse” Correlations with the Low-Yielders, as The Risk-Averse “Brothers” of The Dollar and Yen continue on.

While Accumulation is being Seen, Gold and the August Crude Futures Contract now see rather “tight” Ranges in Price this “late” in the Trading Day.

Most Majors have picked up  some clear Bounces off of Support and Resistance Levels, as Dollar and Yen have giving up some gains ever-so-slightly… but Gold and Crude still appear ready for continued Depreciation out of their IntraDay Areas.

Here are the Hourly Captures of both for various Levels, and Post-Time is 21:15 GMT.

Gold gets “trapped” in a “Loose Wedge Flag” Formation here… as well as the approximately $6.00 Horizontal Range. Price needs a Clip of the $927.80’s for even a bit of “Neutrality”… or a Breach of the $920’s for further Depreciation which looks to be in the Immediate-Term Favor.

Crude is perhaps the more “Clear” Depreciator of The Commodities, where we are currently at a Six-Week Low… as it is certainly Out of Favor on an IntraDay View.

Dollar Strength continues to “whittle away” at Price, where a defined L.R. Channel has been anchoring Price for several days now.

So there we are for now!… and we will see what the U.S. Close brings us as The Dow is rather “Flat” as of this Writing.

Please join me again, as always and I hope to see you soon!

Greetings, Everyone, and Welcome to Friday!

While The Nikkei and other Asian-Pacific Bourses move into Positive Territory on the back of the U.S. Equity Close, we are still working with Ranges and Continuation as a whole… as evident by the various Technical Patterns that we see around The Markets with Flag, Triangles, Wedges, and the like.

While we have had plenty of Volatility and IntraDay Opportunity as we have discussed… we still look out and consider the Larger Ranges we are in… also a Topic we have visited many times here on The Blog!

We have a look at The EUR/GBP in this Case for a fine Illustration of this type of Behavior… 

Give The Captures a Click with Commentary above, and Post-Time is 1:15 GMT.

The Euro Pound is historically our “Consolidation Ranging King” in this case… except for the last couple of years… so we have a look at The Unit on The Daily View, as it works through an Hourly Symmetrical Triangle within a clear Macro-Downtrend Channel.

 The Hourly Views sees the Symmetrical Triangle clearly Intact… as Price looking to be “In Concert” with the overall Downtrend from March is Highly-Probable in this case.

A Break to at least the 61.8% Weekly Fib Variant of the October ‘08 Weekly Uptrend @ the .8500 Handle in the Immediate-Term. Continuation will see the .8400 Area of “Basing” Support in the Near-Term.

Please join me, as always, for the final “Currency Majors Technical Perspective” Report of the Week at 6:30 GMT as we move into The European Session.

Of course, many Blog Updates to follow as well… as we see where our last Day of Trading takes us!

Please Join Me!

Greetings again, Everyone!

We come off of the Asian-Pacific Sectors with their Bourses in largely Positive Territory, especially The Nikkei… as we see this “Carryover” into most Majors… either in the Form of Bullish Sentiment, or Bullish Corrective Sentiment with IntraDay Flag/Pennant Continuation Patterns..

Overall despite the Deep IntraDay Volatility we have seen the past couple of Weeks at least… We are still “caught” in Large Macro-Ranges that we just can’t seem to Break through to either “Side of The Fence”.

Here are The Fiber Captures with Commentary above, so give them a Click for Levels of Reference.

Post-Time is 7:20 GMT.

The Fiber remains “trapped” on the Weekly View of about 250 Pips for the last Month… despite The Wicks adding plenty of Volatility.

The Hourly View sees Price Appreciation in a Corrective Fashion with the Hourly Bear Flag/Pennant Continuation Formation.

A Clip of the 1.4000 Handle Resistance sees 1.4050’s… with Failure to Complete The Flag sees Depreciation back to the 1.3920’s Support Area which will bring Bearish Sentiment back In Favor.

Have a look at The  “Currency majors Technical Perspective” Report  for more Immediate-Term Views, and as always…I will return with several more Updates as we head into The GDP and Weekly Unemployment Claims Data Points!

Greetings again to All!

We come off of the NYSE Close relatively “Flat” and Mixed in Sentiment ahead of The FOMC Meeting continuing into The Decisions and Rhetoric tomorrow.

“Around The World”…  most Majors sees Appreciation on the back of Higher Crude Oil on Its 1st Day of the August Contract as the Weak Dollar gives it a Boost as a “Leading Indicator”.

The Euro picks up on the Momentum… as The Swissy and The Loonie fall in Depreciation.

The Yen Crosses resume aspects of their larger Longer-Term Trends, and The Pacific Dollars move ahead as well… despite the somewhat “Tighter” Range of The Kiwi moving along in a Range of around .6380’s to the .6490’s or so…

Let’s have another look at The Kiwi from out Post earlier, and see the Clarity of this Range.

Here is The Hourly with Commentary above, as we prepare to head into The Asian-Pacific Sectors pretty soon.

Give The Capture a Click for Various Levels, and Post-Time is 21:10 GMT.

The Hourly View Price Behavior is developing a Clear Bull Flag/Pennant Formation that if Complete, sees a Projected Area of the .6550’s Area… which is the Exact Area of the Weekly 50% Fib Variant from the February 24th Downleg!

( The Joys of Fibonacci! … You have to love it… hee hee… Here is a Daily View to see the Projection… )

The Hourly sees the Formation quite clearly, and if we find Correction soon, Price may slip on through to the .3715 Area back down to the Daily Static Support Zones of .6300 and .6280’s for some “Re-Testing” Sentiment.

