Greetings, Everyone and Welcome to Monday!

We begin the new Week essentially where we left off Friday in most Currency Units, as Price looks to continue some Quiet Accumulation leading into IntraDay Consolidating Areas.

The Majors still maintain larger Macro-Swings, albeit in some Clear Ranges moving forward.

We check in with our “IntraDay Flag Series” that we began last Thursday with several Units, so let’s check in and see how Price behaved moving forwards.

Remember, Chart Formations such as Flags/Pennants, Triangles, Coils, Head-and-Shoulders, etc. will always hold more Validity on the Larger Time-Cycles, and on the IntraDay View… they may be a bit “Looser” in Construction, but still hold their Functions nonetheless.

Here are The Hourly Views of The Fiber and The Queen with their respective Flags left Intact, so give The Captures a Click for various Levels of Reference.

Post-Time is 7:15 GMT.

( I hold the same Support, Resistance, and Transitive Rollover Areas on the Captures simply for the integrity of The Flags so we can see Price Progression of our Examples… they will be adjusted accordingly. )

The Hourly Bull Flag on The Fiber was soundly “defeated”, as Price violated the Apex of the Flag, and simply continued on towards the daily static Support levels at the 1.3890’s/1.3900 Handle.

 The Queen, on the other hand, found Success with Her Bear Flag, as price snapped the Apex to the Upside with a sharp Reversal, Consolidation at the “Transitive Rollover” Area @ the 1.6200 Handle, and continued Price Depreciation towards the 50% weekly Fib Variant Confluence with Dynamic Support.

As always, these Formations may Fail… especially on the IntraDay View. In most cases, though… they will find some Success moving forward, even if they do not find “Full Completion”.

We can still use the Flag/Pennant Apex Respect or Violation as a “Leading Indicator”, if you will, of Price Directionality in the Immediate-Term.

As always,  The “Currency Majors Technical Perspective” Report  has been published for more Immediate-Term Perspectives on the Four Majors. I have also changed the Analysis a bit to be more Concise and Direct for you in terms of Immediate-Term Directionality.

I wanted to get back to the true Essence and Purpose of these Tech Reports each Day at 6:30 GMT, so  I hope the subtle changes prove beneficial for you!

As always, I will have plenty of Updates as we move along throughout our Day with Technicals, as Data Points concerning the U.S. are rather “light” in Scope.

Please join me later, and i hope to see Everyone again Soon!

Greetings again, Everyone!

We arrive at the end of an eventful Week, where our Macro-Consolidations and Accumulating Price Behaviors are Setting The stage for additional Volatility moving into next week.

Both The Dow and S&P 500 close at Mid-Range coming off of in my personal View… “Loose” Daily Head-and-Shoulders Formations.

The March through June Fib Variant Uplegs provide Classic “Textbook”  Behavior here, as The Fib Variant/Confluence Supports @ the 38.2% Areas will provide the next Downside Dynamic Support on both Indices.

Here are The Daily Views for their various Levels, so give them a Click as always.

Post-Time is a few Hours after The NYSE Close at 00:15 GMT.

Our Risk-Averse Macro-Correlations look to be In Favor once again here if these two Areas are Seen at The Open Monday, and our Correlations remain Intact in The Immediate-Term.

This simply translates into Three Principles:

Yen Strength

Dollar Strength

Weak Gold and Crude Oil

OK… So shoot me!… there were Four Things!… hee hee…       

Please join me tomorrow for more continuing ”Weekend Thoughts”, as always, and I look forward to seeing Everyone!

Greetings once again, Everyone!

In The Near-Term, we are seeing “Digestion” in most Currency Units of today’s Macro-Data as The BoE Holds their Overnight Rate and also keeps their Q.E. Program unchanged for now, U.S. Jobless Claims beat Consensus but Continuing Jobless Claims kills that Sentiment, and our “Back-and-Forth” Friend, China, returns to the World with more Rhetoric on Diversification of the World’s Global Currency situation.

The Dollar and The Yen retreat a bit and in my personal View… would have taken place from a Technical  Perspective irregardless of any Macro-Data or Rhetoric in the first place.Currently, we are once-again seeing IntraDay Reversals as U.S. Equities and Indices flatten a bit and lose Momentum… and The Yen returns to pick up a little Strength.

Confused?… Do not be.

One word explains it all!… Consolidation.

