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 look to an IntraDay “Reversal” Day of Sentiment, as all of “The Basing” around the Units gives strong Momentum and Appreciation with slight Risk Appetite for the Day.

Crude Oil still languishes a bit, although Price did manage to pull out of the $58.00/50’s Consolidation Area… although we are under the $60.00 Handle again. 

Gold pulls a Break out of the Accumulation Range between $907.80’s Static Support and $914.00 Dynamic Resistance, with an $8.00 Appreciation as of Post-Time.

The Pound Yen pulls a clear “V” Reversal on The Hourly, as the entire 150.60’s Downleg is literally negated, as Price works through Dynamic Support Confluence at the 150.00 Handle with the July ‘08 50% Weekly Fib Variant.

Here is The Hourly View, so give it a Click for Levels, as we retain our Bear Flag Example for Reference.

Post-Time is 18:45 GMT.

We can say that our Hourly Bear Flag is still Valid and Intact, as Price breaks The Apex to the Downside… and simply Consolidates without reaching the Highs of The Apex at the 151.30’s Dynamic Resistance Levels.

This keeps Bias clearly to The Downside, with Bearish Views simply looking to sell into this Rally from the IntraDay View.

Stronger Bearish Views will look to maintain Patience here as we work through The Consolidation, and any Break of the 146.70’s will entice Selling Sentiment.

The Dow Correlation with the weaker Yen and Dollar is currently In Place, as The Dow is well-bid about 148 Points in Positive Territory.

Watch the Macro-Correlation moving into The Close, and I will be back with you then for another Update, as always!

Please join me then!

Greetings again, Everyone!

As we move along, our Thoughts on a Range-Bound but Volatile Day are proving correct… as usually happens with a lack of Fundamental Data Point Releases to “Anchor” Price and/or provided a “Catalyst” for Price to move with Significance out of IntraDay Range Areas.

The Swissy gives us a “portion” of our Flag Completion from last Week in terms of Clipping The Apex… although like The Euro earlier… Price does “overextend” Itself to literally Negate the entire Hourly Bear Flag.

As we mentioned, this will happen with Frequency on the IntraDay Views… but we can still obtain useful information concerning Directionality as price either Violates or Respects the Flag Itself.

Here is the Hourly View with Commentary, so give it a Click as always.

Post-Time is 14:00 GMT.

The thrust of Momentum out of The Flag could not sustain enough Appreciation to form a New “Transitive Rollover” Area at the 1.0900/15 Area with new Dynamic Support, so Price simply pulls back towards the Dynamic Area of the weekly 23.6% Fib Variant finding Dynamic Resistance as of this Writing.

Clear Fractal Behavior os obviously In-Play here, as Price grinds its way down, but Negates Contact with Daily Static Longer-Term Support at the 1.0800 Handle, especially as we work through the “Building of Energy” in the larger Symmetrical Triangle Formation… similar to what we are working with on The Euro.

Neutral to Bearish Sentiment remains unless Price can Clear with Conviction the 1.0889 Static Resistance Area… with even stronger Bullish Sentiment towards to the 1.0900 Handle in The Near-Term.

We will check in on The Unit as we move along, and I will have more of these shorter “Single-Currency Unit” Updates for you as we move along!

Similar to some changes I am making with the  6:30/7:00 GMT Currency Majors Technical Report at the Asian/Frankfurt Rollover…  I am hoping the subtle changes will prove beneficial for you!

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!

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, 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 will stay with The Fiber for another Post, as a Key Market Driver for the Unit is due soon with The German IFO Business Climate Sentiment Release @ 8:00 GMT.

The Data acts largely as a Leading Indicator due to Its Sample Size and Correlations with  general EU Conditions.

Current Price Behavior in The Fiber sees the 1.3850’s Static Support holding the Pair, as Price breached the 1.3900 Area. Any Continuation to the Downside with a Breach of the Larger Uptrend Line that we had mentioned in our Previous Post will be decidedly Bearish.

Price will then have in Its Sight the 38.2%  Corrective Area of the Daily April 22nd Upleg to act as Dynamic Support in the near-Term.

Here is the Hourly View, so give the Capture a Click for Levels of Reference.

Post-Time is 7:00 GMT.

The recently-published “Currency Majors Technical Perspective” Report  is available for additional Detail on an Immediate-Term View with The Euro, as well as the other Majors.

As we see these little “Breaks” through The Majors, we will continue to monitor the Depth of their reach, as we move along throughout the Day with more Updates, as always!

I hope Everyone will join me Soon!