At this Point, any further Depreciation is considered Out of Favor in my personal View in the Near-Term ahead of The FOMC Decision.

I have developed a Special Section  under the Education Tab of the FXstreet Home Page!

The Section is caled ”Fundamental Forex Foundations”, which will be a Series of Topics focused on the Majors Data Points we see that directly “Affect” Currency Traders and those in the Foreign Exchange World.

The First Two Installments are there…  “The Federal Reserve and The FOMC Committee” … a timely Topic we are dealing with right now, and then  “The Non-Farm Payrolls Data”  released a bit early for NFP in a couple of weeks!

Please join me Soon!

Greetings again, Everyone!

We enter into The European Session with EuroZone Equity Futures bidding lower on the back of slightly Negative Bourse Movement in the Asian-Pacific Sectors. From the IntraDay Views, we are seeing a bit of “Mixed Sentiment” as The Dollar and The Yen find some Disconnect with Correlations.

Both Risk-Averse Currencies see Strength in most Majors, albeit the Swissy is beginning to show early Signs of Accumulation and Neutrality. This may be signaling Behavior leading to Clear Consolidation… that will “bleed-out” into other Units moving forward.

While The Fiber and Cable show clear Downtrends, the Strength of The Yen is eclipsing The Dollar, as a Sentiment Shift develops due to eventual “Muting” Behavior ahead of The FOMC Decision tomorrow.

The Euro Pound is Illustrative of this current ”Easing Momentum” on The Hourly View, and here is The Capture with Commentary above, so give it a Click as always.

Post-Time is 7:15 GMT.

While the Hourly Uptrend Channel is clearly in View… We can observe Accumulation which will lead into Solid Consolidation if the Dynamic Magenta Range Holds between the .8480-8510 Levels.

Continuation sees the .8530’s Static Resistance Area In View with even a Reach to the .8600 Handle in the near-Term… although out on the Mid-Term Larger Views… the .8250’s still remains Deep Static Support due to the “Heavy” Euro and resilient Pound moving forward.

We will check on The Unit as we move along, and for more Immediate-Term Detail of the varying “Degrees” of Dollar and Yen Strength and the “MIxed Sentiment” we spoke of… please have a look at the  “Currency Majors Technical Perspective” Report  just published.

As always, please join me for several more Updates today, as we move closer and closer into FOMC Territory, while also being Mindful of the 14:00 GMT U.S. Existing Home Sales Data Point as well!

Greetings, Everyone at The NYSE Close!

As we discussed in our previous Posts today… The Equity Markets are largely “Flat” today, and provided no real useful Correlation Activity for our Purposes here in the FX World.

The Yen Crosses largely continued on with their Risk-Averse Dollar Strength, as did most Major Units concerning The Dollar.

In my personal View, most of our Volatility came today in Commodities, as we saw earlier with the “Noisy” and “Erratic” Behavior in Crude Oil and Gold.

The Queen looked, perhaps, the most Volatile of The “Four Siblings” , as The Pound worked a 270-Pip Range into a “Feeding Frenzy” with Massive Swing “Whipsaw” Behavior.

Here is The Daily and Hourly Views for an IntraDay Illustration of The “Sharks in the Water”, if you will… hee heee….

Give The Captures a Click, and Post-Time is 21:20 GMT.

The Daily gives us a Clear View of the “almost” Double-Top Formation Completion we are seeing here… with “Full Textbook” Completion to be seen at the back into the 1.5350’s… although surely this is not In Favor in the Near-Term.

The Hourly is largely still Rangebound between the 1.6220’s Support and the 1.6480’s, Price is “caught” Mid-Air as an IntraDay Bull Flag appears to be in development here. Any Corrective Reactions in the Immediate-Term sees the 1.6315 Dynamic Support Area South… as 1.6480 is out Clear Resistance to the North.

Be sure to join me later for tomorrow’s “Big Blog” Post as we work through the current Price Action moving into the Asian-Pacific Sectors.

I hope to see all of You then!

Greetings again, Everyone!

Our Thoughts this morning on increased Risk Appetite on the IntraDay View really never came to Fruition from the general sense.

Currency Units remain largely “Mixed” in Accumulation and Consolidation, as they are still primarily “Anchored” by their Larger Macro-Ranges.

Gold and Crude Oil are The “Poster Children” of this Mixed Environment of Uncertainty… as Gold appreciates almost $8.00 Today, while Crude settles on The NYMEX down about 15 Cents.

Let’s get some Illustration in here, and have a look at the Hourly Swissy, and the Hourly Loonie.

Give The Captures a Click for various Levels of Reference and Commentary above…

Post-Time is 21:15 GMT.

The Hourly Price Action holds the Downtrend S.D. Upper-Channel Line  as it functions as Dynamic Resistance. We have Fibonacci Cluster Areas in the Highlighted Area that are acting as Dynamic Support as Price works in The Hourly range of the 1.0740’s and the 1.0950’s.

The Loonie also sees Immediate-Term Consolidation with the 1.3950’s Static Resistance, as Price works the Fib Variants of the Daily Downleg from the May 18th Highs.

The 1.1060’s Support is still In Focus with the “Transitive Rollover” from Resistance to Support.

Please join me again in a few Hours for Wednesday’s “Big Blog” Post, as we move into The Asian Session and see if the Asian-Pacific Sectors pick up on the “Market Indifference” and continue on with our Trading Day!