As we discussed last night and in many instances in the past, when we see such intense Price Volatility and Momentum, we realize Price cannot operate in this fashion indefinitely.

Just like you and I climbing the mountains, Price needs to “Rest and Reprieve”… have a snack… grab a drink… whatever!

This is still fairly evident across most Units with Bear Flag Patterns on various Time-Cycles…. and now that we have spent some time in the actual “Flag Forming Progress”, we can see these types of Behaviors with more clarity.

Let’s bring in The Queen and Her Cousin, Pound Yen again… since it was BoE Day today… 

Give The Captures a Click, as always, with Commentary above, and Post-Time is right about 15:15 GMT.

The Bear Flag Formation is clearly evident on the Hourly now, as we see the BoE and QE Data providing Impetus for some Pound Strength.  

The Daily Uptrend that we initiated from March is still Valid and “anchoring” Price, as we push through Initial 1.6200 Static Resistance forming a “Transitive Rollover” Area.

Now, “Full Completion” of The Flag will see the 1.5250’s obviously in The Mid-Term… so The Key here will be to see if Price can Clip back through The Flag, and at least Breach the Dynamic Confluence Fib Variant Support @ 1.6085. The Flag will be on Its way again as we then Breach the Daily Lower Uptrend Channel Line.

In this Case for The Pound Yen, we have a more “Subjective” Bear Flag here that is foreshortened, albeit with the same “Function and Behavior”. Full Completion here sees  The 137 Area… surely possible… but Continued Yen Strength in this Sense will assuredly provoke a Response from The Bank of Japan concerning Intervention.

In any event… The Breaching of The Daily Lower Uptrend Channel Line ( also acting as our Flag Top here)  calls for a “Re-Test” of the 146.70’s Lows yesterday in The Immediate-Term…. where then the 146.00 Handle is surely In View.

So let us see how these Patterns fair, and also if we see any sort of Recovery in Sight towards’ Today’s Closes here on these Units… so more Updates to come!

Of course… there is One Caveat moving forward…

As long as Crude Oil continues to get slammed, and adding fuel to The Risk-Aversion Fire… our Two Friends, The Dollar and Yen are not going on Holiday anytime soon.

Greetings again, Everyone!

I could not help myself with the humorous Title here… surely The Risk Averse Monster of The Yen we spoke of in last night’s Post is still In Play as we come to The NYSE Close where The Dow and S&P close in last-minute Positive Territory.

We have many Factors to account for here, as the 6-Week Highs of Yen Movement is involved in the overall Fear dropping Supply coupled with dropping Demand in The EIA/API Oil Inventory Data Points today…. not to mention of course…The MASSIVE Concerns about Oversight and Regulations being discussed on Speculation Caps on Finite Commodity Products.

In addition, the  Deep Global Uncertainty is still with us as questions of a 2nd Stimulus Package are on The table… the still-with-us Nigerian Concerns for Crude Oil “Regularity”, FX Concerns not on the Table again at the G-8, and perhaps most importantly in The Near-Term… The Equity Market Correlations with Currencies firmly Intact.

Let’s take a look at Crude and Gold to gives us some Insight of Today’s Risk-Averse Activity, so here are The Hourly Views for Various Levels.

These Units technically are pretty Self-Explanatory… as even slight Corrections are needed in my personal View.

Post-Time is right at The Closing Bell @ 20:00 GMT.

Crude hovers around the $60 Handle as our L.R. Channel is still “anchoring” Price… despite the  massive Depletion here of even Neutral Sentiment.

Price needs to attempt to maintain the Level, otherwise a Breach to The $55 Static Support may certainly be In Sight.

The “Uni-Directionality” of Price tells us two things here: Bearish Sentiment is deeply strong ( obviously), but most importantly dependent on your personal Trading Perspective… This type of “Directionality” will not sustain Itself indefinitely…so in these case, we will often see the same “Building of Energy” set up just as strong of a Reversal in Price.

Gold in in a similar situation where it is exacerbating the Depreciation in Crude while contributing to Dollar and Yen Strength, of course, as we revert back to a “Safe-Haven” sentiment here.

A Classic Bear Flag/Pennant of Accumulation is evident here… and a Full Completion “sees” The $880’s which is certainly probable considering Dollar Strength. A Breach of The Flag sees  regaining Dynamic Support @ the $912 Area with Fib Variant Confluence from the April Daily Upleg, and of course… The “Congestion” Zone of Consolidation  may continue to attract Price.

