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!

We close The NYSE in Positive Territory with The Dow and The S&P… as The Nikkei Futures look Well-Bid to open and continue on with the Global Equity Momentum.

Crude levels out at the massive $60.00 Handle, while Gold pulls back off of $921.65 Dynamic Resistance.

The Euro looks to take our earlier Flag Opportunity and finally Clip the 1.4000 Handle to form that “Transitive Rollover” area we were attempting to reach earlier in The Day.

We can now use a L.R. Channel as we work the Counter-Trend here on the Hourly Time -Cycle.

Price Appreciation will continue with Bullish Sentiment on the whole, as long as The Equities Correlation remains Intact.

The Next Focus is on the 1.4040’s Resistance, followed by 1.4072 where if Met and Held… an Hourly Double-Top will be In Place if Price is not breached through to the 1.4100 Handle.

Here is The Hourly Capture so give it a Click for Levels, as always.

Post-Time is 23:40 GMT.

Please join me again for more Updates as we move along, and check in on how The Currency Units are progressing in The Asian-Pacific Sectors!

UPDATE @ 1:30 GMT!

The Euro begins to retrace a bit , but still holds the integrity of The Channel. The 1.3940’s would be the next Area of Focus of Price Behavior continues.

We will check in with another Blog Update after The “Currency Majors Technical Perspective” Report at 6:30 GMT.

The two Major additions to The “Fundamental Forex Foundations” Section are now published… just in time for CPI and PPI in the U.S!… as well as the U.K., since many of these same Principles will apply to other Producer and Consumers in other Economies.

Producer Price Index

Consumer Price Index  (for Wednesday)

Retail Sales and Business Inventories will be published and active ASAP, so I will post those Links as well!

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!

With another Nigerian Attack, Crude Oil holds on to Its Bullish Sentiment from Asian-Pacific Bourse Strength, as we all underlying Euro Strength and Gold Sentiment as well. The EU Futures a bidding up as we head into The Open… with the EUR/USD now finding new Support at the 1.4000 handle in Confluence with the 23.6% Fib Variant April Upleg.

Here are The Captures with Commentary above, so give them a Click as always.

Post-Time is 6:40 GMT.

Price reaches the Dynamic Support “Transitive Rollover” from the new 1.4000 Handle-Support on The Fiber, as another “Re-Test” and Breach of the Area will see Appreciation towards the 1.4130’s Daily Static Resistance in the Near-Term.

A Downside-Clip sees rather “shallow” Correction in the Immediate-Term to the Magenta-Dynamic Support Level at the 1.3980’s 5-Hour Consolidation Area.

Crude Clips our Hourly Ascending Triangle Formation, where Contact with the 72.70’s Daily Static Resistance is not out of the question here in the Near-Term.

Also clipping the “loose” Ascending Triangle Formation here, Gold Price looks towards the $960’s Static Resistance Area in the near-Term if Appreciation continues with correlating Dollar IntraDay Weakness.

Immediate-Term Detail can be seen with the just-published  “Currency Majors Technical Perspective” Report, and I will have several more Updates for you as we move throughout our Final Trading Day of the Week!

Please Join Me Again Soon!

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, Everyone!

As expected, we continue to see Accumulation as we move closer and closer the The FOMC Decision, as well as Durable Goods, New Home Sales, and the EIA Oil Inventories.

( We will check in with these Topics in our next couple of Updates, as Price will need to “digest” and see New Areas of Reference moving into The FOMC… )

We are seeing Key Levels of Support and Resistance being respected across most Units as of this Writing, as Price is already defining Its Ranges and Areas ahead of Data-Risk Events.

Here is the GBP/JPY, for example… which is Illustrative of clear Reference Levels.

Give The Capture a Click for Levels, and Commentary above… Post-Time is 7:30 GMT.

Price holds firmly at the “Transitive Rollover” Area of  the 157.60’s with Weekly 61.8% Fib Variant Downleg Confluence.

