Greetings Everyone, and Welcome to Wednesday!

We prepare for the Bank of England Minutes to be released, as we look for any additional signs of increased Stimulus since they failed to do their “Allocated Increase” of 25B Sterling in additional Asset Purchases.

The Markets will be especially watchful for any Rhetoric or Indications of a “Timeline” of if and when this will occur…as well as the “possibility” of additional Policy since the BoE does have their “Eye on the Inflationary Ball” with its very sensitive Economy of late.

In addition, we will certainly watch the EIA Crude Inventory Builds Data Release as well… since Crude has been an interesting “Leading Indicator” of sorts… at lease concerning Sentiment in the last few weeks.

Let’s have a look at The Queen again… as well as GBP/JPY… where we already notice a literal “Grinding Halt” to Price Action on both Units ahead of The Minutes.

Here is The Hourly… where our Levels are basically unchanged from our earlier Update… as Price looks to hold the 1.6380’s Transitive Rollover Support Area in the Immediate-Term.

Give The Capture a Click, and Post-Time is 2:45 GMT.

Pound Yen is seeing very similar Price action as well… as Price looks to hold the 153.20’s/00 Handle in the Immediate-Term. We are already seeing continuation of the Yen Strength, as the Unit is off about 66 Pips or so for the Day already in “relative” terms.

A Breach of the Area will see the 152.30’s with ease for another “Re-Test” to form an Hourly Double-Bottom in the Near-Term if the Area holds.

We will surely check in with these Developments as we progress, so please stop back by frequently for more Updates… as I always look forward to all of your Visits!

Greetings again, Everyone!

As our Equities/Indices Correlations move along with some Dollar and Yen Risk Appetite, most Units are moving into Areas of Accumulation after consistent Appreciation throughout the Day and the NY Session.

The Dow and S&P are largely “Flat” as of Writing-Time, confirming a certain “Neutrality” as Price Points continue to “rest” a bit as we move closer towards The Close.

The GBP/USD illustrates these Points quite well from an IntraDay Perspective.

Here is The Hourly View, so give it a Click for various Levels of Reference.

Post-Time is 17:45 GMT.

The Queen looks to completely negate the previous Downleg of Dollar Strength, as Price forms a “V” Hourly Reversal combined with a Double-Top at the 1.6230’s Dynamic Resistance. This is the “Active Volatility” we are referring to… while we have Activity, we are still “caught” in a Range anchored by clear 1.5980’s Support and 1.6380’s Resistance.

A “Catalyst” is needed to Breach the “Neutrality” on either Side, as a solid Break of 1.6380’s Static Resistance will bring some Bullish Builds back into the Game towards the 1.6430’s and 60’s in the Near-Term… as will a Clip of the 1.5980’s for continual Bearish Sentiment.

So… as always… We work with what we have… and various Support and Resistance Strategies would be quite effective here if your Trading Style compliments an IntraDay View.

The volatile, yet “controlled” Price Action here is quite indicative of Market Sentiment as we still work within these larger intraDay Ranges.

We know the “Boundaries” of our Playing Field… but it is surely an active and eventful Game!… to use a Sports Analogy.

Ranging and Consolidating Climates like these on the larger Time-Cycles are one Rationale that Position Traders and others with Longer-Term Views will cite as part of their “Toolbox” of justifications for their own Trading “Styles”… myself included.

Others will thrive an excel in these types of Climates, such as those Traders  who prefer” Fading” Price Action and working in the larger and wider Range-Bound Environments.

I always mention on The Blog that I am “Style-Neutral”.

Whatever works for you is Best for you… Period.

The Beauty of The Markets is there is always Room for Everyone… but Room for No One with inconsistent and Unmanaged Risk.

I will be back at The Close as we move along and prepare for The Asian Pacific Sectors to pick up on the Price Action as well… so please join me soon!

Greetings again, Everyone!

We are seeing The Dollar and Yen continue to Correct across most Currency Units, as well as Gold and Oil, despite continued Macro-Uncertainties about Global Economic Recovery.

Many Units are still finding “Basing” and Consolidating Behavior with Technical Formations such as Flags/Pennants and Horizontal Ranges, although within these Areas clear IntraDay Directionality is being Seen.

Similar to The Euro, Crude Oil is seeing a burst of Bullish Momentum, despite Price simply arriving to clear Static Resistance Levels within a larger Range. The Confluence of the July 2008 Weekly 23.6% Fib Variant and $60.50 Resistance is holding Price to the Upside, and if the Area is Breached, a new “Transitive Rollover” of Resistance-becoming-Support will be in Place, although any true Bullish Momentum in Crude will be considered in a :Counter-Trend” Fashion…even if Price moves beyond the $61.35 Range/Resistance Zone.

Here is The Hourly, so give it a Click for Various Levels.

Post-Time is 7:40 GMT.