Now… I have one of my usual “Rhetorical” Questions for you…

Was The Yen Surge today a big shock and suprise?… Crude Oil?… Gold?… The Queen and The Euro?…

We will discuss  these Events further for tomorrow’s “Big Blog” Post in a few hours, as well as so please join me then!

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!

As is usually the case ( but certainly not always!…), we see the Sharp and Angular Depreciation of most Currency Units and their Dollar and Yen Strengths take some of that Momentum of the past few Sessions to initiate Sharp Reversals and Breaks… otherwise known as “Short Squeezes”… “Dead Cat Bounces”… or “Bear Market Rallies”.

Whichever Term you wish to use…the Result is the same… where we have Sentiment of Price being “Re-Set” by Institutional Views and/or Rhetoric and Events…. in most cases.

We have May Existing Home Sales coming in lower than expected..but overall… relatively In-Line with Consensus… as The Richmond Fed Index does as well… so these are largely “Benign’ factors moving forward in term of Market Sentiment.

With a lot of “Focus” on The Euro, let’s check in with other Variables concerning The Dollar and The Yen with the AUD/JPY and the NZD/USD.

Give the Hourly Captures a Click, and Post-Time is 15:40 GMT.

The Kiwi does not quite feel the inherent Dollar Weakness in this case, as The Dollar looks to regain some of Its Corrective losses in the past few Hours.

While the .6360’s “Transitive Rollover” Area is still holding and functioning “correctly” as Resistance, we may see the Swing Momentum simply take Price back to the .6240’s Static Support Levels in the Near-Term.

The Kiwi needs a significant break and Hold above the .6360’s for any solid Bullish Momentum to continue from the IntraDay Perspective.

Aussie Yen, on the other hand, still retains the “historical Momentum” concerning  Carryover with The Commodities on the larger Daily Views with a normal Corrective Retracement… The Hourly sees Yen Strength defining a New “Transitive Rollover” at the 75.00 Handle.

The Lower Dynamic Uptrend Line of the Daily L.R. Channel may come into more Relevance, as Price may either Violate it down to the Downside in favor of the Weekly 38.2 Fib Variant of the July ‘08 Highs A  the .7386 Area. Support at the Area may see Appreciation through to the 76.00 Handle Resistance through a potential “Rounded Double-Bottom” from the 74.30’s Dynamic Support.

As always, please check in, as I will have more Updates as we move along throughout our Day!

See You Soon!

Greetings, Everyone and Welcome to Friday!

We have had an Event-Filled and Volatile Week of Work this Week… especially if you Working Style is on the IntraDay Levels!

While in the very-near Immediate-Term, we should see, and are seeing,  some Dollar and Yen Strength as Prices move to break various minor Levels of Consolidation and Mixed Sentiment… we can step out a little bit and see Corrective Retracements now setting up for potential Bullish Builds to come back into The Markets over the next few Sessions.

The Yen Itself looks to a little more Weakness of Late than Its “Partner” in Risk-Aversion and Appetite…The Dollar.

We still look to these Two Currencies on their own Individual Merit as a “Bellwether” for out Strength Vs. Weakness Ideas, and the varying “Degrees” that we may see…

We check in with one Yen Cross as a Measurement of this Idea, so here we have the AUD/JPY on the Daily, Weekly, and Hourly Views.

This Cross is rather Illustrative of current Yen Weakness with the heavy U.S. Treasury Bonds selling off yesterday, and the subsequent weakening of The Dollar off of Support Areas, with The Yen weakening as “Collateral Damage” in this case.

Give The Captures a Click for Levels preceded by Commentary, as always… and Post-Time is 8:15 GMT.

The Aussie Yen still finds Buoyancy with Its Long-Term Uptrend Channel from January on the Daily View, as Price is “Anchored” quite nicely through the entire Macro-Upleg.

( I must say this Unit has been a Position Trader’s Dream… as has The Aussie Dollar… for those of you out there who subscribe to these Longer-Term Views… 

On the Larger Weekly level… we can say  this entire Upleg is simply a “Wide” Flag coming out of a Bear Flag Formation, as the “Textbook Case” is evident with a Hold at Major 50% Fib Variant/Static Resistance that we currently see.

The Hourly View sees the IntraDay Range rather clearly… as Price looks to Clip the 78.20’s Dynamic Resistance Level to see the 79.50’s Static Resistance, and 50% Weekly Downleg Fib Variant Areas.