A Breach sees the 158.80 Daily Resistance Resistance Area… while a Rejection sees a return to Dynamic Suport at the 156.30’s Level. Whiel slight Upside Appreciation is favored, Consolidation through “Muted” Action may beseen leading into Risk-Events moving forward, as Price works the defined Range here.

Several more Updates will be on the way today, in consideration of the several Risk-Events we mentioned!

In the Interim, please have a look at The 7:00 GMT “Currency Majors Technical Perspective” Report  for more Immediate-Term Detail.

I also invite you to have a look at the new Special Section I have developed with FXstreet for Fundamental Analysis is under the Education Tab of the FXstreet Home Page.

The Section is called ”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 for more Updates as we continue with our Active Day!

Greetings again, Everyone!

We are about 90 Minutes into The NYSE Open, as Equities and Indices are trading higher to start today’s Session.

A boost in Crude Oil Appreciation sees Price providing Momentum for general Dollar weakness, as whay seems to be a “Seasonal Occurrence” with The Niger Delta Attacks… this time on a on a Shell Pipeline… and continued Issues with Iranian Elections provided the “Catalysts” needed to throw The Back Gold above $72 for a moment… as Price now looks to a potential Hourly Bull Flag Formation.

Our Aussie Yen Example came to Fruition as well from our 8:00 GMT Blog Update, which assuredly has some “Bleedout” from The Aussie Dollar Itself… and The Queen takes off on Rhetoric from the International Monetary Fund’s increasing “Presence” on the Global Economic Scene, and Global Growth Estimates being revised “North” by about 2.4%.  Mervyn King also checks in with The U.K. “rate of Economic Decline” is flattening and Basing… which also helped to provide Support for The Pound.

Here are The Hourly Views of The Queen and Aussie Yen with Commentary above, so give the Captures a Click for various Levels.

Post-Time is 15:45 GMT.

 With a push through the 1.6440’s “Transitive Rollover” Resistance-becoming-Support, Price for The Queen now sees the 1.6500 Handle In Sight if 1.6477/80 Dynamic Resistance can be Clipped in the Immediate-Term. Otherwise, a return to “Re-Test” the 1.6400 Handle through 1.6340’s again may Hold Price for the remainder of The Day in this tight Range.

The Aussie Yen also looked for Appreciation, as Price Appreciation still looks to Clip the 78.20 Dynamic Magenta “Range Resistance”, and move towards 78.50’s through the “Confluence” Resistance/Uptrend Line/ Weekly 50% Fib Variant of the Weekly July2008 Downleg. 79.90 acting as Dynamic Support may provide Buoyancy for the rest of Today’s Session, as Accumulation may begin going into The Weekend.

Of course…I will return with more Updates as The markets deal with moving into The Weekend and the parallel Volatility from “Quadruple Witching” in The Equity Options, Index Options, Futures, and Futures Options that we mentioned briefly on one of Wednesday’s Posts!

I hope to see Everyone Soon as we move along!

Greetings again, Everyone!

While overall The Fiber and The Cable are in Daily Consolidation in general… The IntraDay Perspective really illustrates the extreme “Out-Of -Favor” Sentiment of The Dollar. This is perhaps, seen most clearly on the Aussie Dollar.

Our continual Thoughts on possible Corrections for the Integrity of these trends are still Valid Concerns as we move forward… as the excessive Energy and Momentum used to build these Trends will need to be Expelled. While “Shallow” Corrections are to be expected… in this Environment, it usually takes a “Catalyst” of some Fashion to really cause significant and Deep Corrections with such Uni-Directional Trends.

The U.K. Production and U.S. Trade Balance Data Points are significant enough to be these Catalysts, and we will simply have to observe to see the relative Strength or Weakness of the Data moving forward.

Here are the Hourly Views of both The Aussie and The Queen with Commentary above, so give them a Click for various Levels of Reference.