The EUR/JPY is indicative of slight Risk Appetite returning to The markets, as we have our Equities Correlations back Intact… not to mention “Cross-Current” Correlations with Global Equity Exchanges such as The FTSE… which is up about 3% at The London Open.

Price looks towards the 130.60’s/80’s Static and Dynamic Resistance Levels, as Price Appreciation pulls out of the 127.80’s to 129.00 Hourly Range. Further Appreciation sees the 131.40’s in the Near-Term, while Failure to Hold the 129.00 Handle of Static Support will see the 127.80’s for multiple Hourly Tests of the Area.

If this Behavior is Seen, the Tests will weaken Support and a potential Breach towards the 127.00 Handle in the Mid-Term would be plausible.

The  “Currency Majors Technical Perspective” Report  has been published for Immediate-Term Details on The Majors, as well as the new Installments of The Fundamental Forex Foundations Section for Data Point Releases today and tomorrow of PPI and CPI.

The Retail Sales and Business Inventories Reports will be published as soon as possible, and I will have those Links for you as soon as possible!

Please join me for more Updates moving forward, especially as we move towards Data Point Releases at 12:30 GMT.

In the Interim, keep a Mindful Eye on CPI out of the U.K. in about one hour’s time!

Greetings once again, Everyone!

The USD/CAD and Crude Oil work through a rather “active” Day… considering the somewhat-”Tepid” movements of most Majors across The Markets.

Crude rallies back on an IntraDay View as The Loonie Pair follows suit in “normal” Inverse Correlation.

Here are The Hourly Views, so give them a Click for Levels.

Commentary is above, as always and Post-Time is 14:40 GMT.

Price clears our Ascending Triangle Formation on The Loonie, despite the slight Dollar Correction earlier… and Crude Oil now looks to Clip the $71.00 Handle of Static Resistance.

Continuation sees the $71.30’s, which will also bode well for the Canadian Dollar in the Immediate-Term.

Bearish Sentiment will not be seen with any real Significance unless the $66.50’s are Clearly Breached to the Downside.

The Loonie comes off of what may see as a Head and Shoulders Formation that so far has “failed” on the 4-Hour View.

In any case, a Breach of the Uptrend Line here sees the “Would-Be Neckline” Support @ the 1.1450’s/20’s Area… irregardless if you “accept” The Pattern or not.

Continuation of the Dollar-Reversal to Weakness sees the “Basing” Areas of the 1.1300/1.1280’s in the Near-Term.

As always, please join me for more Updates as we move along!

I hope to See Everyone Soon!

Greetings, Everyone and a Fine Saturday to You!

Writing-Time is about 9 a.m… so 16:00 GMT.

We end the Trading Week still “Anchored” everywhere by Horizontal Ranges in most Units… Currency and Otherwise… as The Dollar remains weak against Its “Risk Aversion/Appetite Brother,”, The Yen… while remaining largely Rangebound from the Macro-View in most Pairs.

We have large Triangle/Flag/Pennant-Type Formations of Continuation, as Price sees more Deep Breaks on the Horizon soon.

Despite the Speed and “Spotlight” Momentum of The Queen lately… in my Personal View… It is still  the Commodity Currencies that see the strongest “Weight” of The Pendulum Swing against The Dollar.

On the “Other Side of the Fence”… The Yen and even the Euro still have Battles of Strength vs. Weakness to deal with in more of an “evenly matched” Scenario with The Dollar.

The Yen Crosses move along nicely, as the “Degree of Disconnect” in Strength and Weakness is usually distinct and wide… so when they Rally…t hey move with Significance. When they Fall… they Depreciate with Significance as well, hence becoming Solid Units with Volume and Liquidity.

In my View, the Euro is a fine Illustration of the “Financial Gridlock and Pressure” we are still dealing with… as the “Weight” from the Macro-Level is still haunting The Pair.

From the Daily View, we do have a Clear Bull Flag Formation in progress, which signifies Continuation, but also a Break to the Upside with “Full Completion”, in this Case, around the 1.5100 Handle…which is certainly not In Favor at this time.

Downside-Risk sees possible Negative EuroZone Data Points taking Price to the 38.2% Fib Variant of the April Upleg Confluence with Dynamic Support.

The some what “Indecisiveness” of The Euro is indicative of overall Market Sentiment, and I really do not see The FOMC next Week changing any real Views of The Dollar as well in terms of Activity…. so we continue Onward with what The markets define for us to Work with, as always!

Have a fine Day, Everyone and please join me tomorrow for another Sunday Post!

Greetings once again, Everyone at The NY Close!

The U.S. Equities and Indices come largely “In Line” with slight  “Round-Turn Flatness”… meaning we End largely where we Began.

While Volatility was not largely seen in The Equities despite Expiry today… we can argue that The “Quadruple Witching” may have had an Impact on Position Covering across the Board as we head into The Weekend.