Please have a look at The “Currency Majors Technical Perspective” Report  recently published for some Immediate-Term Views on where all of the still-continuing Macro-Consolidation and Ranges may be taking us leading into The Weekend!

Of course… I will have several more Updates for You as we move along in the Trading Day, so please come back for a Visit!

Greetings again, Everyone!

We are about 90 Minutes into The NYSE Open, with Equities and The indices largely  “Flat” in early Trading as the Futures Block-Orders still come into The Markets.

Gold and Crude Oil see Depreciation overnight and well as The Dollar and Yen seeing general Strength… but eclipsed for a moment on The Vapid CPI Data Points earlier, as well as the more Recent Current Account Deficit…

( Increasing Deficit?… Really?… What a Shock!…)

OK… pardon my “CVJ Guys” Humor… and for those of you wondering… I sent them away for some Psychological Conditioning in the Deserts here in Arizona…    

We check in with Gold and Crude on the IntraDay Levels, as EIA Crude Inventories Data sees Crude down 3.9M Barrels which is Offset by Gasoline Builds which showed a  massive increase of 3.4M Barrels.

Give the Captures a Click, and Post-Time is 15:10 GMT.

Crude sells off on the Initial Data, as Bearish Momentum already in existence fuels the Behavior.

A Clip of the $70’s Area on the Correction may induce additional selling Pressure… as a Bounce from Dynamic Support around $69.00 is Holding for now.

Gold also looks to Its own Dynamic Support at $927.98/928.00 in The Immediate-Term, as we have even more IntraDay Consolidation here.

Price needs to Clip the $919.00 Area in The Near-Term to really Negate the Consolidation for a solid Bearish View… and the “Ambiguity” and “Noise” of The Dollar right now is not assisting Matters in this Case.

 The Fiber still retains an Anchor with our Uptrending Hourly Channel, as Price is held by the 1.3870’s Resistance.

Depreciation will see a fall through 1.3850’s Near-Term Support, and onto our Daily Head and Shoulders Neckline Static Support at the 1.3800 Handle.

Bullish Sentiment will find Fuel if Price Clips the 1.3896 Dynamic Resistance, as well as the 1.3930’s Static Resistance for Trend Resumption in the Near-Term.

As always, I will have more Updates for you as we move on with our Volatile Day, and an interesting Note here…

We have a spmewhat rare “Quadruple Witching Week” !…  Equity Options, Index Options, Futures, and Futures Options all facing Expiry as the Second Quarter comes to a Close. Institutional Motives will look to Settle their Books and do plenty of Re-Positioning… so this is certainly something to be Mindful of as we move along!

Please join me for another Visit soon!

Greetings again, Everyone!

We see EuroZone Equity Futures Builds bidding a bit lower coming out of the rather “Neutral to Positive” Asian-Pacific Sectors. The CAC40, FTSE, and The DAX are down slightly, as The Euro looks to Dollar Weakness within Its Correlating Relationship with Its own Equity Desks.

( EZ Markets now open…with Equities largely bidding a bit higher… )

We keep an eye out later concerning Macro-Data Points for the U.S. CPI to help to Maintain or Reject Dollar Sentiment moving throughout the Day, but in the Interim, The Euro Appreciation rides on the back of the Macro-Daily Head and Shoulders Formation… which looks to the “Neckline” Area of 1.3800 Figure Daily Static Support.

Here is The Daily and The Hourly View as we begin The European Session, so give The Captures a Click for various Levels of Reference, with Commentary above as always.

Post-Time is 7:20 GMT.

Here is a Clear View of The Daily with Long-Term Trendlines of Focus, and The Head and Shoulders Formation with Neckline Areas easily delineated.

 The Hourly View gives more Clarity, as Price is “Anchored” by Its Uptrend Channel and looks to the Daily May 18th Upleg 50% Fib Variant for Dynamic Support in The Immediate-Term. A Breach here sees the 1.3850’s Support probably Cleared, as Price looks for Downside Contact with the 1.3800 Daily H&S Neckline Support.

Bullish Build will find the Area Attractive, as Price then looks to Clear the 1.3930’s Dynamic Resistance in The Near-Term.

Please feel free to check the just-published  “Currency Majors Technical Perspective”  Report going right along with this Post for more Immediate-Term Detail on the Four Major Units, and please join me as always, for more Blog Updates to come as we move along!

I hope to see all of You soon!

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!