Post-Time is 7:15 GMT.

The Aussie looks to a New “Transitive Rollover” of Resistance-Becoming-Support at the Coveted .8000 Figure, as Price propels from out various previously-Ellipsed Areas in search of a potential “Re-Test” and Formation of an IntraDay Double-Top at the .8120’s Level.

Any Correction in the Immediate-Term at this Point may be held by the Dynamic Support of the 50% Weekly Fib Variant as Price may look to Fall back into the L.R. Channel in this Case.

The Queen still shows no real Signals of Resting or Exhaustion at this Point… as Price Clear the Upper-Trendline of our Long-Term Daily Channel beginning in March.

Price now sees Dynamic Support Confluence with this Channel Trendline and the Weekly 61.8% September 2008 Downleg Fib Variant.

Continuation looks to the 1.6480’s now in the Near-Term, as any Corrective Sentiment sees a return to the 1.6200’s Levels on Initial Impulse.

For more intimate Detail on The Majors, please feel free to have a look at the “Currency Majors Technical Perspective” Report, and as always,… plenty more Updates will be coming your Way as we deal with a Data-Heavy Trading Day!

Greetings once again, Everyone!

As we move into The European Session, we see Solid Resistance Areas on GBP/USD and GBP/JPY violated as Price Clips their IntraDay Ranges.

Give the Captures a Click for Levels of Reference, and Post-Time is 7:00 GMT.

The Pound on the Hourly View looks primed to see the 1.6200 Handle Resistance as Price pulls out of our Ellipsed Area from yesterday through The Asian Session.

The 1.6250’s Area sees the Weekly June Downleg 50% Fib variant, which should Contain Price in terms of the Potential Hourly Bear Flag Formation.

The Pound Yen also sees similar Appreciation on an IntraDay Basis, as Price looks to clear 158.50’s Resistance out of the Flag/Pennant Formation from the 157.30’s Dynamic Support “Transitive Rollover”.

A Re-Test and breach of the 157.30’s Area may see Bearish Builds as Price falls back into the 155.80’s-157.30’s Range, as Price is still Anchored on the macro-Level by the larger Range of 155.00 and 160.55.

Immediate-Term Details of The Majors can be found with the just-published “Currency Majors Technical Perspective” Report, and as always, please join me soon for more Updates as our Day progresses !

Greetings again, Everyone!

We focus in on the continuing Depreciation of Cable, as a clear Downtrend Channel continues from the IntraDay Perspective.

While the Correction looks solid and rather Ominous… from the Daily View we can simply observe a logical Correction relevant to the Long-Term Uptrend Appreciation we have seen for 3 months now…

The Macro-Political situation with Gordon Brown continues which certainly plays into the Sentiment here… although Technicals define this Price Behavior with more Clarity and Justification.

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

Post-Time is 7:45 GMT.

On the Daily View, 1.5750 is the next Static Support Level, as a Breach sees the 1.5470’s Weekly Downtrend Fib Variant in the Neat-Term of Depreciation continues.

An Upside “Bounce” from the 1.5750’s Area will see a return to the 1.5900-1.6000 Areas as price attempts to climb back again towards Its Highs.

The Hourly Capture provides more Clarity, as The Reversal is Symmetrically Valid and gives clear Indications with an IntraDay Hourly Fibonacci Variant applied to the Downside.

The same levels of 1.5900-1.600 are “Clustered” as potential Corrective Areas as mentioned in the Daily View.

( The Caveat here being the Risk of executing Fibonacci Calculations to “Open” Candles… something only done here for Illustrative Purposes… )

More Immediate Detail on The Pound and the other Majors can be found in the  7:00 GMT “Currency Majors Technical Perspective” Report  just published, so please have a look for some other Thoughts on Technical and Sentiment as we begin The Week.

Of course, more Updates to come as always, so please join me throughout The Day!