The Key Drivers in my personal View today were Volatility… and Its Father… Volatility Sr. !… hee hee…

The Majors dealt with increased Risk Appetite and small impulsive “Breaks” all of the “IntraDay Map”, especially with “The Four Sibling Majors”.

As we reviewed early at 7:00GMT during my “Currency Majors” Report , we did see initial subtle Bearish Sentiment leading into The European Session… and as we moved along… The Larger Consolidation Ranges did Contain Price.

We know from Classic Technical Analysis that even the most “subtle and tepid” Areas of Accumulation leading to Consolidation will need to eventually “blow off Steam”, as the old saying goes… and this is precisely what we observed with the Breaks throughout The Four Majors and many of The Yen Crosses.

We use the GBP/USD and EUR/USD for Illustration here on The Hourly Views, so give the Captures a Click for Levels, and Post-Time is a little over an hour after The NYSE Close at 21:15 GMT.

As has been the case with leading the “Volatility Path”, The Queen certainly ran with this Sentiment, as an Hourly Bull Flag is now In Formation. A Break of the Area may see Depreciation back to the 1.6400 Handle “Transitive Rollover” Support… as Price seeing the 1.6600 Handle is not due in the Immediate-Term with Sunday’s Sydney Open.

The Fiber sees more Consolidative Retracement with Its own “Break Move”, as we have literally complete Retracement here, that is Negating the Impulsive Gesture in the first Place. The Hourly Double-Top is In Play here… as Price looks back towards Dynamic Support at the Magenta 1.3900’s Area.

Similar to The Queen…a larger Breach of higher Resistance ( in this case… up around the 1.4040’s Area…) is needed for any Solid Bullish Sentiment to truly be back In Favor in the Near-Term.

As is very often the Case with Breakout… we see them “Fail” and Correct back to Previous Levels, and in Today’s Examples… The Expiry Issues surely cold have been a Factor with Institutional Re-Positioning.

Be sure to have a fine Evening, Everyone!… and I will be back with you for some “Weekend Thoughts” tomorrow and Sunday, so please join me for a Visit!

Greetings, Everyone and Welcome to Tuesday!

With Risk Aversion clearly back in The Spotlight, my earlier Thoughts in yesterday’s Posts on The Yen finally being “The Leader” of our two “Risk Aversion Brothers”… as The Yen reverse the “Built-In Momentum” of General Weakness and uses it to Its own advantage.

The “Global Rhetoric” of late is surely still playing a Role with both The Dollar and The Yen Strength…and even with Global Equities hearing “Talk” of the recent Rallies being “Too Much Too Fast”… which of course will be Bullish for both of these Units.

Let’s check on some of the Yen Crosses and measure the current Deep Strength we are seeing in The Asian Session as of this Writing…. as we have plenty “Transitive Rollover” Areas to consider.

Here are the Daily Views of EUR/JPY and GBP/JPY with a rather Similar Perspective in the Immediate-Term for both Units.

Give the Captures a Click, and we have Commentary above as always…and Post-Time is 1:30 GMT.

The Euro Yen looks to the 133.30’s Dynamic Support to possible slow down this “Freight Train” of Price… although additional Strength may take us to the Trendline/Support Confluence Area as well.

Bearish Views surely enjoyed The Day… although taking Positions now would be Ill-Advised as Accumulation leading into Consolidation is highly Probable.

The Bulls may look to be Loading The Munitions” soon for such Attractive Price Points to work with… but just like The Bears… Observance is essential at these Levels to see how Price Behaves moving forward.

The Pound Yen sees similar Directionality, as Price is a bit “Shallower” on the Correction considering The recent Pound Strength… as opposed to the “Heavy Weight” of The Euro above…

The Ellipsed Area may may hold Price… as the 155.00 Handle is deeply Solid Support.

As always, please join me around 6:30/7:00 GMT for The “Currency Majors Technical Perspective” Report as we look into The Majors with Detail… as well as another Update where we will drill down to the Hourly Views as Asia marches on into London and Europe!

Please join Me then!

Greetings again, Everyone!

Our earlier Thoughts on our last Post come to fruition as The Asian Bourses come off while The Dollar and Yen continue their Macro-Corrections… even though most Units are still considered to be in rather large Range-Bound Areas.

The GBP/JPY continues Its Correction, as the Hourly reveals Key Levels to Clip for Bullish Builds to enter back into the overall Trending Environment.

As The Yen gains Correctional Strength, Contact with the Ellipsed Area at the 158.40’s Dynamic Support, along with the Key Level of the Weekly 50% Fib Variant of the October Downleg, will be a Crucial Area for Bulls to be Mindful of for Attractive Rates.

Here is the Hourly Capture so give it a Click, and Post-Time is 7:10 GMT.

Please have a look at the just-published “Currency Majors Technical Perspective” Report  for some Immediate-Term Detail on The Majors, as we monitor how Deep these Corrections continue to progress.

As always, I will have plenty of Updates as we move along, so please join me throughout The Day!

Greetings, Everyone and Welcome to Monday!

We embark on a new Week with some Mixed Dollar Activity as Trading begins in The Asian-Pacific Sectors.

Gold continues Its IntraDay Corrections, as Oil remains Mixed to slightly Bearish at this point.

The Dollar looks to follow the Lead of The Yen ( or Vice Versa if you are following the G8 Communique and Logic…) as we open the Week with slight Dollar and yen strength Across The Board.

Let’s gets right to it since I probably bored all of you to death with my Weekend “Pseudo-Political Policy” Thoughts on The Economy and The G20 Summit of the last couple of Posts!…    

We shall have a look at The GBP/JPY and The USD/JPY as we move into the New Week, and here are Various Time-Cycle Views of Both.

 Asian-Pacific Sector Equity Markets are largely Negative as of this Writing… so our “Inverse” Correlation here is generally Intact with The Stronger Yen and in turn… a Stronger Dollar.

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

Post-Time is 1:50 GMT.

We see The Pound Yen in “Classic textbook” Corrective Form that Trend-Followers tend to prefer… so Bullish Builds coming in for better Rates is certainly highly-probable moving forward into The Session.

 The 159.80’s Area of Static Support just may be The Area The Bulls are looking for… although a Deeper Correction is always possible.

The Hourly gives the underlying Consolidative Sentiment that we have been seeing in The Unit, as Price looks to The Outliers of The Range to Anchor Price at 159.90’s to the 162.60’s.

The Dollar Yen is looking toward Clear Round-Number Support at the 98.00 Area… as Price looks to bounce around The Symmetrical Triangle Formation here on the IntraDay View.

Let’s step back a bit and check on the Monthly View… where we can clearly see some Parameters that have caused  ”Frustration” with The Unit the past several Weeks due to the continual “Push and Pull” Descriptors I like to use with The Unit…. resulting in Consolidation as The Battle has raged back and forth…

The Hourly View gives us more Clarity with how Volatile The “Battle” between these two has become.

The Wide Swings in Price and Sentiment really are a perfect “Indicator” for the Mixed and Uncertain Markets we are in overall. Vacillating between Risk Aversion to Risk Appetite will always have a direct Effect on this Unit, and Price is reflecting this Sentiment.

Support and Resistance is rather Clear within The Range… so Bullish and Bearish Sentiments need to Break their respective Ranges to be In Favor.

So here is where we stand at the Moment!

Please join me for the Currency Majors Technical Perspective” Report right around 6:30 GMT, as always, for more Detail as we progress through The Session.

Of course, plenty of Blog Updates to follow, so I hope to see all of You throughout the Day!

Greetings again, Everyone!

We are about One Hour into the NYSE Open, as Positive Retail Sales and falling Jobless Claims bode well for the Equities and Indices in the Near-Term.

The Dollar Itself remains generally “Mixed” and a bit “Independent” in Movement…as we see Hourly IntraDay Weakness in most Majors but Strength against It “Comrade in Low-Yielding Arms”… The Yen.

Macros here include the general “Fear and Uncertainty” of China’s Perspectives concerning the U.S. Reserves and Treasury Yields… as well as some Rhetoric “In The Air” with The ECB and other EU Entities with a Concern for continued Strength in The Euro moving forward.

While this may be early Signs of “Jawboning”… Dollar Bulls have another Component in their Arsenal here to continue Accumulation and push for Reversals with Dollar and yen Strength as we continue on.

Please be Mindful here… as the Market “Noise” and Volatility may get heavy for those of You who Work on an IntraDay Basis.

Let’s have a look at The Fiber and The Aussie to illustrate how The Dollar is having varying “Degrees” of Strength with Its current ”Mixed Profile”…

Here are the Hourly Views, so give them a Click for Various Levels of Reference and Commentary above.

Post-Time is 14:30 GMT.

The Fiber, while showing current Dollar Weakness, is still locked in a Larger Range now between the Dynamic Support and Resistance Fib Variant Areas of 1.3916 and 1.4122 in the Immediate-Term. 

Our “Transitive Rollover” of Resistance-Becoming-Support is still very Valid and has been for several Days now… this is Indicative of The overall Range-Bound Tendencies we are in.

The Aussie Hold an almost Opposing View…a the “Degree” of Dollar Weakness is full of much more Momentum and a more “Obstacle-Filled” Environment as The Aussie has The Commodity Metals Complex behind it, China’s Trade Interests, and Positive Carry to keep The Currency Buoyant in the Near to Mid-Term.

Please join me again as we move forward throughout the Day… as more Updates are surely on the way for You!